Wall Street Hubbub 8/31: Saks In the Crosshairs, JPMorgan To Close Prop-Trading, Dean Foods Takeover Chatter, Dell Up To Bat on 3PAR

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August 31, 2010 4:58 PM EDT
There is not a day that goes by on Wall Street when rumors don't creep up. Today is no exception. Below are some chatter being discussed on trading desks today.

  • Saks Incorporated (NYSE: SKS) surged 20 percent today on reports that U.K. and U.S. private equity players are ready to table a bid of $1.7 billion, or $11 per share, for the company. The stock debuted at number 10 at StreetInsider.com's "Top 50 Takeover Targets" list at M&A Central.

  • JPMorgan (NYSE: JPM) is expected to close its proprietary commodities trading unit, which will be followed by the closing of the remaining prop trading operations.

  • Dean Foods Co. (NYSE: DF) was a mover today on rumors the company could be the target of a takeover bid. Shares closed up 4 percent.

  • Dell (Nasdaq: DELL) could match or raise HP's (NYSE: HP) $30 bid for 3PAR, Inc. (NYSE: PAR) tomorrow. Shares of PAR were up 1 percent today to $32.12.

  • The Cisco (Nasdaq: CSCO)-for-Skype rumor from yesterday may prove untrue some are now saying.

  • Analysts at Benchmark think that Rackspace (NYSE: RAX) may have gotten a little bid ahead of themselves in part on takeover speculation. They downgraded the stock today.

  • Microvision Inc. (Nasdaq: MVIS) was running today on some pretty far-fetched rumors Apple (Nasdaq: AAPL) may include their projector product in the new iPod, expected to be announced tomorrow.

  • Citigroup said they expect Sanofi (NYSE: SNY) to buy Genzyme (Nasdaq: GENZ) for $74-$77 per share, above the current bid on the table of $69. If however Sanofi walks away, shares of Genzyme could fall below $60 per share.

  • The revamped version of Apple TV (Nasdaq: AAPL) will include movies from Netflix (Nasdaq: NFLX), according to reports from Bloomberg citing three people with knowledge of the plans.

  • Following media pressure, Citigroup (NYSE: C) has decided to meet with analyst Mike Mayo, who has been denied access to the firm due to his criticism of the company and its handling of its deferred tax assets.

  • Amazon.com (Nasdaq: AMZN) is working on a new TV, movie service to combat Netflix (Nasdaq: NFLX), the Wall Street Journal reported. The company has proposed a a Web-based subscription service to several major media players in recent weeks, the report said.

  • Other companies that were the subject of unsubstantiated takeover speculation today included: Lorillard Inc. (NYSE: LO), M&T Bank (NYSE: MTB), and Wendy's/Arby Group (NYSE: WEN).

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