U.S. stocks were mixed Friday, but off intraday lows, after Federal Reserve Chairwoman Janet Yellen reiterated the central bank’s intention to raise short-term interest rates this year.
On Friday, Technology stocks were slightly higher in afternoon trade with shares of technology companies in the S&P 500 climbing as little more than 0.1%.
Shares of Micron Technology, Inc. (NASDAQ:MU), from technology sector, gained 1.60% to $27.33, after the semiconductor manufacturer had coverage initiated with a “buy” rating and $39 price target by analyst at Mizuho.
Analysts at the firm are also fans of the company’s new CFO Ernie Maddock who’s tenure starts June 1. Maddock was formerly executive vice president and CFO of Riverbed Technology.
Micron Technology, Inc., together with its auxiliaries, provides semiconductor solutions worldwide. The company manufactures and markets dynamic random access memory (DRAM), NAND flash, and NOR flash memory products; and packaging solutions and semiconductor systems.
On other hand, Shares of Broadcom Corp. (NASDAQ:BRCM), lost -0.22% to $47.26.
Broadcom Corporation provides semiconductor solutions for wired and wireless communications. Its products offer voice, video, data, and multimedia connectivity in the home, office, and mobile environments. The company operates in two segments: Broadband and Connectivity, and Infrastructure and Networking.
From Basic Material sector, Shares of Peabody Energy Corp. (NYSE:BTU), declined -3.20% to $3.63, during its last trading session.
Peabody Energy Corporation offers mining of coal. The company operates through Western U.S. Mining, Midwestern U.S. Mining, Australian Mining, Trading and Brokerage, and Corporate and Other segments. It is involved in mining and sale of thermal coal to electric utilities and metallurgical coal for industrial customers.
Appalachian coal mining suffered a double blow Friday, as Murray Energy declared plans to lay off more than 1,800 miners, most from West Virginia, and Alpha Natural Resources told another 439 Mountain State miners they could be out of work, according to New York Times.
The declarations continue a grim employment trend for the Appalachian coalfields.
On Friday, St. Clairsville, Ohio-based Murray Energy said it told 1,417 workers at five West Virginia mines their jobs must be eliminated. Another 249 jobs would be lost at two Ohio mines, while 162 employees would be out of work at two Illinois mines. New York Times Reports.
Finally, from financial sector, American International Group, Inc. (NYSE:AIG), ended its last trade with -0.56% loss, and closed at $59.88.
American International Group, declared that it has attained a controlling stake in ING Employee Benefits Global Network and renamed it AIG Global Benefits Network. The network is based in Belgium.
The network’s minority shareholders are Nationale-Nederlanden in the Netherlands and France’s Malakoff Mederic. Terms of the deal were not revealed.
The network provides administrative and marketing services to insurance companies offering benefit solutions to multinational employers. The administrative capability of AIG Global Benefits Network offers multinational companies an efficient way to access and manage employee benefits globally.
Insurance carriers from around the world are members of the network, providing benefit solutions in individual or multiple countries. Combined, the carriers offer benefit solutions in more than 100 countries. AIG Global Benefits Network can develop global benefit plan solutions for multinational clients by tapping the coverage options offered by carriers throughout the network.
AIG’s stake in the network and its role as U.S. network partner allows its U.S. benefit division, AIG Benefit Solutions, to offer improved employee benefit plan solutions to clients seeking multi-country coverage.
American International Group, Inc. provides insurance products and services for commercial, institutional, and individual customers in the United States, the Asia Pacific, and internationally.
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