Stocks to Watch: C, PG, GSK & More
Senior Producer, CNBC
Take a look at some of Monday's morning movers:
Citigroup - The bank reported second-quarter profit of $1 per share, above estimates of $0.89. Separately, CEO Vikram Pandit told the U.K.’s Sunday Telegraph that the bank may seek permission soon to hike its dividend for the first time since the 2008 financial crisis. Pandit said he believes there will be sufficient capital to make such a move by year’s end.Par Pharmaceutical
- The drugmaker will be acquired by private-equity firmTPG
for $50 a share, or $1.9 billion cash. That compares to Par's Friday close of $36.58.
Procter & Gamble - Bloomberg is reporting that the company is assessing possible interest in its Duracell battery and Iams pet food units. Analysts say the two units could bring in a total of $7 billion if sold.
GlaxoSmithKline - The drugmaker is expected to announce a deal this morning to acquire Human Genome Sciences for about $2.8 billion, ending a three-month effort by Glaxo. The deal amounts to about $14 per share, up from the previous $13 per share offer.
Apollo Global Management - Apollo is said to be considering a bid for McGraw-Hill’s education unit, according to The Wall Street Journal. Analysts say the unit could bring in as much as $3.8 billion in a sale.
Hewlett-Packard - HP's $2 billion multiyear IT services deal with General Motors could be in danger, at least in part. Reuters reports that the automaker’s decision to bring much of its IT work in-house could threaten the deal. The GM contract is said to be one of HP’s biggest.
Visa, MasterCard - The credit-card issuers have reached a $7.25 billion settlement with retailers over allegations that the two companies and banks conspired to fix credit card fees paid by retailers. The agreement still needs to be approved by a judge.
Microsoft - Microsoft has pulled out of the MSNBC.com website joint venture, selling its 50 percent stake to CNBC and CNBC.com parent NBCUniversal, owned by Comcast. The MSNBC.com website will be rebranded as NBCNews.com.
Nokia - The handset maker has cut the price of its flagship smartphone, the Lumia 900, to $49.99 from $99 with a two-year contract.
Thermo Fisher Scientific - The health-care equipment maker is buying transplant diagnostics company One Lambda for $925 million in cash. Thermo Fisher has also announced a new $500 million stock buyback authorization.
General Electric - Morgan Stanley has downgraded the stock to "equal weight" from "overweight," while keeping the price target at $22. The firm said GE remains an attractive story, but various key catalysts are likely to be 2013 events.
3M - Morgan Stanley has upgraded 3M to "overweight" from "equal weight," noting that 3M traditionally stages an early recovery from slowdowns and recessions, and that 3M is attractive as a "safety trade."
Forest Laboratories - The drugmaker has sent a letter to shareholders urging them to vote for all 10 of its proposed director candidates, saying the slate put forth by investor Carl Icahn has conflicts of interest.
Panera Bread - The restaurant chain's shares have been downgraded to "underweight" from "overweight," citing risks from recent management changes.
—By CNBC’s Peter Schacknow
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