Market Currents

• 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!
• 12:07 PM The House today is speeding toward approval of its 1,279-page bank reform bill while the Senate isn't likely to finish its part until next year - and speed may mean last-minute loopholes, including carve-out exemptions for USAA, [[GE]], Pitney Bowes (PBI) and others. 1 Comment

• Wednesday, December 9, 2009

• 15:33 PM Dow leaders: MMM +3.6%. PFE +2.7%. HPQ +1.9%. MRK +1.9%.
  Dow laggards: UTX -1.4%. VZ -0.7%. BA -0.6%. GE -0.5%. T -0.5%. Comment!

• Tuesday, December 8, 2009

• 15:15 PM Dow leaders: VZ +0.6%. KFT +0.01%.
  Dow laggards: BAC -2.8%. DD -2.5%. GE -2.4%. MCD -2.3%. HD -2.2%. Comment!
• 14:37 PM GE (GE -2.4%) says credit losses at its GE Capital unit are expected to peak next year, ensuring flat earnings but paving the way for improvement in 2011. Unit chief Mike Neal was confident that regulators wouldn't force the disposal of the business, though GE has been shrinking it and its real-estate assets are under heavy pressure. 1 Comment

• Friday, December 4, 2009

• 13:23 PM Dow leaders: BAC +2.9%. INTC +1.9%. GE +1.7%. HPQ +1.5%. BA +1.5%.
  Dow laggards: DD -6.6%. TRV -1.9%. AA -1.7%. XOM -0.8%. IBM -0.5%. Comment!
• 10:19 AM Dow leaders early on: AXP +3.2%. INTC +3.1%. DIS +2.3%. GE +2.3%. BA +2.1%.
  Dow's laggard: DD -5.1%. Comment!

• Thursday, December 3, 2009

• 14:03 PM Dow leaders: BAC +3.5%. INTC +1.7%. GE +1.3%. T +1.2%.
  Dow laggards: AXP -4.1%. TRV -1.9%. HD -0.8%. MMM -0.7%. KO -0.6%. Comment!
• 13:52 PM "I've done a lot of deals in my life," Comcast's (CMCSA) 89-year-old cofounder Ralph J. Roberts told GE (GE) CEO Jeff Immelt one early July afternoon. "Every deal has its time. This is the right time." Andrew Ross Sorkin and Tim Arango tell the tale of Comcast's closelipped courtship of NBC Universal. 1 Comment
• 11:52 AM Freed of NBC Universal and with a chance to refocus business, GE (GE +0.9%) will look at acquisitions in aviation and health care, CEO Jeff Immelt tells investors in a conference call about the sale. "We’ve got opportunities across the big infrastructure businesses - aviation, oil and gas, health care, water ... We can afford to be patient." 1 Comment
• 11:00 AM Dow leaders: BAC +1.8%. INTC +1.2%. JPM +1.2%. GE +0.9%. IBM +0.9%. CAT +0.9%.
  Laggards: AXP -2.6%. AA -1.4%. HD -1.1%. TRV -1%. Comment!
• 08:22 AM Dealbook breaks down the NBC Universal (GE, CMCSA) sale, by the numbers. Meanwhile, in a letter released with the deal, Comcast tries to head off opposition to the deal. Comment!
• 06:21 AM Jeff Zucker, who will lead the new NBCU: "Combining the assets of NBCU (GE), ranging from our suite of cable properties and two broadcast networks to a legendary film studio and global theme park business, with the content assets and resources of Comcast (CMCSA), will enable us to continue to thrive in an ever-changing media landscape." 2 Comments
• 06:14 AM GE (GE) and Comcast (CMCSA) make it official, announcing a $30B agreement to shift control of NBC Universal from GE to the Comcast. Details as expected: Comcast will control 51% of the new entity, for which it will pay $6B in cash and throw in its content assets. GE kicks in NBCU along with $9B in debt, and will buy out Vivendi's (VIVDY.PK) 20% stake in NBCU for $5.8B. (PR) Comment!

• Wednesday, December 2, 2009

• 15:16 PM [[GE]] and Comcast (CMCSA) plan to announce their deal for NBC Universal tomorrow, WSJ reports. Comcast would head a new joint venture that will include the NBC TV network, more than a dozen cable nets and Universal Studios (the studio and the parks). Comment!
• 08:23 AM GE (GE) will delay paying Vivendi (VIVDY.PK) cash for its $5.8B purchase of Vivendi's stake in NBC Universal, sources say. Vivendi will only get its money once the Comcast (CMCSA) deal closes, which could take more than a year due to regulatory reviews. If the deal doesn't close by late 2010, Vivendi could be entitled to a payment of up to $2B from GE. Comment!