While one might not necessarily categorize the 32.25 point gain in the Dow Jones Industrial Average to 11,382.26 on Tuesday as overwhelmingly bullish, it was gain nonetheless -- and in the face of another oil jump of nearly $1 per barrel.
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Some Deal Stocks began the second half of 2008 with a bang, with lender CIT Group Inc. leading the way with a 29.66% gain to close at $8.83 per share on news that the firm dumped its toxic mortgage business to Lone Star Funds and its manufactured housing business to Vanderbilt Mortgage and Finance Inc. at a discounted total price of $6.2 billion.
Another big gainer was off-price retailer Syms Corp. The somewhat thinly traded stock jumped 7.06% to close at $14.56 per share. Proxy Governance Inc. on Tuesday joined two other major proxy advisory firms RiskMetrics Group Inc. and Glass, Lewis & Co. LLC in recommending that investors vote against all five directors up for election at its annual meeting to be held next week including founder and chairman Sy Syms and his daughter, CEO Marcy Syms. Activist hedge fund Esopus Creek Advisors, which has a 4% Syms stake, sent a letter last month to Syms urging for greater transparency regarding real estate assets and rental profit.
Pending merger partners XM Satellite Radio Holdings Inc. and and Sirius Satellite Radio Inc. went opposite directions on Tuesday, falling 4.34% to $7.50 and gaining 1.56% to $1.95, respectively. The newest on the long-awaited radio marriage: Five Democratic lawmakers from Minnesota are seeking a concession on the $13 billion merger regarding the amount of spectrum allotted for commercial public service, minority broadcasters and emergency services. - Michael Rudnick
| Troubled Wall Street |
| Name |
Open |
Last price |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
33.69 |
34.02 |
0.09 |
116574.01 |
| Lehman Brothers Holdings Inc. |
19.97 |
20.96 |
1.15 |
11584.59 |
| Merrill Lynch & Co., Inc. |
31.27 |
32.25 |
0.54 |
31776.95 |
| Goldman Sachs Group, Inc. |
173.13 |
175.33 |
0.43 |
69115.68 |
| Morgan Stanley |
35.5 |
36.60 |
0.53 |
40585.74 |
| Citigroup Inc. |
16.57 |
17.13 |
0.37 |
89929.64 |
|
Source: The Deal |
