This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dividend.com: Walgreen Pulls Out

Walgreen Withdraws Bid for Longs Drug Stores

Walgreen (WAG) has decided to drop its pursuit of Longs Drug Stores (LDG), citing the broad financial meltdown.

Walgreen had offered $75 per share in cash -- which was higher than the CVS Caremark (CVS - Get Report) offer of $71.50 per share in cash. The board for Long's Drug Stores refused to discuss any agreement with Walgreen's management.

We think Walgreen is making the best move it can at this time. The credit markets are tough -- so financing for any deal may have come at a prohibitive cost.

We advised investors to take profits on the run-up in LDG shares back in mid-September, when shares jumped up to $76 right after the WAG offer. That call looks even better now -- after Walgreen's subsequent withdraw. None of the stocks mentioned above are on our "Recommended" list.

MetLife/Hartford Financial Services Reportedly Mulling Merger

It appears that MetLife (MET - Get Report) and Hartford Financial Services (HIG - Get Report) may be considering a potential merger, according to a Wall Street Journal report.

According to the WSJ, MetLife recently approached Hartford regarding a merger -- but the talks "didn't lead anywhere."

Both companies have seen their stock prices hit hard over the last month and have taken steps to increase their liquidity. Hartford Financial recently got a $2.5 billion capital infusion from Allianz SE -- Europe's biggest insurer -- while MetLife raised nearly $2 billion after an offering of 75 million shares at $26.50 per share. MetLife also announced a plan to cut jobs -- but didn't offer details about that plan.

We prefer either company look for a stronger partner, rather than the thought of putting two struggling companies under one roof. Basic arithmetic states that when you multiply two negative numbers, you get a positive, but we're not sure that rule applies on Wall Street.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
WAG $81.65 2.05%
CVS $112.47 0.00%
HIG $47.55 0.00%
IBM $161.99 0.00%
MET $55.74 0.00%

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs