The video this transcript is based on appeared on January 6.
NEW YORK (TheStreet) -- Jos. A. Bank (JOSB) looks good to Men's Wearhouse (MW) , so the suit maker is making yet another hostile bid in its attempt to take over the company that tried to buy it in 2013. After a successful IPO, volatility is weighing on Twitter's (TWTR) stock, which is off as we head into the open.
Good morning live from the Nasdaq MarketSite in Times Square. For TheStreet, I'm Jon Marino with your global markets update on Monday, January 6. At this hour, U.S. futures are treading water in advance of the open. Taking a look at international trading on our foreign markets panel right now, at midday the FTSE is just about break-even. Also at midday the DAX is up three-tenths of a point. The CAC-40 up one-tenth of a point at midday, and at the end of a rough trading day the Nikkei is off more than two full points wrapping up its session.
Kicking it off on the Nasdaq wall it looks like the bidding saga between Men's Wearhouse and Joseph A Bank will continue in the new year. Earlier this morning Men's Wearhouse revealed it is increasing its hostile bid for competitor Joseph A Bank from $55 a share to $57-60. That hasn't yet been priced into Joseph A Bank shares, look for that stock to gain a few points at the open.
Back at the Nasdaq wall, what goes up, must come down, especially if it hasn't even reported one quarter of earnings yet. Twitter stock is off this morning by more than three points. This coming after a 50 percent run up in shares after its IPO and a Friday where it tacked on two more points, closing in on $70 a share. With earnings on the way, as well as employee and investor lockup expirations, look for more volatility with this stock in the near term.
Closing out our stocks this morning, an action alert pick from Jim Cramer. It's the number one position in his portfolio, and he says, for good cause. Jim is targeting $1,135 a share for Google stock, which, he points out, has $152 a share in cash. But at 19 times forward estimates, the search king is a bargain compared to Facebook. Cramer still bullish on Google stock and hoping for a big 2014.
That's all for us today, but be sure to check out breaking news and analysis all day at TheStreet.com. At the Nasdaq MarketSite, I'm Jon Marino, have a great day.
Written by Jon Marino in New York.
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