Ticker Talk
General Motors Corp. shares (GM) rose $3.25 to $73 on growing expectations that the world’s largest auto maker will spin off its 68% stake in Hughes Electronics Corp. GM’s Class H shares (GMH), which track Hughes’ earnings, fell 81 cents to $81. The tracking stock, which has climbed 64% since Sept. 2, was rated “buy” in new coverage by an analyst at SoundView Technology Group, with a target of $100. El Segundo-based Hughes Electronics is the world’s largest satellite maker and owns satellite broadcaster DirecTV.
Several initial public offerings were priced Monday and start trading today. They include Deltathree.com Inc. (DDDC) of New York, a provider of Internet-based telephone services (which sold 6 million shares at $15 each); Digital Impact Inc. (DIGI) of San Mateo, Calif., which offers direct-marketing services via e-mail (4.5 million at $15); GetThere.com Inc. (GTHR) of Palo Alto, which books travel online (5 million at $15); Management Network Group (TMNG) of Kansas, which offers consulting services for the telecommunications industry (4.6 million at $17); NDS Group Ltd. (NNDS) of Britain, which provides broadcast control and access systems to pay-TV companies (9 million at $20); Official Payments Corp. (OPAY) of San Ramon, Calif., which provides electronic payment services to government agencies (5 million at $15); OpenTV Corp. (OPTV) of Mountain View, Calif., which makes software that lets consumers interact with their TVs (7.5 million at $20); and TeleCorp PCS Inc. (TLCP) of Virginia, an AT&T; Wireless affiliate (9.2 million at $20).
A stock to watch today--or at least this morning--might be Tuesday Morning Corp. (TUES), which was rated “strong buy” in new coverage by U.S. Bancorp Piper Jaffray, with a $28 target. Shares of the Texas-based discount retailer rose $2.75 to $24.13 on Nasdaq.
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