Market Minute: CBS Seeks Stake in TV Guide Network
Stocks appear headed for strong gains this morning. All three major averages ended slightly lower last week, but an apparent resolution of the banking crisis in Cyprus has set the table for gains today. The S&P 500 is within nine points of its all-time high.
A bidding war for Dell (DELL) has broken out. The company confirms that investor Carl Icahn and Blackstone Group have submitted separate letters of intent to make buyout bids. That would counter the effort by a group led by CEO Michael Dell to take the company private for $24 billion dollars. But if Mr. Dell falls short, he could lose control of the company he founded nearly 30 years ago. According to Bloomberg, the computer maker has said that the offers by Icahn and Blackstone may be preferable, meaning Michael Dell could be compelled "to sweeten his bid".
CBS (CBS) is reportedly near a deal to buy half of the TV Guide Network. That would give CBS its first entertainment channel on cable. The network offers movies, TV show reruns, and infomercials, and is available in 80 million homes.
Twenty million dollars: That's pocket change for a company like Apple (AAPL), but the company's acquisition of WifiSLAM could help Apple overcome the snafu it faced last year after dumping Google's (GOOG) mapping system in favor of its own flawed program.
A number of online reports say Microsoft (MSFT) is testing an updated version of its Windows 8 software. The changes are said to be largely cosmetic, but they're aimed at overcoming complaints that Windows 8 is too confusing.
Limited Brands (LTD) has been an obsolete name for the apparel retailer for several years -- ever since it sold a majority interest in its Express and Limited store brands back in 2007. The company's main brands are now Victoria's Secret, Pink, Henri Bendel, and La Senza Bath & Body Works. The new name is L Brands, at least temporarily. Its ticker symbol remains LTD.