Can the Bull Keep Running? What Investors Need to Know About Ford, HP, Xerox
Jim Cramer is at Dreamforce this week, so Jeff Marks, senior portfolio analyst with Cramer's Action Alerts PLUS portfolio, is joining Katherine Ross on the floor of the New York Stock Exchange.
Today, Marks is weighing in on the Dow hitting the historic high of 28,000, Real Money stock of the Day HP after the company announced Sunday night that the board had unanimously voted to turn down Xerox's merger bid and Ford's newest Mustang.
HP Says No Deal to Xerox HP rejected a potential $32 billion takeover bid from Xerox Holding Co.
While noting it was "open to exploring" a potential tie-up with its smaller rival.
HP said Xerox's offer of $22 a share, put to the board on November 5, "significantly undervalues" HP and is not in the best interests of shareholders, citing Xerox's high debt levels and business prospects.
HP did, however, leave a window open for future negotiations if it was able to gain access to information on Xerox and engage with group management, wrote TheStreet's Martin Baccardax.
"We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for HP shareholders through a potential combination with Xerox," HP said in a letter to the Xerox board that was subsequently emailed to TheStreet.
"However, as we have previously shared in connection with our prior requests for diligence, we have fundamental questions that need to be addressed in our diligence of Xerox." Ford's Releasing Its Newest Mustang in the Mustang Family in 55 Years Ford unveiled on Sunday the Mustang Mach-E, a new, all-electric Mustang that can get 230 miles to more 300 miles per charge.
Set to become available in about a year, the new utility Mustang will have a "targeted EPA-estimated range of at least 300 miles," said Ford.
The vehicle also will be able to travel about 47 miles with just 10 minutes of charging with a special 150kW "fast" charger, the automaker said.
The base model for the Mustang Mach-E will start at just below $44,000, with the GT performance version starting at around $65,000.
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