The S&P 500 Nears 1,400

The market is up this morning and the S&P 500 is very close to breaking 1,400. This is a continuation of Friday’s big rally. The big market news today is that Best Buy’s founder, Richard Schulze, has offered to buy out Best Buy ($BBY) for $24 to $26 per share. BBY closed Friday at $17.64 per share. The stock is up strongly this morning, but only to $21 or so. I think this means that the market is skeptical that Schulze’s deal will come to pass.

A few weeks ago, I noted that Cognizant Technologies Solutions ($CTSH) “is starting to look pretty good at this price.” The stock is up 11.8% on strong earnings and higher guidance.

Posted by on August 6th, 2012 at 10:06 am


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