Auto parts chain Pep Boys has agreed to go private in an $800 million deal in which the nationwide chain will be acquired by the Gores Group.

Per a press release, the deal is expected to wrap in the second quarter of 2012, and Pep Boys will no longer be traded on the New York Stock Exchange. Gores Group offered $15 a share for Pep Boys stock in the deal, 24% up over the company’s per share price at the close of trading on Friday. Nearly a year ago, the company halted efforts to go private due to a lack of high enough bids for the auto supply chain during the earlier efforts. At the start of the last go-round, Pep Boys reported earnings of $1.99 billion in the fiscal year ending January 2011, an increase of over 4% from the previous year.

In a press release, CEO Mike Odell confirmed leadership at Pep Boys would remain consistent, and said:

“Partnering with The Gores Group delivers a significant premium for Pep Boys’ shareholders and ensures a strong foundation for us to continue our expansion. Our Board firmly believes that this transaction is in the best interests of all of our stakeholders and delivers an ongoing commitment to excellence for our customers and employees.”

In the same release, Managing Director of Operations and Consumer Practice Leader at The Gores Group Lee Bird said:

“Pep Boys’ strong brand awareness and management’s strategy to be the automotive solutions provider of choice for the value-oriented customer positions Pep Boys for growth. We are excited to help Pep Boys build on this vision and enable the Company to take the brand and business to the next level by effectively scaling its powerful differentiated service platform.”

In anticipation of the close of the transaction in Q2, Pep Boys has suspended its quarterly dividend.

Pep Boys Agrees to $791M Acquisition is a post from: The Inquisitr

Ahead of the start of trading today, the New York Stock Exchange invoked its relatively new “Rule 48″ in hopes of smoother trading at the bell.

So is Rule 48 about checking to the head with a hockey stick or decreeing that if it exists, there’s porn of it? Actually, the trading rule, which was created in December of 2007, covers what information must be released before the bell and suspends normal guidelines. MarketWatch explains:

Rule 48 allows designated market makers on the NYSE to refrain from disseminating price indications ahead of the opening bell. The procedure makes it easier and faster to open stocks on days when trading could be rough… NYSE invoked the rule on multiple occasions last month amid turbulent market conditions, a time when the Dow Jones Industrial Average notched four consecutive 400-point swings for the first time in its 115-year history.

Even the extraordinary measures failed to ensure an easy start to September in the market, after an August described as brutal- one that kicked off with the controversial decision of debt-ratings agency Standard & Poor’s to downgrade America’s AAA credit rating to AA.

The Dow Jones closed down today, losing 100.96 points (0.9%), ending at 11,139.30. It was the index’s third straight day of losses, although late-day rebounds cushioned the blow for investors. S&P 500 was down 8.73 points at the bell (0.7%), at 1,165.24. The Nasdaq Composite fell 6.5 points (0.3%), to 2,473.83.

Among issues troubling investors include the worsening debt crisis in Europe. News on the fiscal state of Italy was downbeat, and the Swiss National Bank moved to “depress” the franc- which has been seen as a less volatile alternative to the dollar and the euro.

NYSE Invokes Rule 48 in Anticipation of Rough Trading is a post from: The Inquisitr

Traders on the New York Stock Exchange will return to work as scheduled on Monday when the bell rings to resume trading, despite Hurricane Irene’s recent path of destruction.

The NYSE along with other major US exchanges have only stopped or delayed trading about two dozen times since they began with the last occurring on Jan. 8, 1996 when trading was delayed on the NYSE until 11am due to a snowstorm that caught the area by surprise.

According to an NYSE spokesman all systems are operational and the building is safe.

Irene has been downgraded to a tropical storm in most areas, posing less of a threat to travelers and residents in the area.

Hurricane Irene Won’t Stop NYSE From Opening On Monday is a post from: The Inquisitr

America may not have defaulted on debt obligations but following the announcement of a debt ceiling deal investors didn’t feel all warm and fuzzy, pushing the Dow Jones down by 266 at the end of Tuesday trading, an eight-straight day of losses.

The Dow fell by 2.2% on Tuesday to 11,867, while the S&P 500 slid 32.9 points and the Nasdaq lost 2.8% of it’s value with a 75.4 point slide.

The slide was put further into perspective when realizing that 90% of the volume on the New York Stock Exchange occurred due to declining stocks.

The eight days of loses which has caused a slide of  858 points is the longest downturn in the economy since the housing bubble burst three years ago.

The sharp decline is also partly to blame on a sharp decline in U.S. manufacturing while data released on Tuesday found that consumer spending fell in June, the first decline in two years.

The market could turn around on Friday if monthly employment numbers are up. The economy is expected to add 57,000 jobs which would put the unemployment rate at 9.2% for the month of July.

Dow Jones Takes 266 Point Stumble Amidst Economic Woes is a post from: The Inquisitr

NYSE Realtime Stock Prices launches today with instant info being made available at Google and CNBC. Both sites pay NYSE a flat monthly fee for the service.

The move follows a similar online option introduced by NASDAQ last month.

More Market Quotes Made Available is a post from: The Inquisitr