Dell Follows Up With Icahn, Home Depot Stands to Benefit From Sandy, and 3 More Hot Stocks
Dell (NASDAQ:DELL): Members of the board at Dell have sent a follow-up letter to Carl Icahn and his accomplices, pressing on the need for details about how he plans to finance his revised bid for a majority stake in the company. ”Unless we receive information that is responsive to our May 13 letter, we are not in a position to evaluate whether your proposal [is superior to Dell and Sliver Lake’s],” the letter read.
Home Depot (NYSE:HD): Hurricane Sandy may have been a curse of nature that wrought devastation on the east coast, but it may be a blessing in disguise for Home Depot and Lowe’s (NYSE:LOW), as reconstruction efforts continue. FEMA has approved $1.38 billion in assistance for Sandy victims, and the rate of construction on new houses in the affected regions has picked up over the last few months.
Synovus Financial (NYSE:SNV): Shares of Synovus are hanging low after a downgrade from Goldman Sachs, which says that “given that the market appears to be pricing in a best case scenario, largely based on M&A speculation, although core fundamentals remain weak.” Goldman brought its rating from Neutral to Sell, with a price target of $2.50.
Pactera Technology International (NASDAQ:PACT): Shares of Pactera are ripping today, after the company revealed that it has received a proposal from a group of investors to take the company private for $7.50 per share, a 43 percent premium on Friday’s closing price.