Among the companies with shares expected to actively trade in
Monday's session are BlackBerry Ltd. (BBRY, BB.T), Kellogg Co. (K)
and Canadian Solar Inc. (CSIQ).
BlackBerry abandoned its plan to sell itself and instead will
sell $1 billion of convertible debt to its major shareholder,
Fairfax Financial Holdings Ltd., and other institutional investors.
The company also said it will replace its chief executive, Thorsten
Heins. Shares dropped 19% to $6.33 in premarket trading in New York
before being halted ahead of the confirmed announcement.
Kellogg unveiled a new four-year initiative to cut costs, which
includes plans to reduce its workforce by 7% by the end of 2017.
Results for the third quarter beat expectations, but the company
said it expects full-year reported earnings to be at the lower end
of its prior guidance. Shares edged up 1.4% to $63.15
premarket.
Canadian Solar said its third-quarter solar module shipments and
gross margins will exceed its prior expectations and also said it
expects to post a profit for the period. The solar power company's
shares jumped 6% to $27.09 in recent premarket trading.
Linn Energy LLC (LINE) and former unit LinnCo LLC (LNCO) have
increased the number of shares to be issued to Berry Petroleum Co.
(BRY) holders in connection with the proposed takeover of the oil
company, bringing the deal's stock value to $2.9 billion. Berry
shares climbed 7.7% to $52.50 premarket.
BlueMountain Capital Management LLC offered to acquire Chatham
Lodging Trust (CLDT) in a deal that values the company at roughly
$485 million and also pushed it to seek higher offers. The
real-estate investment trust's shares were up 9.2% at $20.50 in
premarket trading.
Sysco Corp.'s (SYY) fiscal first-quarter earnings edged down
0.4% as lower margins and higher operating costs offset the
food-service distributor's revenue growth. Results beat
expectations, sending shares up 2% to $33.20 premarket.
Watch List:
Anaren Inc. (ANEN) has agreed to be acquired by the Veritas
Capital Fund IV LP for about $381 million in cash, a deal that
comes seven months after the manufacturer rejected a takeover offer
from its largest shareholder. The private-equity firm will acquire
Anaren for $28 a share, a 12% premium. Shares were halted
premarket.
CME Group Inc.'s (CME) third-quarter profit rose 8.6% as the
exchange operator's trading volume improved on growth in
interest-rate contracts. Results beat expectations.
ISoftStone Holdings Ltd. (ISS) said the group offering to buy
the China-based IT services firm has trimmed its bid, pointing to
its weaker-than-expected financial performance, steeper cash flow
and increased debt.
Yucaipa Cos. unveiled an offer to buy Morgans Hotel Group Co.
(MHGC) for $8 a share, saying that it remains concerned about the
company's lack of strategic direction, according to a filing with
the U.S. Securities and Exchange Commission.
Sequential Brands Group Inc. (SQBG)--owner of such brands as
jeans-maker William Rast, wheeled-shoe-maker Heelys and women's
wear company Ellen Tracy--has agreed to acquire the Franklin Mint
brand, which has developed a niche selling collector coins, art,
games and other memorabilia. Financial terms weren't disclosed.
Spectra Energy Corp.'s (SE) third-quarter profit increased a
stronger-than-expected 47% as the company reported stronger revenue
from its Western Canada transmission and processing business. But
the top line just missed estimates.
Vulcan Materials Co.'s (VMC) third-quarter earnings surged as
the construction-material company posted stronger aggregates and
concrete revenue. Results beat expectations.
Write to Lauren Pollock at lauren.pollock@wsj.com
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