Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

TWM Today: Wall Street

|Includes: Apache Corporation (APA), ME
Factory Production Keeping Us Up ~ Manufacturing production in the U.S. accelerated in March as factories spearheaded the recovery from the worst recession since the 1930s.  Output at factories climbed .9% after a .2% gain in February that was revised from a previously estimated decline, Federal Reserve figures showed today. Warmer weather caused utility use to drop by the most in four years, limiting the overall gain in industrial production to .1%, less than anticipated.  (Bloomberg)

Jobless Claims Keeping Us Down ~ The number of Americans filing claims for jobless benefits unexpectedly increased last week, indicating the improvement in the labor market will take time to unfold.   Initial jobless applications increased by 24,000 to 484,000 in the week ended April 10, the highest level since Feb. 20, Labor Department figures showed today in Washington. A Labor Department spokesman said the rise in claims was due more to administrative factors reflecting volatility around Easter than economic reasons. (Bloomberg)

Apache In The Mood To Shop ~ Apache (NYSE:APA) said it will acquire smaller oil and natural gas explorer Mariner Energy (ME) for $2.7 billion, in a bid to extend its operations into deepwater Gulf of Mexico. Apache said the stock and cash deal valued Mariner's common stock at $26.22 per share, a 45% premium over its Wednesday closing price. Mariner shareholders would receive .17 of an Apache share and $7.80 for each Mariner share.  (NASDAQ:CNBC)

China's Strong GDP ~ China chalked up unexpectedly strong annual growth of 11.9% in the first quarter, prompting renewed calls for tighter policies to prevent the economy from overheating and stoking speculation of when Beijing will loosen its grip on the yuan.  "Yuan stability and China's stimulus package made an enormous contribution to global stability in the aftermath of the crisis, but now that China's economy is growing by 12%, it's time for China to share some of that growth with the rest of the world via appreciating its exchange rate,"  said Glenn Maguire with Societe Generale in Hong Kong. (Reuters)



Disclosure: No Positions