Thursday, August 18, 2005

Eye on the Market: Aug 18

Good morning.

Buyers aren't showing much conviction this morning.

Google plans to sell $4 billion more in stock and a bearish report on oil from Goldman Sachs has sellers in control in early trading Thursday.

On Google: I'm not a big fan of secondary offerings -- the stock is down 6-7$ as of publication time.

Tomorrow is the one-year anniversary of the search engine company's massive IPO.

Google's shares have more than tripled since last August and its profit jumped fivefold in its year as a public company.

The company could raise $4.2 billion, roughly 5% of its $79 billion market value.

It's somewhat obvious Google -- already cash flush -- is aiming to raise more money for...

You guessed right --an acquisition?

An SG Cowen analyst just appeared on CNBC portending that is a likely candidate.

Google will unload more than 14 million more shares.

Other big story out today is Washington Redskins owner Daniel Snyder's proxy battle for the Six Flags amusement park.

Shareholders are greeting the news with open arms -- PKS is up 15% as of 10:50 EST.

He wants roughly 35% of the company.

We'll see what the Board thinks.

In related news, Bear Stearns saw the buyout speculation as cause for a PKS Upgrade.

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