Crane Inks Purchase Deal For MEI Conlux and 4 Hot Stocks Spark Chatter
Diana Shipping Inc (NYSE:DSX), global operator of dry bulk vessels, agrees to acquire a new building Kamsarmax dry bulk carrier for $26.5 million. The vessel is expected to be delivered by the end of January 2013.
Crane Co (NYSE:CR) manufacturer of highly engineered industrial products, entered a deal to buy the entire equity interest in MEI Conlux Holdings Ltd and affiliate MEI Conlux Holdings Inc from Bain Capital and Advantage Partners for approx. $820 million. MEI is a provider of payment solutions for unattended transaction systems.
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Bank of America Corp (NYSE:BAC) and Citigroup Inc (NYSE:C) are sitting out a party. Scott Simon, mortgage head at PIMCO, claims the banks are losing an opportunity to make the biggest mortgage profits on record in an environment where “loans have never been safer, they’ve never been more profitable.” With the Fed pumping in $40 billion to buy mortgage bonds each month, profit margins are wide, and taking full advantage of the lack of competition are Wells Fargo & Co (NYSE:WFC) and JP Morgan Chase (NYSE:JPM).
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