Stocks to Watch: Cablevision, Citigroup, PNC, Time Warner
Slow and steady
Stocks to watch for Monday, October 9
- Alliance Financial (ALNC) said it has completed its acquisition of Bridge Street Financial Inc. Alliance agreed to acquire Bridge Street for $55 million in cash and stock.
- The Dolan family offered to buy out Cablevision's (CVC) public shareholders in a deal that values the cable operator at about $7.9 billion, 16 months after the family made an unsuccessful offer to take control of Cablevision's cable unit.
- Citigroup (C) is requiring management committee members to give a 75-day notice should they resign and is restricting them from recruiting other employees for the same period. There are about 110 members of the management committee including Chairman and Chief Executive Chuck Prince, executive committee chairman Robert Rubin and other business unit leaders.
- Dryships (DRYS) said it has named Chairman and Chief Executive George Economou as interim chief financial officer. The shipping company said Economou will replace Christopher Thomas, who resigned as CFO effective today.
- GenTek (GETI) said the waiting period under the Hart-Scott-Rodino Act on its proposed sale of its Noma wire and cable assembly business expired without a formal request from the Department of Justice for additional information or documentary material.
- Johnson Controls (JCI) expects fiscal first-quarter net income to fall, but predicts a rise in this year's earnings by relying more on its building-systems segment and less on automotive interiors.
- Johnson & Johnson (JNJ) said the Food and Drug Administration has approved Risperdal for the treatment of irritability associated with autistic disorder in children and adolescents aged 5 to 16 years. Also, the company said vice-chairman and chief financial officer, Robert Darretta, will retire at the start of next year.
- McKesson (MCK) said it believes that claims against the company in litigation regarding wholesale drug prices "have no merit" and "we will defend ourselves vigorously." McKesson said that it does not set average wholesale prices, and that the company believes it was one of three national wholesalers surveyed to derive published average wholesale prices.
- Mesaba Aviation, a subsidiary of Mair Holdings (MAIR), said traffic in September fell 60.4% to 64.7 million revenue passenger miles. Load factor, or the percentage of the plane filled with passengers, decreased 2.6 percentage points to 63%. Capacity fell 58.8% to 102.7 million available seat miles, the Minneapolis-based carrier said.
- Microsoft's (MSFT) MSN unit has signed a deal with Ingenio to place so-called pay-per-call advertisements on MSN's search service for mobile devices
- PNC agreed to buy Mercantile Bankshares (MRBK) for $6 billion in stock and cash, in a move to extend its reach through the Eastern seaboard.
- Sunset Financial Resources (SFO) said it has closed its merger with Alesco Financial Trust, following the approval of the merger by Sunset's stockholders. Sunset Financial is a real estate investment trust based in Jacksonville, Fla.
- Target (TGT) told movie studios it's concerned downloading services get a better deal for online movies than it gets for DVDs, in a new sign of tension as Hollywood tries to adapt to new media.
- Time Warner Telecom (TWTC) said it has completed a new $700 million senior secured credit facility for its Time Warner Telecom Holdings subsidiary. The company said the facility consists of a $600 million term loan B maturing in January 2013 and a $100 million revolving credit facility maturing in October 2011.
- Wal-Mart (WMT) is about to conduct a massive test of the claim that making individuals responsible for spending decisions will slow the sharp rise in medical costs.
- Asian trading closed with the Hang Seng -1.27%, Nikkei -0.08%, Sensex -0.06%, Taiwan +1.78% and Shanghai +1.88%.
- A check of the European bourses finds the CAC +0.02%, DAX -0.19%, FTSE +0.62% and Swiss Market +0.12%.
- Crude oil is trading +0.57 to 60.33 while gold is +5.2 to 582.0.
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