|16:17 EDT||ZIP, AIG, KCG, LNKD, AMTD, DLB, OPEN, KKR||On The Fly: Closing Wrap|
Stocks on Wall Street were sharply higher after the July jobs report beat expectations. The market ended the week on a positive note on the jobs data as well as an upbeat reading on services sector activity. The rally was enough to make up for the losses seen in the last two days as first the Fed and then the ECB hinted at future plans for decisive policy actions but chose to hold back, or were unable to act, for now... ECONOMIC EVENTS: Domestically, government data showed that the U.S. added 163,000 net new non-farm jobs in July, versus the consensus estimate of 100,000. Also, an index of non-manufacturing activity for July came in at 52.6, versus the consensus estimate of 52.0... COMPANY NEWS: Knight Capital (KCG) rose $1.47, or 56.98%, to $4.05 as the Wall Street Journal reported that the company told brokers that it has secured a line of credit to keep itself afloat. Other media reports indicated Knight has hired Goldman Sachs (GS) and Sandler O’Neill as advisers as it looks to strike a deal to save itself and that KKR (KKR), TPG and Silver Lake were among the private equity firms showing interest. Later in the day TD Ameritrade (AMTD) and Scottrade said they have resumed routing client trades to Knight... American International Group (AIG) announced that the Treasury has launched an offering of $4.5B of its AIG common stock and the insurer said it intends to buy $3B of the stock in connection with the offering... MAJOR MOVERS: Among the notable gainers were two high profile internet names: OpenTable (OPEN), which rose $5.40, or 15.81%, to $39.55, and LinkedIn (LNKD), up $15.00, or 16.04%, to $108.51, after both reported strong quarterly results. Noteworthy losers included Zipcar (ZIP), down $3.88, or 36.50%, to $6.75, as it was downgraded all over the Street after its earnings and guidance disappointed, and Dolby (DLB), down $5.13, or 14.33%, to $30.67, after its full year earnings guidance was above consensus but its revenue view fell short of expectations... INDICES: The Dow rose 217.29, or 1.69%, to 13,096.17; the Nasdaq advanced 58.13, or 2.00%, to 2,967.90; and the S&P 500 gained 25.99, or 1.90%, to 1,390.99.