Market Currents

• Wednesday, December 16, 2009

• 17:06 PM Starent Networks (STAR) says DoJ and FTC have cleared its $35/share acquisition by Cisco Systems (CSCO), meaning the deal can close in coming days. [[STAR]] +0.9% AH to $34.91. (PR) Comment!

• Monday, December 14, 2009

• 10:30 AM Dow leaders after one hour: AA +1.3%. MRK +1.2%. HPQ +1.1%. CSCO +0.9%. DIS +0.9%. KFT +0.9%.
  Laggards: XOM -3.9%. WMT -1.3%. BAC -0.8%. Comment!

• Friday, December 11, 2009

• 15:15 PM Dow leaders: AA +7.3%. BAC +2.3%. GE +2.2%. UTX +2.1%.
  Dow laggards: INTC -1.2%. JPM -1%. CSCO -1%. HPQ -0.2%. Comment!
• 14:56 PM Starent Networks (STAR -0.1%) shareholders approve of acquisition by Cisco Systems (CSCO -1%) for $35/share in cash. Starent makes equipment bridging wireless phone users to the Internet. Comment!
• 10:38 AM Dow leaders after one hour: AA +6.1%. UTX +1.8%. MCD +1.3%. HD +1.1%.
  Dow laggards: JPM -0.6%. INTC -0.6%. CSCO -0.3%. Comment!

• Tuesday, December 8, 2009

• 14:49 PM At Cisco's (CSCO) analyst day, CEO John Chambers says he's "more comfortable than ever" with Cisco's long-term revenue growth forecast of 12-17%, skeptics be damned. Touting Cisco's new management structure, which disperses power across many managers, Chambers noted that during 45 days in October and November, Cisco acquired four companies, struck a strategic partnership with EMC and VMWare (VMW), and "we didn't break a sweat ... well, maybe a little sweat." Comment!

• Friday, December 4, 2009

• 12:42 PM Cisco Systems (CSCO +1.3%) says it's stretched to take control of 90% of Norwegian videoconferencing company Tandberg and plans to "make a compulsory acquisition" of the remaining shares, as it expected, but also says that the Justice Department has requested additional information on competitive aspects in the merger. Comment!
• 07:59 AM Cisco Systems (CSCO) is pressing ahead to buy Norway's Tandberg for about $3.4B, despite falling short of a self-imposed 90% threshold for acceptances. 89% of shareholders said yes to the offer. Cisco may try to squeeze above the 90% level - which would force a sale by the holdouts - through open market purchases. Comment!

• Wednesday, December 2, 2009

• 07:46 AM Cisco Systems (CSCO) says it now controls 84% of shares in Norway videoconferencing developer Tandberg, and will not extend its $3.4B offer past Dec. 3 after pushing it off from a previous Dec. 1 deadline yesterday. If it does not gain control of 90% of Tandberg's shares by Thursday, Cisco said it will decide whether to withdraw its offer (and watch shares plunge) or waive the 90% condition. Analysts say Cisco would gain operational control of Tandberg at current levels. Comment!

• Tuesday, December 1, 2009

• 12:07 PM Cisco Systems (CSCO +1.9%) - under new pressure from Hewlett-Packard (HPQ), and coming to its deadline for Tandberg (TADBF.PK) shareholders to accept its $3.4B takeover offer - extends the offer period two days, to Thursday. (previously) 1 Comment
• 10:30 AM Dow leaders after one hour: PFE +2.5%. HD +2.1%. MRK +1.7%. INTC +1.6%. CAT +1.6%. CSCO +1.4%. AA +1.3%.
  Laggards: JPM -1.3%. AXP -1.1%. Comment!

• Friday, November 27, 2009

• 10:13 AM No gainers in Dow components. Pacing losses: AA -2.7%. GE -2.5%. CAT -2.4%. BA -2.3%. UTX -2.1%. CSCO -2.1%. DD -2.1%. 1 Comment

• Friday, November 20, 2009

• 15:18 PM Dow leaders: MRK +3.5%. PFE +1.4%. KO +1.1%. MCD +1%.
  Dow laggards: CSCO -1.4%. GE -1.3%. CAT -1.3%. MMM -1.2%. AA -1.1%. 1 Comment
• 10:53 AM Dow leaders: MRK +2.5%. PFE +1.6%. KFT +1.1%. JNJ +0.8%.
  Dow laggards: CAT -2.1%. AA -2%. GE -1.5%. CSCO -1.3%. Comment!

• Thursday, November 19, 2009

• 10:30 AM Dow leaders after one hour: MRK +0.3%.
  Laggards: INTC -5.5%. AA -3.9%. GE -2.6%. DD -2.5%. CAT -2.4%. DIS -2.2%. CVX -1.9%. BA -1.8%. UTX -1.8%. CSCO -1.8%. JPM -1.7%. Comment!

• Wednesday, November 18, 2009

• 10:33 AM Dow leaders after one hour: BAC +3%. HD +0.4%. JPM +0.4%.
  Laggards: HPQ -1.7%. DIS -1.3%. INTC -1.1%. CSCO -1%. BA -0.8%. Comment!