Wall Street traders might as well have taken the day off today.
Stock indexes barely budged in a sleepy session where Redskin's owner Daniel Snyder's bid to get into the theme park business drew almost as much interest as Google's decision to sell more stock
Google, whose shares have tripled since the Internet search company went public just a year ago, told investors that if they like its stock so much, it will sell them another $4 billion worth.
Secondary share offerings often knock down a stock, but Google barely budged, slipping about $5 to $279.99. Google says it wants to raise money to buy something, but gave no clue as to what.
The stock of the Six Flags amusement park chain jumped $1 to $6.49 after Snyder offered to buy a big stake in the company for $6.50 a share.
With Snyder's bid on the table, savvy speculators realized it doesn't matter whether he succeeds in gaining control of the company. As long as he's willing to pay $6.50 a share, anybody who buys the stock for less than that stands to make some money.
The result was a huge rush for stock and by the end of the day the opportunity to make a quick buck was over. More than 155 million shares traded, which was 30 times more than changed hands yesterday.
Launching a blitz on Six Flags management, Snyder said he wants to sack the top two executives and install his own quarterback: Mark Shapiro, the top programming executive at ESPN the sports network owned by Disney--the only outfit bigger than Six Flags in the theme park business.
Those two deals drew more attention than the index of leading economic indicators, which inched up last month.
With nothing to get excited about and a day cool enough for dining at sidewalk cafes, Wall Streeters didn't do much trading.
The Dow Jones industrial average gained 4 points to 10,554.93.
The Standard & Poor's 500 stock index slipped a point to 1,219.02.
The twitchy Nasdaq Stock Market composite index fell 9 points to 2,136.08.