This Billionaire Likes GM. What Does He Know?
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Stocks are higher on news of a large tender offer by
billionaire Kirk Kerkorian.
Kirk Kirkorian’s Tracinda Corporation is making a tender offer for 28
million shares of General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) at $31. Kirkorian, 87, is buying
the shares “for investment purposes” and already owns 22 million shares; after
the tender offer he will own 8.84% of GM.
The Treasury Department is considering whether or not to reissue the
30-year bond. The decision will be announced at the August 10 meeting. 10-year
rates moved up slightly. Trader talk: 30-year fixed mortgages may be slightly
higher. Adjustable rate mortgages may become more popular.
The ISMÂ index was 61.7 in April vs 63.1 March.
Nike
(
NKE |
Quote |
Chart |
News |
PowerRating) is pulling its shoes from Sears
(
SHLD |
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Chart |
News |
PowerRating)
stores.
Electronic Arts
(
ERTS |
Quote |
Chart |
News |
PowerRating) posted a lower profit–down 91%.
Strong sectors are: Â Insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating) +2.38%Â Â
Brokers
(
$XBD.X |
Quote |
Chart |
News |
PowerRating) +2.27%Â Gold
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) +1.97%
Weak sectors are: Â Software
(
GSO.X |
Quote |
Chart |
News |
PowerRating) -0.34%Â Â Â Â
Dow | +69.17 | 10,326.12 |
Nasdaq | +11.65 | 1944.62 |
S&P 500 | +6.65 | 1167.82 |
The dollar is -0.48 at
84.03
Crude Oil is +0.05 at
49.55
Gold is -0.30 at 427.60
ce=”Arial” size=”2″ face=”Arial”>Volume is 835 million on the NYSE and
863 million on the Nasdaq.
Market breadth is positive.
NYSE | Issues | |
Advancing | 2204 | Up Vol 805 |
Declining | 910 | Down Vol 192 |
2.42 | 4.19 | |
Nasdaq |
||
Advancing | 1797 | Up Vol 573 |
Declining | 1069 | Down Vol 245 |
1.68 | 2.33 |
Stocks in the News
Devon Energy
(
DVN |
Quote |
Chart |
News |
PowerRating) missed by 0.10.
Noble
(
NBL |
Quote |
Chart |
News |
PowerRating) beat by 0.28. Q1 profits rose 29%.
Maxim Integrated Products
(
MXIM |
Quote |
Chart |
News |
PowerRating) reported a higher profit, but
missed estimates.
Cigna
(
CI |
Quote |
Chart |
News |
PowerRating) beat by a wide margin.
Beckman Coulter
(
BEC |
Quote |
Chart |
News |
PowerRating) missed and warned.
American Tower
(
AMT |
Quote |
Chart |
News |
PowerRating) is acquiring Spectrasite
(
SSI |
Quote |
Chart |
News |
PowerRating) in
a $3.1 billion stock deal.
Brice Wightman