1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Office of Comptroller Of The Currency

Discussion in 'Forex Daily News & Outlook' started by MTnews, Jun 13, 2011.

  1. MTnews

    MTnews Content Contributor

    Dec 17, 2007
    Likes Received:
    Daily Market Commentary for June 10, 2011

    This morning, the Office of the Comptroller of the Currency reported they are giving a group of big banks an additional 30 days to prepare plans, programs and procedures that the regulator OCC required of them as part of an April package of sanctions on the institutions.
    (read more at Millennium-Traders.Com)

    The Dow Jones Industrial Average was higher in early morning trading today before resorting back to negative territory, following the general trend over the last market week. The DOW was struggling to hold in the 12000 range which it hasn't fallen below, since March. Investors remain attached to their cash, sitting on the sidelines as they await a signal of steadily improving economic conditions.

    The new weekly session started out jam-packed with merger mania.

    Timberland Company (NYSE: TBL) agreed to be acquired by VF Corp (NYSE: VFC) for more than $2.2 Billion. VFC plans to make Timberland part of its outdoor and actions sports business. VFC reported that boards of both companies approved the deal and expects the sale to close during Q3. Shares of TBL were up 43% into early afternoon trading session. Oddly enough, shares of VFC were higher by 11% into early afternoon trading. Normally the company making the purchase sees share price drop, on announcement of a buyout.

    Another deal on the table this morning, Wendy's/Arby's Group, Inc. (NYSE: WEN) is selling all but an 18.5% stake in Arby's fast food chain to private equity firm Roark Capital Group in a deal valued at $430 million. Wendy’s/Arby’s values its remaining ownership position at $30 million and will reap an expected tax benefit worth $80 million.

    Gerber Scientific (NYSE: GRB) shares were higher by 36% into mid afternoon after reporting they received a buyout offer from private-equity firm Vector Capital was buying it for $281.8 million or $11 a share.

    Transatlantic Holdings (NYSE: TRH) shares rose 10% after the reinsurer agreed to merge with Switzerland’s allied World Assurance Company Holdings AG (NYSE: AWH) in a $3.2 billion deal.

    Graham Packaging Company (NYSE: GRM) was higher by 18% after announcing an unsolicited/unidentified offer that tops a bid from rival packager Silgan Holdings (NasdaqGS: SLGN).

    Ness Technologies (NasdaqGS: NSTC) shares were higher by 14% after announcing they agreed to be purchased by Citi Venture Capital International for $307 million.

    Honeywell International (NYSE: HON) aid it would acquire EMS Technologies (NasdaqGS: ELMG), the maker of wireless-communications products, for $33 a share. Shares of ELMG were higher by 33% into mid afternoon trading session.

    Economic data released today: N/A

    Viewers may opt-in to our free Weekly Market News sent via email on the first trading day of the week. Review market news and active stocks from the previous week plus, see what is ahead for the upcoming trading week.

    Detailed performance for stocks, futures or forex by date on our News & Commentary. Access our FREE Monthly Trading Lesson posted on our website.

    Access a one week trial to our Weekly Swing Trades service. View detailed historic performance from our News & Commentary page.

    Follow us now on Twitter

    Viewers Poll: Could the DOW be headed for a drop below 11,000?

    Thanks for reading

Share This Page