Breaking news: BlackBerry (BBRY) is abandoning plans to sell itself. The word comes just as Fairfax Financial faced a deadline to fund a takeover proposal. But now the company is planning a radically different approach to save itself. Yahoo Finance Senior Columnist discusses the plan with Hot Stock Minute host Lauren Lyster in the video above.
Today may bring a record-setting settlement between the Feds and SAC Capital. There are multiple reports that Steven A Cohen's hedge fund will pay $1.2-billion in criminal penalties for insider trading. Under the deal, the firm would also plead guilty and agree to stop managing outside money. As for Cohen himself, he's said to be holding separate negations with the SEC. He faces civil charges, accused of ignoring the insider trading that was going on around him.
STOCKS TO WATCH
Kellogg (K) reported earnings at the top of the hour. The cereal maker made 90-cents a share on an adjusted basis. That was a penny better than expected. Revenues were basically in line with estimates at $3.7-billion. Kellogg has been trying to think out of the box, most recently with the purchase of Pringles. That expanded the company's snack portfolio, which also includes Cheez-its and Keebler. Kellogg is up fractionally on this report. The stock is up 9% so far this year.
Tenet Healhcare (THC) reports after the closing bell. Tenet is expected to post profits of 45-cents a share up from 28-cents a year ago on revenue that's climbed to nearly $2.4-billion. These numbers reflect Tenet's recently-completed purchase of Vanguard Health Systems. Shares of Tenet are up 41% year-to-date. They're actually up twice that amount over the past year.
Tri Pointe Homes (TPH) is planning a large addition. The California-based upstart has announced plans this morning to buy the home-building division of timber giant Weyerhauser. The deal is valued at $2.7-billion and it vaults Tri Pointe into the nation's top-20 homebuilders. Tri Pointe goes into this morning's regular session down 19% year-to-date. As for Weyerhaeuser it's up a modest 4% in the same time.
The Container Store (TCS) had an incredible market debut on Friday, doubling in price. But doing nearly as well was Qunar: the travel unit of China's online search giant Baidu (BIDU). Shares were up 89% in their first day trading here on the Nasdaq. Some trivia for you. Qunar means ""where to go"" in Mandarin. The company actually lost $2.8-billion in the first half of the year. But its business has been expanding rapidly, especially in the shift to mobile.