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Monday, November 23, 
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Oil slick fuels anemic markets

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Published May 21, 2008 at 2:28 PM

Oil_gusher.jpgMarkets once again were spooked by the likelihood of rising energy prices with crude oil futures reaching a new high of $132 per barrel. Despite talks of dealmaking from Barnes and Noble Inc. [BKS], Yahoo! Inc. [YHOO] and Time Warner Inc. [TWX], the Dow dipped 57.40, or 0.45%, to 12,771.12 while the Nasdaq slipped 3.56, or 0.14%, to 2,488.70 in Wednesday midday trading. Here's a closer look at the performance of Deal Stocks in Wednesday midday trading:

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  • Book seller Borders Group Inc. [BGP] rose 76 cents, or nearly 12%, to $7.10 on a Wall Street Journal report that bigger competitor Barnes & Noble is considering making an offer for the Ann Arbor, Mich.-based book seller. Borders hired J.P. Morgan Securities Inc. and Merrill Lynch & Co. in March to help the struggling book seller weigh its strategic options.
  • Meanwhile, Time Warner announced plans to spin off its Time Warner Cable Inc. to boost its sagging share price. Time Warner CEO Jeffrey Bewkes in a statement called the move "the right step for Time Warner and Time Warner Cable stockholders," saying each company will emerge better positioned to compete.
  • Yahoo! slipped 53 cents, or 1.89%, to $26.96 as Microsoft Corp. CEO Steve Ballmer reportedly reaffirmed his company's position of no longer being interested in Yahoo!. "We are not bidding to buy Yahoo!," said Ballmer at a launch event for Microsoft's new research and development center in Herzliya, Israel, according to Reuters.

- Gerald Magpily

 



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