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Sounds kind of dirty, right? Actually, it's because of a clean visual that technical analysts use this term. Technical analysts like charts (hence their nickname of "chartists"), and they like to give certain patterns they see neat little names.
Such is the case with the double bottom, which looks on a chart like, well, a double bottom. Think of three mountains (on a chart reflecting a rise in values) separated by two valleys (representing dips in value). The troughs of the valleys, and the size of the first two peaks, are generally the same, so the chart looks like the letter 'W.' The appearance of those two valleys represents a double bottom.
So what? Well, if you're one of those folks who believes in the power of the charts, seeing a double bottom suggests a long-term trend is about to reverse. So, if a stock chart shows shares falling for several months, then seeing a double bottom, chances are good (according to the chartists) that the shares will rise. And vice versa.
But, beware: charts can be a great tool, but they're more art than science. Use any charts with caution.
Home / Markets / Industries / Industrials
Friday, May 09, 2008
Tracinda Commences Tender Offer for 20,000,000 Shares of Common Stock of Ford Motor Company
Comtex
LOS ANGELES, May 09, 2008 (BUSINESS WIRE) ----Tracinda Corporation today announced that it has commenced its previously announced cash tender offer at $8.50 per share for up to 20,000,000 shares of common stock, or approximately 1% of the shares outstanding, of Ford Motor Company (NYSE: F) common stock. The offer is scheduled to expire at 5:00 p.m., New York City time, on Monday, June 9, 2008, unless extended.
The offer price represents an approximately 13.3% premium over Ford's closing stock price of $7.50 on April 25, 2008 (the last trading day before the announcement of Tracinda's intention to make the offer) and a 38.7% premium over Ford's closing stock price of $6.13 on April 2, 2008, the day upon which Tracinda began accumulating shares in the company. The tender offer will be subject to customary conditions for transactions of this type, including expiration of any applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended. The tender offer will not be subject to financing.
If the full amount of shares is purchased in the offer, Tracinda Corporation, of which Mr. Kirk Kerkorian is the sole shareholder, would beneficially own 120,000,000 shares of Ford common stock, or approximately 5.5% of the outstanding shares.
Questions regarding the offer or requests for offer materials should be directed to the information agent, D. F. King & Co., Inc., at (212) 269-5550 for banks and brokerage firms or (800) 859-8511 for all others. Offering materials are being filed today with the Securities and Exchange Commission (SEC) and will be available on the SEC website at http://www.sec.gov and D. F. King's website at http://www.dfking.com/Ford. Ford's stockholders are urged to read the offering materials, which contain important information.
This press release shall not constitute an offer to purchase or a solicitation of an offer to sell, which may be made only pursuant to the terms of the Offer to Purchase and related Letter of Transmittal being filed today with the SEC. The offer is not being made to, nor will tenders be accepted from or on behalf of, holders of Ford shares in any jurisdiction in which the making of the offer or the acceptance thereof would not comply with the laws of that jurisdiction.
SOURCE: Tracinda Corporation
Abernathy MacGregor Group Winnie Lerner/Tom Johnson 212-371-5999
Copyright Business Wire 2008
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