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Stocks to Watch: Broadcom, Countrywide, Freescale, Gold Fields, Lennar

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On the road again

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Stocks to watch for Monday, September 11

  • Becton, Dickinson agreed to acquire the 93.5% stake in TriPath Imaging that it doesn't already own for about $350 million.
  • Broadcom (BRCM) expects to restate its financial results by over $1.5 billion due to wrongly dated stock options, twice as much as the chip maker estimated two months ago.
  • Chevron (CVX) agreed to pay additional taxes to Chad, and in return it will be allowed to stay in an international consortium producing oil in the country.
  • Chrysler (DCX) and the UAW broke off talks on health-care cuts. The auto maker also confirmed it is cutting production of its Hemi engine.
  • Countrywide (CFC) promoted David Sambol to president and chief operating officer, possibly putting him in line to become chief executive of the mortgage lending giant
  • Ford (F) will pay new CEO Alan Mulally a $2 million salary, $7.5 million signing bonus and $11 million to offset Boeing options.
  • Private Equity group led by TPG, Blackstone and Permira close to deal to acquire Freescale Semiconductor (FSL) for +$16 bln. Which would be largest tech LBO of all time .
  • Gold Fields (GFI) announced company to acquire 50% stake in South Deep (SAfrica) gold field from Barrick (ABX) for $1.53bln. GFI will also acquire JCI Ltd's stake in Western Area who owns other outstanding 50% South Deep. The deal raises GFIs total stake in South Deep to 34.7%. GFI said deal is around $104/oz for South Deep's reserves.
  • Hewlett-Packard (HPQ) will again be in focus as the board of directors is set to reconvene to discuss the future of Chairwoman Dunn and the fallout over the company's investigation into board leaks to the press.
  • Ipsco (IPS) will also be in focus after the Lisle, Ill., steelmaker, definitively agreed to pay $66 a share cash for steel-tube producer NS Group (NSS). The buyout price equates to a 43% premium over Friday's closing price of $46.15 a share for NS Group.
  • Lennar (LEN) lowered its profit outlook, citing overall weakness in the housing market. The residential builder is the latest in a string of prominent builders to reduce earnings expectations.
  • News Corp. (NWS) is paying $50,000 a month to rent an apartment for Chairman Rupert Murdoch, who earns $25.7 million a year.
  • Motorola (MOT) and Nokia (NOK) in pact to co develop DVB-H mobile internet tv services, to support spoltions on DVB-IPDC standards
  • Life reinsurer Scottish Re (SCT) could rise after it said it's received a number of potential bid proposals and has provided a number of parties with due diligence information.
  • Health-care REIT Ventas (VTR) agreed to buy 67 health-care and senior-housing properties from Canada's Reichmann family for $649 million.


Market Update

  • Asian trading closed with the Hang Seng -1.15%, Nikkei -1.78%, Sensex -3.09%, Shanghai +0.42 and Jakarta -1.32.
  • A check of the European bourses finds the CAC -0.55%, DAX -0.59%, FTSE -0.57% and Swiss Market -0.56%.
  • Crude oil is trading -0.93 to 65.32 while gold is -17.2 to 600.1 for thier part stateside futes are below fair value.
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No positions in stocks mentioned.

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