Novell Inc. (NASDAQ: NOVL) is trading up as one of the more active stocks this morning. As we expected the company would have to do, it rejected the Elliott private equity takeover bid as ‘Inadequate.’ But the company said it is now exploring strategic alternatives and assess its options including a potential sale. At 8:50 AM EST we have shares up 4.8% at $5.91 on about 1 million shares pre-market. Keep in mind that shares traded as high as $6.15 after this first deal was announced.
Palm, Inc. (NASDAQ: PALM) keeps dropping. No reports are in its favor and the bulk of reports from the weekend point to a miserable future. At 8:50 AM EST we have seen almost 800,000 shares trade hands and the stock is down 5.8% at $3.77… a new 52-week low, again.
American International Group, Inc. (NYSE: AIG) is trading lower on an SEC filing showing that AIG’s former CEO Hank Greenberg has sold $278 million worth of stock to UBS for an upfront payment in a forward delivery sales basis. Volume is thin but at 8:50 AM EST we have shares down 2.6% at $33.89.
Federal National Mortgage Association (NASDAQ: FNM) is lower on fears or hope of financial reform but the market itself is probably adding to the woes in trading. At 8:50 AM EST the volume is thin but shares are down 3.5% at $1.11.
E*TRADE Financial Corp. (NASDAQ: ETFC) has hired a new CEO after having the position vacant for months. It has named Steven Freiberg as CEO, person who had been with Citi for about 30 years; and the company is also proposing a 1 for 10 reverse stock split. UPDATE AT 9:38 AM EST: Shares are down almost 7% at $1.46 on over 14 million shares. At 9:50 AM EST shares were effectively unchanged at $1.57 on only about 2 million shares.
First Solar, Inc. (NASDAQ: FSLR) is trading lower this moirning but not on news from the company. The WSJ reported last night an article called “First Solar Flies Too Close to the Sun†and that has a damper on shares. Volume is still thin but at 8:50 AM EST we have seen shares down 3% at $
Fuqi International, Inc. (NASDAQ: FUQI) is down 4.3% at $9.85 on close to 50,000 shares this morning. A class action suit was filed against the company, but its warning of an earnings miss and a restatement for undercounting expenses last week was enough that the problems here are deep.
Teva Pharmaceutical Industries Limited (NASDAQ: TEVA) is putting in yet newer 52-week highs again this morning. This is after the $5 billion deal in Germany last week and the stock is not that active this morning but still impressive. At 8:50 AM EST we have shares up 0.8% at $63.55 on close to 25,000 shares.
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JON C. OGG
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