Citigroup stock falls as Fed rate hike hopes fade

June 4, 2016 at 5:57PM
Great Plains Energy agreed to buy Westar Energy for $8.5 billion Tuesday, boosting Westar’s stocks.
Great Plains Energy agreed to buy Westar Energy for $8.5 billion Tuesday, boosting Westar’s stocks. (New York Times/The Minnesota Star Tribune)

Bank drop: Citigroup shares fell 3 percent to $45.39 Friday, one of several banks and financial services companies that saw declines amid speculation that the Fed will opt not to raise its benchmark interest rate following a weak U.S. jobs report.

Gold standard: Mining companies were among the biggest gainers Friday as the price of gold, silver and copper surged. Newmont Mining gained 9 percent, to $35.40, while Freeport-McMoRan rose 4 percent, to $11.11.

Oil fallout: Diamond Offshore Drilling declined 3.4 percent to $24.46 Thursday. It's a broad energy sell-off as oil prices dipped following news that OPEC oil ministers ended a Vienna meeting without reaching consensus on regulation supplies. Diamond shares closed the week at $23.88.

Power deal: Westar Energy surged 6.5 percent to $56.34 Tuesday after Great Plains Energy agreed to buy it for $8.5 billion, or $60 per share in cash and stock. Westar closed the week at $56.47. Great Plains Energy closed Friday at $28.50 after sliding 6 percent, to $28.09 on Tuesday.

Med deal: Shares of cancer drug developer Celator Pharmaceuticals jumped 72 percent to $30.08 Monday after Jazz Pharmaceuticals said it will buy the company. Celator shares closed Friday at $30.31.

Sweatin' it: Under Armour slumped 6.2 percent to $32.80 Wednesday after the sports apparel maker slashed its full-year revenue guidance, saying that the closure of Sports Authority stores will hurt its sales. Shares closed the week at $36.40.

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