Wells Fargo to Acquire Hypothekenbank Frankfurt Portfolio and 2 More Heavily Traded Stocks to Follow
Wells Fargo & Co. (NYSE:WFC): Current price $43.35
The number-one real estate lender in the U.S. will buy the U.K. commercial real estate portfolio of Commerzbank’s Hypothekenbank Frankfurt (formerly Eurohypo). Included in the transaction will be a $6.05-billion portfolio of commercial real estate loans, made up of high-quality institutional assets throughout the U.K., with a concentration in London. Lone Star Funds will purchase a portion of the portfolio, comprised of about $1.96 billion in non-performing assets, with Wells Fargo providing the financing. The transaction should close in the third quarter.
MGM Resorts International (NYSE:MGM): Current price $15.72
On Tuesday, voters will decide on an MGM plan to construct an $80 million casino in Springfield, Massachusetts. A referendum is scheduled on a host community agreement formed between MGM and city officials. The accord permits the company to make over $25 million in early payments to Springfield if the casino is built, but voters must approve the deal before MGM can apply to the state gaming commission for the single casino license available in western Massachusetts. Currently, there are two other casino proposals in the region.
NetApp Inc. (NASDAQ:NTAP): Current price $40.10
Shares of the data-storage tech firm NetApp are up more than 2 percent Monday, after analyst Katy Huberty at Morgan Stanley raised the company’s rating up to Overweight, or the equivalent of Buy, from Equal Weight. Huberty said that checks with resellers and consultants indicate a better second half, coming from data-storage demand. She also set a price target of $46 per share on the stock.