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Published October 13, 2009 at 5:08 PM
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 Welcome to Deal Stocks. In the news Tuesday are Bank of America Corp. (NYSE:BAC), Cisco Systems Inc. (NASDAQ:CSCO), Starent Networks Corp. (NASDAQ:STAR), American International Group Inc. (NYSE:AIG), Primus Financial Holdings Ltd., CIT Group Inc. (NYSE:CIT), Royal Bank of Scotland Group plc (NYSE:RBS), Comcast Corp. (NASDAQ:CMCSA), NBC Universal, General Electric Co. (NYSE:GE), Magna International Inc. (NYSE:MGA), Sberbank, Adam Opel GmbH, General Motors Co., J.P. Morgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), Johnson & Johnson (NYSE:JNJ), Intel Corp. (NYSE:INTC), Abbott Laboratories (NYSE:ABT) and Harley Davidson Inc. (NYSE:HOG).
For more hot stocks, check out arbitrage in The Deal Pipeline (subscription required) or stocktwits.
Stocks on tne NYSE closed Tuesday down 14.74, or .15%, to 9,871.06 while the Nasdaq inched up .75, or .04%, to 2,139.89.
- Blackstone Group LP (NYSE:BX) has dropped plans to sell two office properties in Beverly Hills, Calif., according to Bloomberg.
- In a surprising reversal Bank of America Corp. (NYSE:BAC) has decided to turn over documents related to it acquisition of Merrill Lynch & Co. last year. The Securities and Exchange Commission said said it has reached the agreement with BofA to get documents previously withheld on the basis of legal privilege. The agreement does not settle the SEC's case against Bank of America and is subject to approval by a federal judge. If approved it would mean a broad waiver of BofA's attorney-client privileges, according to an SEC statement. (The Deal Pipeline subscribers can read the full story here.)
- American International Group Inc. (NYSE:AIG) has agreed to sell its 98% stake in Nan Shan Life Insurance Co. of Taiwan to a consortium including Primus Financial Holdings Ltd. for $2.15 billion. The sale is the biggest by AIG since the U.S. government saved the insurer from collapse in September last year with a $182 billion bailout package. (The Deal Pipeline subscribers can read the full story here.)
- Cisco Systems Inc. (NASDAQ:CSCO) is buying Starent Networks Corp. (NASDAQ:STAR) for $2.9 billion, or $35 a share, to expand its reach into the wireless market. The deal reflects a 21% premium compared to Starent's closing price on Monday of $29.03.
- Bankruptcy may be in the cards for CIT Group Inc. (NYSE:CIT) as its CEO Jeff Peak will step down at year-end and it finds little appetite for the debt exchange deal that it needs to stay afloat. (The Deal Pipeline subscribers can read the full story here.)
- Private bank RBS Coutts, part of Royal Bank of Scotland Group plc (NYSE:RBS), is seeing a mass resignation by 70 employees at its Singapore office. More than 25% of the staff may be following Hanspeter Brunner, former co-CEO of RBS Coutts, and Raj Sriram, head of its South Asia unit, out the door to Swiss rival BSI AG.
- Canadian automotive parts maker Magna International Inc. (NYSE:MGA) and partner Sberbank may sign a binding purchase agreement for Adam Opel GmbH from General Motors Co. this week as a political firestorm continues to rage over Germany's role in negotiating the sale. (The Deal Pipeline subscribers can read the full story here.)
- Bear Stearns Cos. hedge fund managers Ralph Cioffi and Matthew Tannin headed to the courtroom Tuesday. A jury will finally decide if the two hedge fund managers are scapegoats or criminals, and the trial could set a precedent for how the government will pursue other legal proceedings involving Wall Street executives.
IPOs
- Dole Food Co. filed for 35.7 million in shares under the stock ticker "DOLE" at a price ranging between $13 and $15.
Earnings previews
The earnings calendar heats up this week.
Tuesday features
Wednesday features
Thursday features
In economic news:
- George White, Maria Woehr and Gerald Magpily
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VITAL SIGNS |
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Figures are calculated
according to the latest stock data available at approximately 4:00 pm
ET |
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October 13, 2009 |
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Benchmark |
Spread |
Change from previous day |
1 week ago |
1 month ago |
1 year ago |
|
LIBOR 1-MONTH |
0.25 |
+0.001 |
0.24 |
0.24 |
4.56 |
|
LIBOR 3-MONTH |
0.28 |
+0.000 |
0.28 |
0.30 |
4.75 |
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TED |
0.21 |
+0.005 |
0.19 |
0.15 |
2.62 |
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Exchange |
Average |
Change from previous day |
1 week ago |
1 month ago |
1 year ago |
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VIX |
22.89 |
-0.12 (-0.52%) |
25.70 |
25.39 |
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T-bond |
Current Price/Yield |
Price/Yield change |
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3-Year |
99-28 / 1.42 |
0-08 / -.086
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5-Year |
100-16.5 / 2.26 |
0-12+ / -.084 |
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10-Year |
102-17.5 / 3.32 |
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