Classify the following transactions as taking place in the primary or secondary markets:
a. IBM issues $200 million of new common stock
b. The New Company issues $50 million of common stock in an IPO.
c. IBM sells $5 million of GM preferred stock out of its marketable securities portfolio.
d. The Magellan Fund buys $100 million of previously issued IBM bonds.
e. Prudential Insurance Co. sells $10 million of GM common stock.