Canada Sells Off GM Stake, Verizon’s Titanic Bond Offering, and 3 More Hot Stocks
General Motors Co. (NYSE:GM): GM shares are trading down after the Canadian and Ontario governments unloaded a block of 30 million shares, sold to Bank of America (NYSE:BAC) and RBC Capital Markets in a deal that’s worth as much as $1 billion. Observers say that the sale, alongside the U.S. continuing to sell off its positions, will create some attractive entry points for investors.
Verizon Wireless (NYSE:VZ): Verizon began its $49 billion bond sale to help finance its $130 billion buyout of the Verizon Wireless joint venture. The sale crushes the record set by Apple (NASDAQ:AAPL) earlier this year, at $17 billion. Seeking Alpha explains that it’s an eight-part offering with $4.25 billion in 3-year notes launching at a spread of 165 bps all the way to $15 billion in 30-year bonds launching at 265 bps.
Best Buy Co. (NYSE:BBY): CEO Hubert Joly sold enough stock in the company to equal $10.4 million this month, though, unlike some insider sales, which can trigger a major selloff, there is no cause for alarm, since the executive is contending with the high costs of a divorce. Best Buy shares are trading around flat.
Vodafone Group PLC (NASDAQ:VOD): Vodafone reportedly has a lot of ground to make up with its shareholders for its Kabel Deutschland bid. Kabel investors had tendered 19.88 percent of shares, well below the 75 percent minimum requirement Vodafone set for the deal to go through. The investors — namely Paul Singer, Kabel’s largest — are pushing Vodafone to increase its offer price, though the British telco is refusing to do so.
Sears Holdings (NASDAQ:SHLD): A report courtesy of Baker Street Capital that’s making its way around Wall Street estimates that at least $7.3 billion of value sits in the retailer’s stores across the nation, waiting to be unlocked. This could be a partial explanation for the company’s recent share surge — the stock is up more than 26 percent in the past week, bringing the company’s market cap to just a hair over $6 billion.