Tulsa World: Biz Quicks

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Biz Quicks

INVESTOR
Mark Cuban: Purchases shares for about $2.8 million.

By Bloomberg, AP, and staff reports
Published: 12/30/2008 2:24 AM
Last Modified: 12/30/2008 4:09 AM

Stocks finish lower in quiet session

Wall Street retreated Monday as Middle East violence and a resulting jump in oil prices reminded investors that the market could face problems beyond the recession.

Trading remained cautious in a holiday-shortened week, with investors unwilling to make many big bets in the final three days of trading for 2008.

"What's going on in Israel didn't read well over the weekend," said Todd Leone, managing director of equity trading at Cowen & Co. "Beyond that, it is an incredibly quiet session. It's really not taking much to move the markets."

The Dow Jones industrial average fell 31.62, or 0.37 percent, to 8,483.93.

Broader indexes also declined. The Standard & Poor's 500 index fell 3.38, or 0.39 percent, to 869.42; the Nasdaq composite index fell 19.92, or 1.30 percent, to 1,510.32.

NBA owner buys stake in Carmike Cinemas

Mark Cuban, the billionaire owner of the Dallas Mavericks basketball team and co-owner of the Landmark Theaters cinema chain, has acquired a 9.4 percent stake in Carmike Cinemas Inc., according to a filing Monday with the Securities and Exchange Commission.

Cuban reported buying 1.2 million Carmike shares on the open market for roughly $2.8 million. He said he has been acquiring the shares through his personal investment account since mid-October.

Cuban, who has racked up more than $1 million in fines for his behavior at National Basketball Association

games, last month became the target of a civil lawsuit alleging insider trading. He has denied the allegations.

Cuban said he acquired his stake in Columbus, Ga.-based Carmike for investment purposes.

Cuban co-owns movie theater chain Landmark Theatres with Todd Wagner, who was his co-founder of the pioneering online audio streamer Audionet. The service, later named Broadcast.com, was sold by Cuban and Wagner to Yahoo! in 1999.

The Wagner/Cuban Cos. also include distribution company Magnolia Pictures, production company 2929 Productions, and high definition cable networks HDNet and HDNet Movies.

Dollar Thrifty faces possible delisting

Dollar Thrifty Automotive Group Inc.'s continued listing on the New York Stock Exchange is under review by exchange officials after the Tulsa-based rental car company's market capitalization did not reach minimum standards for 30 consecutive days, company executives said Monday.

Dollar Thrifty spokesman Chris Payne said the company notified stock exchange officials Dec. 23 that the company was not in compliance with the continued listing standard of the New York Stock Exchange under Section 802.01B of the NYSE-Listed Company Manual.

Section 802.01B specifies that as a requirement to continued listing on the exchange, a company must maintain a minimum average market capitalization in excess of $25 million during a period of 30 consecutive trading days.

Dollar Thrifty failed to meet the minimum market capitalization requirement for the consecutive 30 trading days ending on Dec. 22.

A company's market capitalization is its stock price multiplied by the shares of stock outstanding. Dollar Thrifty has 21.6 million shares outstanding. Its shares closed Monday at $1.04, down 1 cent.

"The New York Stock Exchange told us they want to assess our status," Payne said.

"We can't predict whether or when they will take action. It's a possibility we could be delisted." By Bloomberg, AP, and staff reports

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