Early Movers: DELL, MT, PCLN & More
Check out which companies are making headlines before the bell Friday:
Dell - Billionaire investor Carl Icahn is teaming up with Southeastern Asset Management to bid for the tech giant, proposing an alternative to the $24.4 billion buyout proposed by founder Michael Dell and private-equity firm Silver Lake Partners. Icahn and Southeastern Asset Management will launch a proxy fight and are offering $12 per share in cash and $5.2 billion in new debt, which would be guaranteed, CNBC learned.
ArcelorMittal - The steelmaker posted a narrower-than-expected decline in earnings and maintained its profit forecast for the year, thanks to deep cost-cutting in Europe.
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Priceline.com - The travel website topped quarterly expectations, but handed in a weaker-than-expected forecast for the second quarter, citing the effects of global expansion costs. Still, at least two brokerages raised their price targets on the firm.
Gap - The clothing retailer posted a 7 percent gain in April same-store sales, thanks to a surge at its Old Navy chain, and handed in a profit forecast that was also above Wall Street expectations. Canaccord Genuity lifted its price target on the company to $40 from $39 a share.
Molycorp - The rare earth producer posted a wider-than-expected quarterly loss, hurt by higher costs and weak rare earth prices.
Gold Fields - The gold producer posted a 66-percent decline in earnings, as production and the price of the precious metals fell.
KeyCorp - The regional bank announced its CFO Jeffrey Weeden will retire at the end of June. A successor was not immediately named.