Stocks to watch: Hewlett-Packard, Transatlantic
The computer maker will report quarterly results after the market closes. Alleghany says it will buy Transatlantic Holdings for $3.4 billion.
By Joseph Woelfel, TheStreet
Hewlett-Packard (HPQ) will report fiscal-fourth-quarter earnings after the close Monday. The report will be the first under new CEO Meg Whitman, who joined the company in the middle of the quarter. Analysts expect HP to have earned $1.13 a share on revenue of $32.06 billion.
Property and casualty insurer Alleghany (Y) said it will buy reinsurer Transatlantic Holdings (TRH) for $3.4 billion in a cash-and-stock deal. The per-share price of $59.79 is a 10% premium to Transatlantic's Friday closing price of $54.43.
Gilead Sciences (GILD) has agreed to buy Pharmasset (VRUS) for $137 a share in cash in a deal valued at $11 billion. The transaction price is an 89% premium to Pharmasset's Friday closing price of $72.67.
Tyson Foods (TSN) said its fiscal-fourth-quarter profit fell to $97 million, or 26 cents a share, from $213 million, or 57 cents, a year earlier. The results fell short of the 32-cent profit analysts surveyed by Thomson Reuters expected.
Pfizer (PFE) will pay more than $60 million to settle federal probes into whether it paid bribes to win business outside the U.S., according to The Wall Street Journal. The settlements are expected to be made public by the end of the year, according to the report, published Sunday on the Journal's website. The report cited anonymous sources familiar with the situation.
Western Digital (WDC), the producer of computer-storage technology, said an arbitrator in Minnesota has ruled against the company in a dispute with Seagate Technology (STX) and awarded Seagate $525 million plus interest. Western Digital shares were down 1% to $25.59.
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[BRIEFING.COM] S&P futures vs fair value: +18.30. Nasdaq futures vs fair value: +31.30. The details of the November employment report are out for the world to see, and so far it looks like the market is encouraged by what it saw. The S&P futures soared in the wake of the release. They are currently 1.0% above fair value, suggesting just about all of the losses over the last five sessions will be made up at the start of trading.
Strikingly, the expected rally in the ... More
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