Markets Open Down Despite Revised GDP and Dry Goods Data

The markets have opened down this morning. The Dow has fallen 52 points while the Nasdaq and S&P 500 are down 12 and 3 points respectively. The markets may try to rally today after news that GDP for the first quarter was revised and raised to 1.9% growth up from previous estimates of 1.8%. The increase still fell short of economist expectations of a 2.0% increase. Durable goods orders did beat economist projections, rising 1.9% over the expected 1.5%. Despite the markets slow start lets take a look at a few individual stocks performing well.

Southern Union Company (NYSE:SUG) shares have risen 15% to $39.40 per share. Volume has already approached 10 million shares as news that Williams Companies (NYSE:WMB) made a $4.9 billion takeover offer for SUG. The WMB offer trumps the one Energy Transfer Equity (NYSE:ETE) announced last week of $4.1 billion. The ETE offer was all-stock offering while the Williams Companies offering is an all-cash one. Energy Transfer Equity has already had its offer approved by Southern union but it has yet to receive regulators and shareholders approval.

Blackboard Inc. (NASDAQ:BBBB) share are up this morning climbing 6% to 43.55 per share. Volume has already exceed the average daily traded volume of 700K shares on news that private equity firm Providence Equity Partners is in talks to purchase the company. A deal is expected sometime next week but both sides are remaining hushed about the discussions. Blackboard has a market value of roughly $1.4 billion.

Globus Maritime Limited (NASDAQ:GLBS) shares are up 7% to $9.10 per share. Volume is trading double its normal daily traded volume as GLBS took delivery of the 2005 PANAMAX Dry bulk carrier “Moon Globe”. The arrival of the vessel gives Globus and additional 74,432 of Deadweight Tonnage (DWT). The vessel is expected to be immediately chartered to Gleamray Maritime at a net rate of $18,000 per day. This is the sixth vessel in the globus fleet and gives the company the ability to carry a total DWT of 394,096.

In other news today Antitrust regulators have given approval to Apple Inc.(NASDAQ:AAPL) to bid on assets from Nortel Network Corporation. Nortel has agreed to sell the 6,000 patents to Google (NASDAQ:GOOG) for $900 million unless a larger amount is received at a June 27 auction.

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About Rachel Brook

Rachel Brook is an up and coming financial writer focusing on commodity price inflation and how the overall market reacts to the price swings. She also covers emerging markets in Africa and SE Asia.

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