Stocks to watch: BP, Barnes & Noble
The oil company's planned sale of an Argentine unit falls apart. The bookseller may introduce an upgraded tablet device.
By Andrea Tse, TheStreet
Updated at 8:50 a.m. ET
BP's (BP) planned $7.1 billion sale of a stake in Pan American Energy to Cnooc (CEO) has fallen apart. Bridas Corp., which is owned by China's Cnooc and the Bulgheroni family of Argentina, said late Saturday that it scrapped the transaction, citing legal reasons. BP said that its financial condition has improved significantly over the past year and that it will keep its stake in Pan American Energy.
Barnes & Noble (BKS) is expected to unveil a new tablet device and could cut the price of its Nook Color, according to reports. Barnes & Noble's new tablet device is a response to Apple's (AAPL) iPad and Amazon.com's (AMZN) Kindle Fire.
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Carphone Warehouse, the U.K. cellphone retailer, plans to sell its stake in a U.S. mobile phone venture to its partner Best Buy (BBY) for $1.34 billion.
Berkshire Hathaway's (BRK.B) said on Friday that its third-quarter profit dropped 24% as sharp declines in the value its equity derivative contracts hurt results.
American Dental Partners (ADPI) said it agreed to be bought by private-equity firm JLL Partners for $19 a share in cash, a premium of 83% over American Dental's closing price on Friday. The total value of the deal is roughly $398 million. American Dental also reported third-quarter earnings of 27 cents a share, beating the Wall Street consensus target of 23 cents.
Mobile broadband company Tekelec (TKLC) has agreed to be bought by a consortium led by Siris Capital for about $780 million. Under the deal, Tekelec's stock will be acquired for $11 a share, an 11% premium over its closing price on Nov. 4. Tekelec also reported third-quarter profit of 19 cents a share, beating estimates by 1 cent.
DISH Network (DISH) reported a third-quarter profit of 71 cents a share, missing the average analyst estimate by 2 cents.
Sysco (SYY) said its fiscal-first-quarter profit rose 1% to $302.7 million, or 51 cents a share. Excluding certain costs, the company earned 55 cents, beating the 52-cent profit analysts surveyed by Thomson Reuters had expected.
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The solid report comes a month after the retailer closed all of its Canadian operations.
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