Defensive Stocks Gain; New 52-Week Highs for 11/12
Cognos (NASDAQ: COGN) today announced it will be acquired by IBM (NYSE: IBM) for a price of $58 per share, a deal totaling approximately $4.9 billion. The current offer represents a 9% premium from Cogno's closing price of $52.98 on Friday. Shares of Cognos are presently trading around a new 52-week high at $57.32, but still short of the $58 offer by IBM, which is also trading up on the news.
Brightpoint, Inc. (NASDAQ: CELL) investors are still seeing upside after the Company reported better than expected third quarter earnings after the close on Thursday. Shares of Brightpoint surged about 7% on Friday and are pushing toward that percentage gain again today. Brightpoint's stock price set a new 52-week high at $17.47 today and is trading up on unusually high volume, already breaking its average daily volume of about a million trades.
Colgate-Palmolive (NYSE: CL) is up more than 1% today, rising to as high as $77.57, a new 52-week high. Investors often view companies in the personal and household products industry as a "defense" to possible recessions and a weak dollar. No matter what our economy is like, consumers will always need household items such as toothpaste and dish soap so as investors speculate about the future of our countries economy, they often pile into non-cyclical stocks like Colgate-Palmolive.
FPL Group (NYSE: FPL) is moving up today as a result of the same assumptions discussed about Colgate-Palmolive above: investors often use non-cyclicals as a form of defense during periods of negative economic outlook. Utility providers such as FPL Group are more valuable during an economic slide because consumers will have to pay their electric bills no matter how bad our economy is. FPL Group, currently the fifth largest provider of electricity-related services, has broken the $70 level for the first time in the companies history as many defensive investors begin to move toward lower growth, more consistent stocks.
Subscribe to StreetInsider Now & Get the News Before The Market Moves!
Brightpoint, Inc. (NASDAQ: CELL) investors are still seeing upside after the Company reported better than expected third quarter earnings after the close on Thursday. Shares of Brightpoint surged about 7% on Friday and are pushing toward that percentage gain again today. Brightpoint's stock price set a new 52-week high at $17.47 today and is trading up on unusually high volume, already breaking its average daily volume of about a million trades.
Colgate-Palmolive (NYSE: CL) is up more than 1% today, rising to as high as $77.57, a new 52-week high. Investors often view companies in the personal and household products industry as a "defense" to possible recessions and a weak dollar. No matter what our economy is like, consumers will always need household items such as toothpaste and dish soap so as investors speculate about the future of our countries economy, they often pile into non-cyclical stocks like Colgate-Palmolive.
FPL Group (NYSE: FPL) is moving up today as a result of the same assumptions discussed about Colgate-Palmolive above: investors often use non-cyclicals as a form of defense during periods of negative economic outlook. Utility providers such as FPL Group are more valuable during an economic slide because consumers will have to pay their electric bills no matter how bad our economy is. FPL Group, currently the fifth largest provider of electricity-related services, has broken the $70 level for the first time in the companies history as many defensive investors begin to move toward lower growth, more consistent stocks.
Subscribe to StreetInsider Now & Get the News Before The Market Moves!
