(By Salman - iStockAnalyst Writer)US stocks were modestly higher on Monday as investors overlooked the growing trade dispute between US and China.
Below we highlight few stocks that dominated the headlines on Monday, September 14, 2009.
Sprint Nextel (NYSE:
S): Shares of the third-largest mobile operator soared in Monday after the U.K. newspaper The Sunday Telegraph reported that the Europe's largest telecom operator, Deutsche Telekom is considering a multibillion bid for Sprint Nextel Corp. According to the newspaper, Deutsche Telekom has been studying a tie-up with Sprint for more than a year but serious legwork began in earnest three months ago. It also said that the Germany based Deutsche Telekom, which operates cell phone provider T-Mobile USA, has hired banking advisers to explore a bid for Sprint. The report didn't mention the level of the bid being considered. However, Deutsche Telekom declined to comment on the story. Meanwhile, it seems that the Wall Street has taken this report seriously. Shares soared over 11%.
E-Trade Financial Corp. (NASDAQ:
ETFC): Citigroup analyst Keith Walsh lifted his rating on the online broker to buy from hold and raised its target price on the stock to $2.30 from $1.50. Walsh said further E-Trade raising capital and a recent debt exchange have eased concerns over the firm's balance sheet. The analyst also said that there is also a possibility of a deal with rivals TD Ameritrade Holding Corp. (NASDAQ:
AMTD) and Charles Schwab Corp. (NASDAQ:
SCHW). Separately on Monday, E*Trade said, in a release that it is terminating its stockholder rights plan and said it planned to issue up to $150 million in common stock. The decision to terminate the stockholder rights plan was decided on at the company's special shareholder meeting in August, where stockholders approved the debt exchange offer. Meanwhile, E*Trade begun conducting a search for a new CEO to succeed Donald Layton, who will step down at the end of the year when his contract expires. E-Trade jumped almost 8% on Monday
AES Corp.(NYSE:
AES): According to media reports, China's investment arm is eyeing a stake in the U.S. utility company and power plant developer. The Wall Street Journal reported on Monday that a possible investment by China Investment Corp. in AES is part of a discussion aimed at building an alliance between China's sovereign wealth fund and the Virginia-based power company.
