In The News:
The fat lady has officially sung…
Dell (DELL) shareholders made it official Thursday, approving the $25 billion deal to sell the computer maker back to its founder Michael Dell and Silver Lake. The vote capped a bitter yearlong buyout drama and put the company squarely in its founder’s hands.
Michael Dell, who is set to own 75% of his company’s stock, will retain his chief executive post. From there, he will lead the effort of moving Dell from a seller of personal computers and servers to a broader technical adviser to businesses which can also provide services and software.
On Thursday, Twitter, using its own platform and in 140 characters or less, announced it has filled all necessary IPO (Initial Public Offering) paperwork with the SEC. If you are curious and wonder how much Twitter has grown in the last seven years or if it has ever made a profit, you will have to wait for a while. Twitter filled its IPO paperwork confidentially under the JOBS Act or Jumpstart Our Business Startups Act. The Act allows US companies under $1 billion in revenues to file paperwork with the SEC that is confidential and can only be viewed by SEC regulators. Never fear; eventually, we will all have full disclosure, as SEC rules mandate a company’s IPO documents be released to the public at least 21 days before the company goes out into the world and actively shops investors and prices the deal ( also called a “Road Show”). No announcement was made as to Twitter’s timeline for the IPO to take place and, since actually filing the paperwork with the SEC does not obligate you to a particular timeline we, will all have to wait.
International Paper (IP) announced it plans to close its biggest US paper mill in March 2014 displacing 1,100 workers. The mill, located in Courtland, Alabama, will slash the company’s paper-making capacity by one-third or 950,000 tons a year. The company sited less demand for paper as consumesr move toward emailing and paying bills on line rather than printing out reams of copy paper and envelopes. When was the last time you sent a handwritten note?
Thursday, a federal judge confirmed AMR Corp.(AAMRQ) plan to exit bankruptcy-court protection through a merger with US Airways Group Inc. (LCC) leaving a U.S. antitrust lawsuit as the deal’s final barrier. The approval means that if American Airlines parent AMR and US Airways win the Justice Department lawsuit or settle with the government, the merger plan can go into effect. The Justice Deparmtent filled an antitrust lawsuit claiming the merger would which would create the world’s largest airline, would stifle airline competition and create higher fares and fees for customers, as well as fewer flying options. The antitrust trial will begin on Nov. 25.
In The Markets:
Asian markets closed flat on Friday. Investors took a pause after a week of gains and are now looking towards next week’s Fed meeting.
European stocks ended their Thursday session flat, as weak euro-zone data and uncertainty over next week’s Fed meeting kept investors hanging out on the sidelines.
US markets closed down Thursday snapping several indies winning streaks. Investors are beginning to batten down the hatchies before next week’s Fed meeting. DJIA: -25.80 15,300.80 NASDAQ: – 9.04 3,715.97 S&P 500 -5.63 1,683.50 WTI: +1.13 108.69 BRENT: +1.39 112.89 Nat Gas: +0.075 3.642
In Dinner or Drink:
Port In A Storm
1 oz. Johnnie Walker® Red Label® Blended Scotch Whisky
0.75 oz. ruby port
1 dash(es) cognac/French herbal liqueur
Glass: Rocks Glass
- Combine all the ingredients together in an ice filled shaker.
- Shake well.
- Strain into an ice filled Collins glass.
- Garnish with lemon slices
Have a safe and wonderful weekend, Yall!