Early Movers: SFD, SNE, BA, SKUL, HOST & More
Check out which companies are making headlines before the bell on Tuesday:
Smithfield Foods — The pork producer will study the letter sent by major shareholder Starboard Value earlier in the day. That letter proposed a breakup of the company, saying it yielded far more value than the $34 per share buyout deal struck with China's Shuanghui Holdings.
Sony — Hedge fund operator Third Point raised its stake to 7 percent from about 6.3 percent. Third Point also asked for the chance to present its case for a spin-off of Sony's entertainment unit to the board of directors.
Boeing — Boeing formally launched a new version of its Dreamliner, the 787-10, and announced commitments for 102 of the jets from five customers including United Airlines.
Skullcandy — The headphone maker's chief financial officer has resigned, and the company is closing its San Clemente, California office and relocating employees to its headquarters in Park City, Utah.
Host Hotels —The hotel operator has increased its quarterly dividend by one cent to eleven cents per share, payable July 15 to stockholders of record on June 28.
Sprint Nextel — Sprint sued Dish Network to block Dish's bid for Clearwire . The suit claims Dish is trying to coerce Clearwire shareholders into tendering their shares. Sprint has a competing bid to buy the nearly half of Clearwire that it doesn't already own. The suit comes as Dish competes with Japan's Softbank to buy Sprint.
Yahoo — Yahoo is having an active week pursuing acquisitions, according to All Things D, which reports Yahoo is offering to buy address book app maker Xobni for up to $40 million, and is also considering a $50 million offer for automated video app maker Qwiki.
Rambus —Rambus raised the bottom end of its second quarter revenue forecast, and the chip maker also announced a license agreement with STMicroelectronics that resolves all litigation between the two.
Valeant Pharmaceuticals — Valeant will sell $1.75 billion in common stock, using the proceeds for its $4.5 billion acquisition of Bausch & Lomb.
Office Depot — The company will hold its annual meeting on August 21. The office supplies retailer set the date after being sued by shareholder Starboard Value (see Smithfield story above) for not holding one over the past year to elect directors.
Johnson Controls —The company is reportedly speaking to private equity firms about selling its automotive electronics unit, according to Reuters.
(Read More: See CNBC's Market Insider Blog)
—By CNBC's Peter Schacknow
uestions? Comments? Email us at email@example.com