NEW YORK (TheStreet) -- Popular searches on the Internet Thursday include Bankia upon reports that the nationalized Spanish bank has suffered over €1 billion euros of withdrawals in the past week.
El Mundo newspaper said customers have withdrawn the money, signaling a lack of confidence in the bank. The amount is equivalent to about 1% of the bank's retail and corporate deposits.
Bankia has not commented on the reports. The government took the bank over on May 9 in effort to assuage worries that the bank would not be able to withstand previous losses.
Sears Holdings (SHLD) is trending on news that it plans to spin off a large part of its stake in Sears Canada. Sears expects to complete the spinoff ths year; it would bring its stake in the unit from 95% to about 51%. The retailer said it possibly could reduce its stake even further afterwards. Sears Canada and Sears Holdings both released statements indicating the spinoff would allow them both to focus on their own businesses, where sales have been slipping.
Human Genome Sciences (HGSI) is another popular search. The company said its board recommends that shareholders reject GlaxoSmithKline's (GSK) nearly $2.6 billion takeover bid. Human Genome said its board believes the $13 per share offer is inadequate and does not reflect the value inherent in the company. Human Genome also said its board has adopted a "poison pill" shareholder rights plan. With the plan, holdings will be diluted if anyone tries to acquire 15% or more of the company's stock without the board's approval.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
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