It's the end of the week, and the markets have taken a break. Profit-taking sucked some life out of stocks with deal activity taking a three-day weekend. The Dow fell 148.78 or 1.88% to 7,775.78 while the Nasdaq declined 41.8 or 2.63% to 1,545.20. Despite the fall, stocks are on track for the third-best month since 1950.
General Motors Corp. (NYSE:GM) rose 5.87% as it offered $10 billion in preferred stock over 20 years to the United Auto Workers on Friday. Meanwhile, the Obama administration said it will extend a March 31 deadline for the automaker to receive concessions from stakeholders.
In other deal news, Sumner Redstone's National Amusement Inc.'s theater chain reportedly has received interest from U.S. and U.K. private equity firms. Dealscape pointed out that "finding potential bidders won't be a problem, but finding a buyer willing to pay the estimated $1 billion price tag -- that Redstone reportedly values the 1,500 movie theaters -- may be the sticking point." - Gerald Magpily
See Dealscape: National's auction no fun for RedstoneSee Corporate Dealmaker: GM rally belies rocky road ahead for shareholders
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