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  • Stocks in Focus Thursday | JPM | CAR | HTZ | YRCW |

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    Thursday Sept 30, 2010, 08:45 am EST
     
    Stocks in Focus on Thursday 09/30/10 -   JPM, CAR, HTZ, YRCW
     
    Dear Traders,
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    Hot Stocks to Watch Thursday 09/30/2010  are
    JPM- JPMorgan Chase & Co.
    CAR Avis Budget Group Inc.
    HTZ- Hertz Global Holdings, Inc.
    YRCW- YRC Worldwide Inc.


    JPM - JPMorgan Chase & Co.(NYSE:JPM)
    JPMorgan Chase & Co.(JPM) will delay foreclosing on some properties in order to examine documents. They will review affidavits that were signed by employees who didn't verify affidavits that identify the orignal mortgage holder and signed files reviewed by other employees, according to Tom Kelly, company spokesman. He added that the documents were prepared by "appropriate personne" and affidavits' loan information is accurate. Ally Bank GMAC Mortgage has also been reported as taking similar action of delaying some foreclosures. Bloomberg News reported that a JPMorgan Chase employee told that she was one of eight managers who together signed some 18,000 documents a month. According to Kelly, JPMorgan review will take few weeks and the company has requested judges not to rule on homeowners until the review is complete.
     
    CAR, HTZ-Avis Budget Group Inc.
    Hertz Global Holdings, Inc.

    On Wednesday, Avis Budget Group Inc (CAR.N) said if rival Hertz Global Holdings (HTZ.N) withdraws its takeover bid for Dollar Thrifty, then it would include a break-up fee in its offer for Dollar Thrifty Automotive Group (DTG.N). On Thursday voting by Dollar Thrifty shareholders is due on Hertz's 1.5$ billion offer and Hertz has said that it would end its partnership of the business if it is not elected. Avis said in a statement "Avis Budget has always said that as long as Hertz had matching rights, Avis Budget would not consider a reverse termination fee," and "Now that Hertz has in effect eliminated those matching rights, Avis Budget is prepared to offer such fee." If the shareholders vote down Hertz, Avis Budget would offer a reverse termination fee of $20 million. Hertz on the other hand will include reverse termination fee of $44.6 million in its deal to buy Dollar Thrifty. Management of Dollar Thrifty has recommended that shareholders should vote for Hertz bid, but PAR Capital Management, one of its top shareholders, plans to vote no, reported the Wall Street Journal on Tuesday.


    YRCW- YRC Worldwide Inc.(NASDAQ:YRCW)
    On Wednesday Trucker YRC Worldwide said that it should save 350$ million as it had reached a tentative agreement with union workers and should improve its competitive position. The tentative deal with the International Brotherhood of Teamsters is targeted for ratification by the union by the end of October. This agreement would extend for about two years. It would provide wage, benefit and work rule changes that are expected to generate a saving of around $350 million annualy, YRC Worldwide Inc. said in a filing with the SEC. In the exchange the Teamsters will have the right to approve certain changes of control at YRC, and in event like bankruptcy, the Teamsters can void the wage, benefit and work rule concessions, YRC said.

     

    God Bless,
    Be Rich.


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