Imax Soars 13%, Biglari Declines 1.3%

Mukesh Buch
31 Dec, 2010
New York City

Biglari increased proposal to acquire all outstanding shares of Fremont Michigan. Constellation Energy agreed to sell the 550 megawatt Quail. DirectTV and Hearst Corp struck a content deal. IMAX soared on a speculation Sony Corp. may bid $40 a share.

[R]10:40 AM New York – Biglari increased proposal to acquire all outstanding shares of Fremont Michigan. Constellation Energy agreed to sell the 550 megawatt Quail. DirectTV and Hearst Corp struck a content deal. IMAX soared on a speculation Sony Corp. may bid $40 a share.[/R]

Of the stocks in the Dow, 7 increased, 22 decreased and 1 were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Verizon Communications Inc. led the gainers with a rise of 0.49% followed by increase in Wal-Mart Stores, Inc. of 0.24%, in The Travelers Companies, Inc. of 0.20%, in Alcoa Inc. of 0.13% in Intel Corporation of 0.10%.

Chevron Corporation led the decliners with a fall of 0.33%, followed by decline in The Home Depot, Inc. of 0.29%, in The Walt Disney Company of 0.27%, in JPMorgan Chase & Co. of 0.26%, in Bank of America Corporation of 0.23%.

Other Movers

Biglari Holdings Inc. ((BH)) decreased 1.3% or $5.81 to $414.44 after the holding company announced it has increased its proposal to acquire 100% of the issued and outstanding shares of common stock of Fremont Michigan InsuraCorp, Inc. to $31 a share in cash.

Constellation Energy Group Inc. (CEG)) fell 0.1% or 5 cents to $30.69 after the energy company agreed to sell the 550 megawatt Quail Run natural gas plant in west Texas to High Plains Diversified Energy Corp. for $185.3 million.

DirectTV Inc. ((DTV)) fell 0.3% or 15 cents to $39.94 and the digital television entertainment company and Hearst Corp’s television division struck a deal averting the loss of local TV stations.

IMAX Corporation ((IMAX)) surged 13% or $3.50 to $30.36 after the UK based Daily Mail reported citing London traders that Sony Corp. may bid $40 a share for the company. Walt Disney is also expected to make a bid.

Kforce Inc. ((KFRC)) fell 0.5% or 9 cents to $16.45 after the professional and technical staff provider plan to repurchase outstanding common stock effective from January 6 through February 11 according to share buyback plan.