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Transportation equipment industry

Market Update: Stocks in Focus

Strategic Insights

— 1 min read

Schaeffer's Market Blog highlighted several stocks on September 29, including General Motors (NYSE:GM), J. Crew Group (NYSE:JCG), Shutterfly (NASDAQ:SFLY), Wal-Mart Stores (NYSE:WMT), and Apple Computer (NASDAQ:AAPL). The blog provided quick insights into the day's most notable market activity from an options perspective. The update also mentioned the departure of three board members from J. Crew Group, the pricing of initial public offerings for Shutterfly, Omni Financial, and Fox Chase Bancorp, and the potential alliance between Wal-Mart Stores and Apple Computer.

Key Takeaways:

  • General Motors (NYSE:GM) is under pressure from shareholder Kirk Kerkorian, who is seeking a partnership between GM and Renault/Nissan.
  • Kirk Kerkorian's Tracinda Corp. is considering purchasing up to 12 million additional shares in GM, which would raise his stake to about 12% from 9.9%.
  • Three J. Crew Group (NYSE:JCG) board members, Emily Scott, Thomas Scott, and Bridget Ryan Berman, have left their posts due to personal reasons.
  • Shutterfly (NASDAQ:SFLY) priced 5.8 million shares at $15 per share in its initial public offering, raising $87 million.
  • Omni Financial (OFSI) priced 3.5 million shares at $9.50 per share in its IPO, raising about $33 million.
  • Fox Chase Bancorp (FXCB) completed its IPO of 6.4 million shares at $10 each, adding 44% of its outstanding stock.
  • Wal-Mart Stores (NYSE:WMT) is reportedly considering an alliance with Apple Computer (NASDAQ:AAPL) to enable WMT to profit from downloads of videos on iTunes.
  • WMT has surged about 15% since late August, while AAPL has surged about 50% since mid-July.

Statistics:

  • 12 million additional shares of General Motors (NYSE:GM) would be purchased by Tracinda Corp. at $33.26 per share.
  • J. Crew Group (NYSE:JCG) will have eight remaining board members after the departure of three members.
  • Shutterfly (NASDAQ:SFLY) raised $87 million in its initial public offering.
  • Omni Financial (OFSI) raised about $33 million in its initial public offering.
  • Fox Chase Bancorp (FXCB) added 44% of its outstanding stock through its IPO.
  • Wal-Mart Stores (NYSE:WMT) has gained 15% since late August.
  • Apple Computer (NASDAQ:AAPL) has surged 50% since mid-July.

Sources:

  • Schaeffer's Market Blog, September 29 edition
  • Variety.com
  • Schaeffer's Investment Research website (www.SchaeffersResearch.com)
  • Bernie Schaeffer's Option Advisor newsletter
  • Forbes
  • Barron's

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