Here is a look at some of the stocks the Yahoo Finance team will be watching for you today.
Citigroup (C) shares rose in the pre-market. The nation's fourth largest bank reported profits fell 96% in the second quarter, but when you exclude the $7 billion mortgage settlement with the Justice Department and other charges it earned $1.24 a share topping analysts' estimates. Revenue also beat expectations, coming in at $19.38 billion dollars, but fell 3.2% from a year ago.
Shire (SHPG) stock rose before the bell. The U.K. drug maker said it received a new $53 billion takeover proposal from AbbVie (ABBV), and it is willing to recommend the new offer to shareholders. This is AbbVie's fifth takeover bid for Shire. The deal could allow U.S. drug giant AbbVie to move its tax base to the U.K. to benefit from its lower tax rate, under a process known as "inversion." This come after Pfizer (PFE) made a similar attempt to buy AstraZeneca (AZN) in May but failed. Shares of AbbVie were also higher on the news in early trading.
URS (URS) shares jumped in the pre-market. Aecom Technology (ACM) is buying the rival firm for $4 billion in cash and stock. The combined company will create one of the world's largest firms in the construction and engineering sectors. The two have worked together on projects such as the Barclays Center in Brooklyn and the World Trade Center in New York. The combined company had $19 billion in revenue last year and employed about 95,000 employees in 150 countries. Aecom Technology shares also rose before the bell.
We are also keeping an eye on shares of Kodiak Oil and Gas (KOG). Whiting Petroleum (WLL) said it plans to buy the company for $3.8 billion dollars in stock. The merger will combine two big exploration and production companies with a strong presence in the oil and gas rich areas of the Dakotas and Montana. Whiting Petroleum shares was also higher on the news.
- Mergers, Acquisitions & Takeovers
- Information Technology