Hey! It’s a deal. Don’t see too many of these nowadays.
Homebuilder Pulte (PHM) is buying out Centex (CTX) for $1.3 billion, which should, if nothing else, bring some much-needed consolidation to the beleaguered sectors. We’re not sure what it means for the entire market, but it’s something.
And of course the insurance stocks are all racing up on reports that they’ll be let in under the TARP. Hartford is up 21% pre-market. Lincoln National (LNC) is up 25%.
Overall the futures are up just a bit, though they were sharply lower earlier in the morning.