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Filed under: Deals, Staples Inc (SPLS), Options, Technical Analysis, Politics

Staples (NASDAQ: SPLS) shares are falling today after the European Commission approved SPLS’s $2.7 billion acquisition of Dutch office supply company Corporate Express NV. The transaction has already received regulatory approval in the U.S. and Canada. If you think this stock won’t be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on SPLS.

After hitting a one-year low of $19.69 in November, the stock hit a one-year high of $25.85 on Monday. This morning, SPLS opened at $24.76. So far today the stock has hit a low of $24.44 and a high of $24.98. As of 11:00, SPLS is trading at $24.54, down $0.57 (-2.3%). The chart for SPLS looks bullish and steady, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.

For a bearish hedged play on this stock, I would consider a September bear-call credit spread above the $27.50 range. A bear-call credit spread is an options position that combines the purchase and sale of call options to hedge risk in case the stock doesn’t do what you think but still leverage nice returns. For this particular trade, we’ll make a 16.3% return in three months as long as SPLS is below $27.50 at September expiration. Staples would have to rise by more than 11% before we would start to lose money. Learn more about this type of trade here.

SPLS hasn’t been above $26 at all in the past year and has shown resistance around $26 recently. This trade could be risky if the company’s earnings (due out on 8/19) are a positive surprise, but even if that happens, this position could be protected by resistance SPLS might find around $26, where it topped out earlier this month.

Brent Archer is an options analyst and writer at Investors Observer. DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in SPLS.

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Filed under: Deals, Competitive strategy, Google (GOOG), Microsoft (MSFT), Yahoo! (YHOO)

Microsoft (NASDAQ: MSFT) is losing the on the web ad battle to Google (NASDAQ: GOOG) so why not get into the Television advertising business?

According to The Wall Street Journal, Redmond will buy “Navic Systems Inc., an eight-year-old company that helps advertisers place ads on television programs.”

Whatever Microsoft paid is too much. Small M&A deals are not going to do anything to help the world’s largest software company, especially if they’re in slow growing part of the advertising market like TV. Navic may be good at targeting messages to consumers using demographic data and user information from set-top boxes, but over time, TV will have a smaller and smaller piece of the total marketing pie.

Microsoft appears to have lost its battle to buy Yahoo! (NASDAQ: YHOO), but the on the internet ad business is still the only part of the industry that is still growing in double digits. The company needs to put its acquisition money there and stop fooling around with old media.

Douglas A. McIntyre is an editor at 247wallst.com.

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Filed under: Before the bell, Earnings reports, Analyst reports, Analyst upgrades and downgrades, Deals, Google (GOOG), Microsoft (MSFT), Yahoo! (YHOO), Apple Inc (AAPL), Pfizer (PFE), Viacom (VIA), Boeing Co (BA), TD AmeriTrade Holding (AMTD), Northrop Grumman (NOC)

Before the bell: Futures lower ahead of FedEx, Morgan results, oil supply

TD AMERITRADE Holding Corporation (NASDAQ: AMTD) said Tuesday its metrics — including client trades per day and total client assets — for Might have improved, and that third quarter earnings are expected to be at or near the high end of the prior guidance range. Shares were up nearly 2% in after-hours trading.

Microsoft Corp. (NASDAQ: MSFT) stated Wednesday it has acquired Navic Networks, specializing in emerging forms of television advertising technology, to optimize the delivery and placement of Television advertising. Terms of the deal were not disclosed. Meanwhile, China has begun an anti-monopoly investigation into Microsoft with possibility that lawsuits from local companies could follow.

According to The Wall Street Journal, Reliance ADA of India might provide high level executives at DreamWorks, including Steven Spielberg, with financing, enabling the media company to part ways with Viacom (NYSE: VIA)’s Paramount Pictures.

According to FORTUNE, Google Inc. (NASDAQ: GOOG)’s YouTube is experimenting with longer videos and full-length content that would be more appealing to advertisers. YouTube is often going after independent film directors and is poised to make a major announcement at the Los Angeles Film Festival this week.

Pfizer Inc. (NYSE: PFE) stated Wednesday that it has concurred to settle patent litigation with India-based generic drugmaker Ranbaxy Laboratories Ltd. where Ranbaxy will obtain a license effective Nov. 30, 2011, to sell generic versions of Pfizer’s cholesterol-lowering drug Lipitor and high blood-pressure and cholesterol treatment Caduet in the U.S. PFE shares are up 2.7% in premarket trading.

According to the Wall Street Journal, Boeing (NYSE: BA) might have to forgo its plans to sell its aerial-refueling tankers to overseas buyers if it loses a protest against the U.S. Air Force’s decision to purchase its tankers from rival Northrop Grumman (NYSE: NOC).

And the exodus at Yahoo! Inc. (NASDAQ: YHOO) continues with Flickr co-founders, Fake and Butterfield, this time quitting.

Last, but not least, Morgan Stanley raised its price target on Apple Inc. (NASDAQ: AAPL) from $185 to $210.

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Filed under: Before the bell, Earnings reports, Deals, Market matters, FedEx Corp (FDX), Goldman Sachs Group (GS), Morgan Stanley (MS), Economic data, Oil, Lehman Br Holdings (LEH)

Stocks futures fell early Wednesday, ahead of the weekly crude oil inventories figures as oil persists at high level and ahead of earnings from Morgan Stanley and FedEx as many hope to see clearer signs the credit crunch crisis has peaked and its effects start to ease.

On Tuesday, U.S. stocks fell sharply despite solid earnings from Goldman Sachs. Goldman, though, suggested more is to come in terms of the credit crisis. In addition, several economic figures on inflation, housing and industrial production further damped the sentiment on Wall Street. The Dow industrials fell 108 points, or 0.89%, the S&P 500 dropped 9 points, or 0.68%, and the Nasdaq Composite lost 17 points, or 0.69%.

Not much is on the economic docket today. At 10:30 a.m. EDT, the government will report its weekly figures on fuel supplies. Oil prices edged above $134 in electronic trading ahead of that report and the meeting in Jeddah Sunday of oil producing and consuming nations. So far, it seems the promised increased production from the Saudis has not helped to lower the price of oil as it is weighed against increased global demand.

Investors wait for Morgan Stanley (NYSE: MS)’s turn to report quarterly results this morning. While Lehman Brothers (NYSE: LEH) reported a $2.8 billion loss Monday and Goldman Sachs (NYSE: GS) a $2.09 billion profit Tuesday, Morgan Stanley is expected to post a 59% decline in net income. Following Goldman’s remarks yesterday on further losses in the sector, investors remain worried.

Also reporting today is FedEx (NYSE: FDX), which, because of its nature, is considered a barometer of economic activity. It will be important to see how oil prices have affected the delivery firm.

French pharmaceutical giant Sanofi-Aventis (NYSE: SNY) stated Wednesday that it intends to offer $2.56 billion for Czech generic drugmaker Zentiva, topping an earlier offer from financial group PPF and pitting two of its largest shareholders against each other. The bid represents an 11% premium to PPF’s offer.

Northwest Airlines (NYSE: NWA) said on Tuesday it will cut its capacity later this year by 3-4% and cut staff because of high fuel prices.

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Filed under: Deals, Industry, Viacom (VIA)

Steven Spielberg and his high-powered friends at DreamWorks may have found financing to leave the Paramount division of Viacom (NYSE:VIA). According to The Wall Street Journal, Reliance ADA of India “would provide Mr. Spielberg and company with $500 million to $600 million in equity.”

About a year ago, Viacom management stated that DreamWorks wasn’t a “material” part of Viacom. From a financial standpoint that may or may not be true. But, there are not many stars in the motion picture business with the credentials of Mr. Spielberg, who has made some of the most successful movies in the history of film.

The potential departure from Viacom of some of its top talent is telling. Massive media companies are now so significantly challenged by competition, especially from the internet, that the idea of keeping large names at a price might no longer have much appeal.

In the age of user-created content and sites like YouTube, who needs movie stars to get eyeballs? The audience for video is moving away from movies which cost $200 million to make.

Douglas A. McIntyre is an editor at 247wallst.com.

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Filed under: Deals, Good news

Roger Staubach has a storied background. He’s a graduate of the US Navel Academy and served four years as a Navy officer. From there, he became a legendary quarterback for the Dallas Cowboys and won two Super Bowls. Interestingly, while playing pro football, he started a career in the real estate.

The result was The Staubach Company, an advisory practice that helps with site selection, acquisition and disposition of office, industrial and retail properties.

Well, this week, Staubach has another achievement to add to his resume: he has sold his company to Jones Lang LaSalle Inc. (NYSE: JLL) for $613 million. The transaction involves an initial $123 million cash payment and $100 million in stock. Then, over the next five years, the remaining amount will be paid out.

As for Staubach, this won’t be a farewell. Instead, he’ll be on the board of Jones Lang and also become the executive chairman for the Americas.

No doubt, Jones Lang needs a boost. After all, the stock price has plunged from $124 to $67 over the past year. Basically, with the massive write-downs on Wall Street, there has been collateral damage for commercial real estate brokers.

The good news is that Staubach Co. will add over 3,000 customers, which include biggies like Cisco Systems (NASDAQ: CSCO), PepsiCo (NYSE: PEP), T-Mobile USA and Target (NYSE: TGT). What’s more, last year the firm finished 7,280 transaction for a total of $428 billion.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

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