Market Minute: Famed NYC Tower Goes Public; Home Depot Alters Health Plan


Here's your chance to own a piece of one of the most famous buildings in the world. That story and more are what's in Friday's Market Minute.

The Dow Jones industrial average (^DJI) lost 4 points Thursday and the Standard & Poor's 500 index (^GPSC) fell 3 -- both retreating from record highs set Wednesday. But the Nasdaq composite index (^IXIC) gained 5 points.

Empire State Building IPO
Mary Altaffer/APThe Empire State Building is shown at left in this 2013 photo.

The long anticipated initial public offering for the Empire State Building is about to come to market. The Empire State Realty Trust is expected to raise about $1 billion in the IPO. In addition to the iconic 102-story building in midtown Manhattan, the Trust operates 18 other properties in the New York area. The group that owns the Trust recently rejected several takeover bids for the Empire State Building.

Retail giant Home Depot (HD) is the latest company to alter its health care coverage. It plans to stop providing coverage to 20,000 part-time workers. It will instead steer those workers into new insurance exchanges.

Another retail giant, Target (TGT), says it will hire 20 percent fewer seasonal workers this holiday season.

Apple's two new iPhones are now on sale in the U.S. and in more than 100 other countries -- with reports of long lines in many places. One of them is China, which could help Apple top the opening weekend sales number from last year's launch. But Apple (AAPL) stock has been going downhill ever since it put the iPhone 5 on sale a year ago.

Texas Instruments (TXN) has raised its dividend for the second time this year. The 7 percent increase hikes the quarterly payout to 30 cents a share.

Yum Brands (YUM), which owns KFC, Pizza Hut and Taco Bell, increased its dividend by 10 percent, to 37 cents a share. Earlier this week, fellow fast-food giant McDonald's (MCD) raised its dividend by 5 percent.

And The New York Times Co. (NYT) will resume paying a dividend. It eliminated the payment more than four years ago.

Finally, watch shares of Cyclacel Pharmaceuticals (CYCC). They're set to soar after the company reported positive results for its treatment to fight ovarian cancer.

-Produced by Drew Trachtenberg.