July 5, 2007 10:40 a.m.
Hilton Hotels jumped Thursday on news of its buyout by Blackstone Group. General Motors took a dive after Bear Stearns cut the stock's rating.
The Dow Jones Industrial Average fell 16.83, or 0.1%, to 13560.47, while the Nasdaq Composite Index gained 2.58, or 0.1%, to 2647.53.
Hilton Hotels rose 9.49, or 26.3%, to 45.54 on the first trading day after Blackstone Group said it would buy it for $18.5 billion. Blackstone said it had agreed to buy the hotels company for $47.50 a share, plus the assumption of $7.5 billion in debt. Blackstone added 77 cents, or 2.6%, to 30.49.
Huntsman rose 3.03, or 12.4%, to 27.43, on the first trading day after private-equity firm Apollo Management LP made a $27.25-a-share, or $6.43 billion, offer for the chemical producer, trumping a $5.6 billion agreement struck between Huntsman and Basell International Holdings BV. Basell is owned by closely held Access Industries.
Jones Apparel Group rose 21 cents to 28.61, after it received an unsolicited non-binding proposal for its Barneys New York Inc. division to be acquired by Japanese clothing company Fast Retailing for $900 million.
Research in Motion gained 6.22, or 3%, to 214.16, after the company received clearance to sell its popular BlackBerry device in China after eight years of trying. The Canadian-based company says it is finalizing the delivery of its products there.
General Motors fell 1.62, or 4.3%, to 36.36, after Bear Steans cut its rating on the stock to outperform from peer perform, citing valuation. GM's June sales dropped 21% as Japanese car makers gained market share in the U.S.
Samsonite gained 12 cents, or 9%, to 1.45, after the luggage maker said it agreed to be acquired by private equity firm CVC Capital Partners for $1.7 billion, or $1.49 a share in cash.
--Mark Long contributed to this article.
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