Message #33 From:
NewsBot Date: April 5, 2008 07:52:49 PM
Hot Stocks of the Week: BSC TMA CCU ORCL
Friday March 28, 4:59 pm ET
Bear Stearns, Thornburg Mortgage, and Clear Channel Communications Emerge As Week's Big Movers
NEW YORK (AP) -- Bear Stearns Cos. kicked
off the week's list of hot stocks, after JPMorgan Chase & Co. hiked
its offer for the struggling investment back to $10 per share, from a
$2 per share bargain price.
The
move was aimed at appeasing Bear Stearns' shareholders, who felt the
original deal wasn't enough for the 85-year-old investment bank.
Bear
Stearns shares surged almost 90 percent on Monday, rising $5.29 to
close at $11.25, on around eight times average trading volume. JPMorgan
shares also rose, adding 58 cents, or 1.3 percent, to $46.55.
Bear Stearns trading volume remained high on Tuesday, at nearly three times average, but declined as the week continued.
After
the close Thursday, Bear Stearns Chairman James Cayne disclosed that he
dumped his entire stake in the embattled investment bank of 5.66
million shares for $61 million, or $10.84 per share. On Friday, Bear
Stearns and JPMorgan agreed on an interim lending agreement to
safeguard JPMorgan if the planned acquisition collapses.
Shares of Bear Stearns declined 45 cents, or 4 percent, to $10.78, finishing 80.1 percent higher for the week.
Thornburg
Mortgage Inc. jumped on Tuesday, after the mortgage lender and investor
said it will raise $1.35 billion in a debt offering to avoid
bankruptcy. Shares of Thornburg rose 46 cents, or 36.2 percent to close
at $1.73. About 52.5 million shares traded hands, nearly five times
typical daily average.
Shares gave up about half those gains
between Wednesday's and Thursday's session, as volume remained heavy.
On Friday, shares rallied again, adding 17 cents, or 11.5 percent, to
close at $1.65, up nearly 30 percent from Monday's $1.27 closing price.
Clear
Channel Communications Inc. emerged as Wednesday's hot stock. The media
company and the private equity firms trying to close a $19.5 billion
purchase of the company sued the banks backing the deal, saying the
banks are trying to put unreasonable terms on a short-term loan.
In
around four times average trading volume of 11.9 million shares, Clear
Channel shares fell $5.64, or more than 17 percent, to $26.92. The
stock took back nearly half that loss on Thursday, after a judge issued
an order barring the banks from hindering or undermining the deal.
But
shares fell again Friday, after lenders committed to financing the
buyout didn't appear at a meeting with the company and buyers, despite
the judge's order.
Shares declined 40 cents to close at $29.20,
in nearly twice Clear Channel's average trading volume. The stock
finished 10.3 percent lower from Tuesday's $32.56 closing price.
Investors
pondered the strength of technology spending on Thursday, after Oracle
Corp. posted fiscal third-quarter sales that missed expectations.
Oracle blamed the miss on customers delaying big purchases because of a
softening U.S. economy.
Shares of the Redwood Shores,
Calif.-based company fell $1.51, or 7.2 percent, to end at $19.43 on
Thursday, with more than 117 million share changing hands, nearly three
times average trading volume.
Shares declined 6 cents to $19.37 on Friday, down 7.5 percent from Wednesday's closing price.
Apollo
Group Inc. set a low on Friday, after adjusted second-quarter profit
and sales missed Wall Street expectations because of high selling and
promotional expenses.
Shares declined $15.13, or 26.9 percent, to
$41.21 and set a 52-week low of $39.41, with trading topping 26 million
shares, nearly eight times average trading volume.
