The biggest U.S. commercial bank failure ever and indecision on Capitol
Hill about how the $700 billion bank debt bailout plan will be shaped
was not enough to ruin the broader markets Friday as the Dow Jones
Industrial Average gained 120.07 points to close at 11,143.13 on hopes
that the federal government would finalize a plan by Monday.
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Investors in a handful of dDeal Stocks made a few bucks on Friday, which
they are likely stashing under their mattresses since there does not
seem to be anywhere else to store safely these days.
Autobytel
Inc. was a particular bright spot, jumping 5.94% to close at $1.07 per
share on news that it hired RBC Capital Markets Corp. to explore
strategic alternatives, including a sale of the entire company or some
of its assets.
Department store chain Dillard's Inc. gained 2.72%
to $12.84 in part due to activist agitation. Hedge funds Barington
Capital Group LP and Clinton Group Inc. in a filing to the Securities
and Exchange Commission on Thursday urged the company to eliminate its
dual class share structure as they look to dilute management's control
of the board of directors.
Drugmaker Alpharma Inc. on Friday
rejected a sweetened $1.6 billion bid from rival King Pharmaceuticals
Inc. as "financially inadequate," which sent shares up 1.83% to close
at $37.25. The news came nearly two weeks after King said it would
proceed with a sweetened, $37 per share tender offer. King improved its
offer from $33 per share it proposed in August. - Michael Rudnick
