Moderate has not been a term used of late to describe the violently swinging market, but the Street got something of a break Tuesday as the Dow Jones logged a moderate loss of 25.41 points to close at 8,448.56.
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As trading was mixed, so was movement among Deal Stocks.
At the positive end of the spectrum was Proxim Wireless Corp., which jumped 11.23% to 20 cent per share following an announcement that it has received "unsolicited strategic expressions of interest" and hired B. Riley & Co. LLC to explore strategic options.
American International Group Inc. is very slowly chipping away at the Federal Reserve's $150 billion loan with a handful of small asset sales already announced. The latest asset to be checked off its for sale list is its Canadian life insurance division AIG Life of Canada, which it announced Tuesday it has agreed to sell to Bank of Montreal for about C$375 million ($305 million) in cash. AIG's stock ticked up 2.6% to close at $1.58.
Kona Grill Inc. took a big hit Tuesday, sliding 21.45% to close at $2.27 per share as it announced plans to pursue strategic alternatives including a possible equity sale.
Liz Claiborne Inc. was also in the red, falling 7.74% to close at $2.74 per share. The fashion company, which has been selling brands as part of a restructuring, announced Tuesday it had amended and extended a credit line, removing concerns over its ability to meet debt obligations. - Michael Rudnick
