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Stocks to Watch: Citigroup, Navteq, Yahoo...


Tuesday's top stories and stocks with potential to move...


Stocks to watch for Tuesday, November 27, 2007:

  • Citigroup (C) is selling a 4.9% stake to the investment arm of the Abu Dhabi government, known as ADIA, for $7.5 bln. This transaction will make ADIA the largest holder of Citi's shares, exceeding that of Saudi Prince Alwaleed bin Talal.
  • Dicks Sporting Goods (DKS) said it intends to spend $40 mln to purchase Chick's Sporting Goods, and will also assume $31 mln in the company's debt.
  • GlaxoSmithKline PLC (GSK) reportedly bought exclusive over the counter marketing rights from Merck for Mevacor. The terms will include milestone and royalty payments to Merck.
  • Hercules Offshore (HERO) has agreed to sell nine of its land rigs and related assets to Petrex Sudamerica Sucursal de Venezuela SA and Saipem Perfuracoes e Construcoes Petroliferas Lda. The deals are valued at about $107 mln and expected to close in the 4Q.
  • Intuit (INTU) will acquire Homestead Technologies for about $170 mln cash, which will include the assumption of Homestead's outstanding options and restricted stock units.
  • M&T Bank (MTB) plans to acquire Partners Trust Financial Group (PRTR) for $555 mln or $12.50 a share. MTB has received all necessary approvals to move forward with the deal.
  • Navteq (NVT) stockholders will meet on Dec. 12 to discuss the potential takeover by Nokia (NOK). The proposed deal would be valued at $8.1 bln, or $78 a share.
  • Yahoo (YHOO) reported it suffered outages in its online shopping services yesterday. The Monday after Black Friday is typically called Cyber Monday as it is reportedly one of the busiest online shopping days of the year.

Market Recap

  • Asian trading closed with the Hang Seng -1.51%, Nikkei +0.58%, Sensex -0.62%, Taiwan -1.79% and Shanghai -1.97%.
  • A quick look towards Europe finds the CAC -0.44%, DAX -0.71%, FTSE -0.64%, ATX -1.09%, Swiss Mkt. +0.45% and Stockholm -0.26%.
  • Crude oil is trading lower -1.01 to 96.69 and gold is also down -4.3 to 822.20 this morning.
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No positions in stocks mentioned.

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