Stocks Mixed As 2010 Winds Down (CVS, UAM, IMAX, SNE, DIS, BGP, REE)
Stocks were trading mixed as the market winds down 2010.
The Photographic Equipment Stocks Index was the top performing tickerspy Index at midday, led by Imax (IMAX) with a 14% gain. The Rare Earth Stocks Index was the day’s worst performing tickerspy Index at midday, with Rare Element Resources (REE) down -3%.
In M&A news, CVS Caremark (CVS) announced it will buy the Medicare division of Universal American (UAM) for $1.25 billion. The acquisition will add about 1.9 million members to CVS’ Medicare Part D prescription drug business, more than doubling it. Shares of Universal spiked on the news. Over 100 Pros held CVS in their top-15 U.S.-listed equity positions at the end of Q3, and 546 tickerspy members hold the stock in their portfolios.
Shares of IMAX surged after it was reported by the Daily Mail that Japan’s Sony (SNE) may be looking to offer more than $40 per share for the big-screen movie-theatre company. According to the newspaper, Walt Disney (DIS) may also be interested in buying IMAX. Five Pros held IMAX in their top-15 U.S.-listed equity positions at the end of Q3, and 229 tickerspy members hold the stock in their portfolios.
Borders Group (BGP) saw its shares tumble after the bookseller indicated that it has temporarily stopped payments to certain vendors in order to preserve cash. The company is trying to refinance its debt, and has said it may sell some assets to raise money. It is also talking to other lenders about possibly replacing its financing. Borders has said it plans to close 16 stores during its Q4.
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