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Published November 9, 2009 at 5:08 PM
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 Welcome to Deal Stocks. In the news Monday are Kraft Foods Inc. (NYSE:KFT), Cadbury plc (NYSE:CBY), Clearwire Corp. (NASDAQ:CLWR), Sprint Nextel Corp. (NYSE:S), Comcast Corp. (NASDAQ:CMCSA), Intel Corp. (NASDAQ:INTC), Time Warner Cable Inc. (NYSE:TWC), Bright House Networks LLC, Google Inc. (NASDAQ:GOOG), Northrop Grumman Corp. (NYSE:NOC), General Atlantic LLC, Kohlberg Kravis Roberts & Co., General Electric Co (NYSE:GE), NBC Universal, Morgan Stanley (NYSE:MS), Temasek Holdings, Blackstone Group LP (NYSE:BX), Bain Capital, Hopu Investments, Hony Capital, Advanta Corp. (NASDAQ:ADVNA), Reynolds American (NYSE:RAI), Niconovum AB, AXA SA (NYSE:AXA), Taikang, AMP Ltd. and AXA Asia Pacific Holdings Ltd.Stocks were up Monday after the G-20 pledged to keep stimulus in place. The Dow finished up 203.52, or 2.03%, to 10,226.94 while the Nasdaq closed up 41.62, or 1.97%, to 2,154.06. For more hot stocks, check out the arbitrage charts in The Deal Pipeline (subscription required) or stocktwits. See the latest on the rally at Overheard on Stocktwits.
- Kraft Foods Inc. (NYSE:KFT) made a $16.46 billion, or 717 pence per U.K.-listed share, formal offer for U.K. chocolate company Cadbury plc (NYSE:CBY) in cash-and-stock bid that puts a 37% premium on the company. Cadbury's board swiftly rejected the hostile bid, saying the offer is "derisory" and represents a worse deal than when Kraft made its original approach in September.
Also see: Confectioners DealwatchKraft Deawatch- AXA Asia Pacific Holdings Ltd. rejected an A$11 billion ($10.2 billion) breakup bid from French parent AXA SA (NYSE:AXA) and AMP Ltd., blocking, at least temporarily, one of the biggest financial sector takeovers since the financial crisis. (The Deal Pipeline subscribers can read the full story here.)
- Clearwire Corp. (NASDAQ:CLWR) may get $1 billion in aid from its majority shareholder Sprint Nextel Corp. (NYSE:S), with joint venture partners Comcast Corp. (NASDAQ:CMCSA), Intel Corp. (NASDAQ:INTC), Time Warner Cable Inc. (NYSE:TWC) and Bright House Networks LLC chipping in another $500 million, according to The Wall Street Journal. However, Google Inc. (NASDAQ:GOOG), another joint venture partner, will not participate in this round of financing, according to the article.
- Defense contractor Northrop Grumman Corp. (NYSE:NOC) said Sunday it is selling its military intelligence unit Tasc Inc. for $1.65 billion in cash to an investor group led by buyout shops General Atlantic LLC and affiliates of Kohlberg Kravis Roberts & Co.
- General Electric Co. (NYSE:GE) and Comcast Corp. (NASDAQ:CMCSA) have agreed on a valuation of around $30 billion for a joint venture for NBC Universal, ironing out what has been a key obstacle in talks so far, Reuters is reporting.
- Morgan Stanley (NYSE:MS) is looking to sell its 34% stake in investment bank China International Capital Corp., the U.S. bank's China chief executive Wei Sun Christianson told Reuters on the sidelines of a conference on Monday.
- AXA SA's (NYSE:AXA) 15.6% stake in Chinese life insurer Taikang has attracted a number of bidders including Temasel Holdings, Blackstone Group LP (NYSE:BX), Bain Capital, Kohlberg Kravis Roberts & Co., Hopu Investments and Hony Capital. Offers reportedly value the stake at over $1 billion, sources told Reuters.
- Cigarette giant Reynolds American (NYSE:RAI) is in advanced talks to buy closely held Niconovum AB, a Swedish maker of nicotine-replacement products.
- Small business credit card lender Advanta Corp. (NASDAQ:ADVNA) filed for bankruptcy protection. Meanwhile, The Federal Deposit Insurance Corp. shut down five banks on Friday, bringing the total number of bank failures this year to120.
- Fannie Mae (NYSE:FNM) may have to write down $5.2 billion in low-income housing tax
credits after the U.S. Treasury rejected its request to sell the
investments, according to Bloomberg.
- Did the Federal Reserve force a coup at Bank of America Corp.
(NYSE:BAC)? If you read between the lines of a thinly sourced Wall
Street Journal feature, "With Feds, BofA's Lewis met his match,"
about BofA CEO Ken Lewis' decision to step down next month, it seems to
imply the Federal Reserve -- and not just Chairman Ben Bernanke --
issued a great deal of pressure on the Charlotte, N.C.-based bank to
make changes.
- Wal-Mart Stores Inc. (NYSE:WMT) chairman S. Robson Walton last week made clear his interest in expanding the company's India footprint.
Walton met with India Prime Minister Manmohan Singh in New Delhi to
lobby for more access to the India market
Regulation- The House Financial Services Committee continued to wrestle with the Financial Stability Improvement Act on Friday and approved an amendment to limit the powers of the Federal Reserve. (The Deal Pipeline subscribers can read the full story here.)
In economic news: The Treasury will sell $91 billion in 3-year notes, 10-year notes, and 30-year bonds this week. - George White and Maria Woehr
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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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November 9, 2009 |
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Benchmark |
Spread |
Change from previous day |
1 week ago |
1 month ago |
1 year ago |
|
LIBOR 1-MONTH |
0.24 |
-0.003 |
0.24 |
0.24 |
1.62 |
|
LIBOR 3-MONTH |
0.27 |
-0.002 |
0.28 |
0.28 |
2.29 |
|
TED |
0.22 |
-0.002 |
0.23 |
0.21 |
3.12 |
|
Exchange |
Average |
Change from previous day |
1 week ago |
1 month ago |
1 year ago |
|
VIX |
23.47 |
-0.72 (-2.98%) |
29.78 |
23.12 |
|
|
T-bond |
Current Price/Yield |
Price/Yield change |
|
3-Year |
100-01+ / 1.35 |
0-00+ / -.005
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5-Year |
100-12 / 2.29 |
0-00 / -.000 |
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10-Year |
101-05.5 / 3.48 |
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