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] The S&P 500 ended this week with a bang, roaring to a new all-time high on the back of stronger-than-expected economic data, influential leadership, and an ongoing appreciation for the Fed's monetary policy support.
The bullish bias was evident in premarket action as the S&P futures pointed to a higher start without the benefit of any definitive news catalyst. Stocks indeed benefited from a blast of buying interest at the opening bell on this ... More
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