NEW YORK (
) -- Here are the top stock market headlines for the morning of Wednesday, Dec. 30, 2009.
Wednesday's Early Headlines
- GMAC Reportedly to Get $3.5 Billion More in Aid -- GMAC Financial Services is expected to get about $3.5 billion more in additional aid from the U.S. government, The Wall Street Journal reports, citing people familiar with the situation. An announcement is expected within days and will coincide with GMAC taking additional steps to absorb losses related to its mortgage operations, the paper reported. GMAC, the automotive lender which is 35% owned by the U.S. government, already has received $12.5 billion since December 2008.
- GM Drops Saab Deadline, Resumes Production -- General Motors has dropped a Dec. 31 deadline for bids for its Saab car brand, Reuters reports. Saab will restart some production lines in January after a shutdown. The move comes after Spyker CEO Victor Muller told daily newspaper Svenska Dagbladet that he expects a decision this week on whether GM would accept Spyker's bid for the Swedish carmaker. GM said earlier this month it would wind down Saab, the Swedish carmaker, if a buyer didn't emerge before the end of this year.
- Hershey Could Go Solo for Cadbury: Report -- Hershey (HSY) - Get Report could go solo in a bid for Cadbury (CBY) , according to a report in The New York Post.The trust that controls Hershey, the U.S. chocolate company, is considering making an offer for Cadbury on its own. The trust, which owns 80% of Hershey's voting shares, could meet as early as next week to discuss the matter, the Post reports, citing a person with direct knowledge of the discussions. Hershey has been linked with Italian chocolate maker Ferrero in a possible joint bid for Cadbury that would trump a $16.2 billion offer from Kraft Foods (KFT) .
- Chicago PMI, Crude Inventories Due After Opening Bell -- At 9:45 a.m. EST, the December read on the Chicago Purchasing Managers' Index will be released, with economists forecasting a slight dip to 55.1 from 56.1 in November. Later, at 10:30 a.m. EST, the Energy Department will post its weekly inventory report. A Bloomberg survey of analysts shows that they expect crude inventories likely fell by 1.85 million barrels last week.
- FDIC to Capitalize on Bank-Stock Rallies -- The Wall Street Journal reports that the Federal Deposit Insurance Corp. will ask bidders for some seized banks to offer the agency a chance to profit if the deal is well-received by the buyer's shareholders starting next year. The paper says the move comes after the FDIC collected $23.3 million from New York Community Bancorp (NYB) after the regional bank acquired failed Cleveland thrift AmTrust Bank. The purchase included a provision that gave New York Community an edge over rival bidders, and it also allowed the FDIC to reap gains from a rally in New York Community's stock price after it announced the acquisition, the Journal reported.
-- Written by Robert Holmes in Boston
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