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SmarTrend Market Close Wrap-Up — April 30, 2012
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The major US equity indices closed lower Monday on the last day of trading in April, with the Dow Jones having its longest seven-month winning streak since 2007. This as the commerce department reports consumer spending and a slew of more corporate earnings. The Commerce Department released its consumer spending report this morning, saying Americans saved more in the month of March. Consumer spending climbed a seasonally adjusted 0.3%, while income rose slightly faster at 0.4% mainly because of higher government-benefit payments. This makes the savings rate at 3.8%, a little higher from the rate in February of 3.7%, which was the lowest since the recession. In corporate news, Barnes and Noble (NYSE:BKS) soared in the session, up over 50% on news of a Microsoft (NYSE:MSFT) investment. The two companies have decided to create a subsidiary called Newco, where they will merger Barnes & Noble's digital and college businesses. Microsoft will make a $ 300 million investment in Newco at a post money valuation of $ 1.7 billion in exchange for a 17.6% stake in the company. Barnes & Novle will own about 82.4% and will continue the subsidiary's relationship with its stores And Anadarko Petroleum Corporation (NYSE:APC) posted its first quarter earnings after the bell today, posting an EPS of $ 4.28 well exceeding expectations of $ 0.83 a share. Revenues for the quarter came in at $ 3.45 billion, just above estimates of $ 3.25 billion. It will definitely be a stock to watch when we start <b>…</b>
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