Stocks to watch: Rosetta Genomics
MarketWatch – Facebook Inc., Rosetta Genomics Ltd. and Sanderson Farms Inc. could be among the stocks that will see active trading on Tuesday. U.S. markets are closed Monday for the Memorial Day holiday. Facebook Inc. FB -3.39% will again be a closely-watched stock, just over a week after its debut. The social network has declined from its IPO price of $38, closing at $31.91 on Friday.
Rosetta Genomics Ltd. ROSG -18.72% could be active again after a 19% decline on Friday. The company said it is selling 570,755 shares to investors at a 29% discount to raise cash to help fund operations.
Mentor Graphics MENT -13.24% could be on the move after shares shed 13% on Friday. Late Thursday, the company said its fiscal second-quarter profit fell 43% and it expected earnings to fall shy of Wall Street analysts’ expectations.
Xstrata plans big bonus to retain CEO ahead of Glencore merger
Reuters – Xstrata (LSE:XTA.L – News) is this week set to reveal a bonus package worth tens of millions of pounds in an effort to retain its chief executive ahead of its merger with Glencore (LSE:GLEN.L –News), the Financial Times reported on Monday. The terms must be backed by Xstrata shareholders as part of the proposed merger, the FT said, adding that the deal would be derailed if shareholders fail to back the pay package.
Mick Davis is expected to receive is up to 50 million pounds ($78.2 million), which will keep him at the mining company for the next three years, rather than a performance linked package, people familiar with the terms are cited as saying by the newspaper.
Barclays Sells German Unit to Deutsche Wohnen for $1.56 Billion
Bloomberg – Barclays Plc (BARC), the U.K.’s second- largest bank by assets, agreed to sell its German housing unit, Baubecon, to Deutsche Wohnen AG (DWNI) in a deal valued at 1.24 billion euros ($1.56 billion). Deutsche Wohnen, Germany’s third-largest publicly traded residential landlord, agreed to buy Baubecon’s 23,500 apartments using an unspecified amount of cash and debt, according to a statement by the Frankfurt-based company yesterday.
The acquisition was an “attractive opportunity,” allowing Deutsche Wohnen to expand the number of units it owns by almost 50 percent and improve funds from operations, the company said in the statement.
Oil India looking at Chesapeake’s Mississippi asset
Reuters – Oil India (NSI:OIL.NS – News) is looking to buy a stake in Chesapeake Energy Corp.’s (NYS:CHK – News) Mississippi Lime Formation in Oklahoma, the Indian state-run explorer’s finance chief said on Monday. A source told Reuters in April that Oil India was interested in buying a stake in the asset.
Repsol Seen Cutting Dividend to Defend Rating After YPF
Bloomberg – Repsol YPF SA (REP) is expected to cut the highest dividend payments among major oil producers to defend its credit rating after Argentina’s seizure of YPF SA. (YPFD) Repsol will probably opt to lower its annual payout from 1.155 euros ($1.44) a share, or about 1.4 billion euros in total, to conserve cash after Standard & Poor’s said its debt risks a downgrade to junk, said Lydia Rainforth at Barclays Plc and Brendan Warn at Jefferies International Ltd. They didn’t say how much Repsol will reduce dividends, which yield 8.3 percent. “They have to keep the ratings agencies happy and one way to do that is cutting the dividend,” said Rainforth, an oil analyst at Barclays’s investment-banking unit in London. “My sense is that they will take the opportunity to rebase it.”
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