Nasdaq tops 5,000
The Nasdaq composite closed above 5,000 for the first time since its dot-com era peak nearly 15 years ago after merger news and an encouraging economic report helped push U.S. stocks broadly higher yesterday. The major indexes rose from the start, with the Nasdaq passing the 5,000 milestone shortly before noon. The tech-heavy index then dropped, before rising toward the close to end at 5,008.10, just 40 points from its March 2000 record. Investors cheered a government report showing household incomes rose in January, though they spent less than a month earlier. Consumer discretionary stocks rose 1.2 percent on the news, the most of the 10 industry sectors of the Standard & Poor’s 500 index.
Boston Scientific adds portfolio
Boston Scientific Corp. has agreed to buy the American Medical Systems urology portfolio from Dublin’s Endo International PLC for at least $1.6 billion in cash to expand in men’s health and prostate treatments.
The purchase includes a potential additional $50 million milestone based on 2016 sales. The businesses will become part of the Marlborough-based company’s urology and women’s health arm. Based in Minnetonka, Minn., the AMS Men’s Health and Prostate Health businesses include approximately 800 employees worldwide and generated 2014 sales of approximately $400 million.
PayPal acquires Newton startup
EBay Inc.’s PayPal, the digital-payments unit being spun off from the Internet marketplace later this year, agreed to buy Newton startup Paydiant Inc. to broaden its mobile offerings for merchants. Paydiant, founded in 2010, helps retailers such as Subway and Harris Teeter Supermarkets Inc. develop mobile-payment options and customer-loyalty programs in their own applications. Terms of the deal weren’t disclosed, but Recode reported that PayPal is paying about $280 million.
The acquisition highlights how competition in mobile payments is heating up as PayPal prepares to become a standalone company from eBay. Rivals such as Apple Inc. and Google Inc. are pushing into the market with their own mobile-payment apps. Paydiant is already active in the mobile-payments industry with MCX, or Merchant Customer Exchange, a commerce system used by some of the world’s largest retailers, including Wal-Mart Stores Inc., Target Corp. and CVS Health Corp. Paydiant’s 70 employees will join PayPal, the company said.
- Former Normandy Real Estate Partners executive Justin Krebs, right, has joined Boston’s Trans National Properties as executive vice president. Krebs, who led Normandy’s Boston and New England offices, was hired to grow Trans National’s real estate investment and development interests and will lead its efforts to redevelop the Winthrop Square garage in the Financial District. The company is vying to build a 740-foot tower that would incorporate its adjacent Federal Street property and include a 300-room hotel, offices, retail space and possibly condos.
- Joe Kelley has resigned as president of Stop & Shop’s New England division based in Quincy to “pursue other career opportunities,” Ahold USA said yesterday. He had held the position since May 2012. Don Sussman, division president of Stop & Stop New York Metro, will oversee the Stop & Shop New England division on an interim basis.
