Mosaic Co., the world’s largest producer of phosphate crop nutrients, said it favors buying back stock over dividends to redeploy surplus cash, which is forecast to total about $2 billion at the end of this month.
International investors who propelled the biggest rally for Japanese shares since 1987 would have earned almost as much in the Standard & Poor’s 500 Index once the yen’s 16 percent tumble is taken into account.
U.S. stocks fell, pulling the Standard & Poor’s 500 Index lower after a record high, as a report showed American manufacturing expanded less than forecast in March as factories slowed production and orders waned.
The U.S. budget debate is holding stocks hostage, as chief executive officers prepare to cut capital spending for the first time since 2009 should President Barack Obama and Congress fail to reach an accord.
U.S. stocks slumped, following a two-day advance in the Standard & Poor’s 500 Index, as financial shares tumbled and concern grew that European officials were failing to make progress in taming the debt crisis.
Sealed Air Corp. is poised to turn into a takeover target after its biggest acquisition in more than a decade wiped out a third of its market value and left the maker of Bubble Wrap trading at a 64 percent discount to sales.