The Ticker

Dow has worst week

Stocks fell yesterday, closing out what was the worst week of the year for the Dow Jones industrial average.

The market was dragged lower by a weak performance from retailers and companies sensitive to higher interest rates. Homebuilders and banking stocks were among the best performers.

Stocks had a decent start to the week, but investors were hit hard the past three days. The Dow retreated 2.2 percent for the week, its worst in 2013. The broader Standard & Poor's 500 index lost 2.1 percent for the week, its second-worst performance of the year.

The possibility of a cutback in the Federal Reserve's bond-buying program in September has roiled the bond market, which has spilled over into stocks. The yield on the benchmark U.S. 10-year Treasury note rose to 2.83 percent, its highest level since July 2011.

Judge hurts Icahn bid for Dell

A Delaware judge yesterday dealt a blow to activist investor Carl Icahn's effort to stop CEO and founder Michael Dell's $24.8 billion buyout offer for the struggling computer maker.

He refused to fast-track proceedings on Icahn's claims that Dell Inc. directors have betrayed their duties to shareholders in trying to win support for Michael Dell's bid.

After three delays, Dell's board has scheduled a special shareholder vote on Sept. 12 for Michael Dell's offer of $13.75 per share, plus a 13-cent dividend. That's to be followed by an overdue annual meeting on Oct. 17.

Icahn, who is seeking to oust Michael Dell as CEO, wanted the vote and annual meeting to be held on the same day. That would give shareholders a chance to vote on a rival board he is offering as part of his proposal, a complex alternative plan that he says would be worth at least $15.50 per share.

Egypt violence sends oil higher

The price of oil rose for the sixth consecutive day yesterday on continuing violence in Egypt and supply disruptions elsewhere in the Middle East and North Africa.

U.S. benchmark crude edged up 13 cents to $107.46. It rose 1.4 percent for the week. Brent crude, which is used to price imported crude used by many U.S. refineries, rose 80 cents to $110.40 per barrel for October delivery.

The average retail price for a gallon of gasoline rose less than a penny to $3.54 per gallon. It is down 9 cents per gallon in August, however, and it is 17 cents lower than it was last year.

THE SHUFFLE

• Acella Construction Corp., a construction services company, announced that Dennis Tellier, left, has joined the firm as a project superintendent. Tellier will coordinate site construction activities and supervise field personnel to complete projects on time and within budget.
• Eastern Insurance Group LLC announced that Timothy J. Lodge has joined the agency as a senior vice president in its commercial lines division. Lodge will work out of Eastern Insurance's Providence, R.I., office as a sales executive focusing on the real estate, manufacturing and technology industries.

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