Among the companies with shares expected to actively trade in
Monday's session are Google Inc. (GOOG), Sears Holding Corp. (SHLD)
and Pervasive Software Inc. (PVSW).
Search-engine giant Google is cutting about 20% of Motorola
Mobility's work force, a move the phone maker said is designed to
return its mobile devices unit to profitability, after it lost
money in fourteen of the last sixteen quarters. Motorola will shave
4,000 positions of a total of about 20,000, and plans to close or
consolidate about 30 of its 90 facilities. Google said it expects
to incur a charge of no greater than $275 million related to the
cuts, which will likely be largely recognized in the third quarter.
Google shares edged up 1% to $648.70 premarket.
Sears has taken steps over the last year to cut costs, raise
cash, slash inventory levels and has sold 11 stores, according to a
recent Barron's story, which also noted shares could be worth close
to jumped 7.9% to $55.50 premarket.
Shares of Pervasive Software rose 28% to $8.40 premarket as
Actian Corporation said it has proposed to acquire all of the
outstanding shares of the small database provider's common stock
for $8.50 a share in cash, representing a 30% premium over Friday's
close of $6.55.
China Gerui Advanced Materials Group Ltd. (CHOP), a China-based
strip steel producer, lowered its guidance for the fiscal year. The
company's chief executive said the move reflects "the industry wide
reduction in steel prices which has led to a decrease in the
company's average selling price primarily due to slowing
macroeconomic conditions in China." Shares slipped 14% to $1.91 in
premarket trading.
BP PLC (BP.LN, BP) has agreed to sell two processing plants and
pipelines in the Texas Panhandle to Eagle Rock Energy Partners LP
(EROC) for $227.5 million in cash, as it focuses its North American
business in other areas. Eagle Rock shares fell 7.5% to $8.29
premarket, however, as the energy company said that is has
commenced an underwritten public offering of 8 million of its
common units representing limited partner interests. The company
says the offering will help fund the purchase from BP.
Verint Systems Inc. (VRNT) plans to acquire its holding company,
Comverse Technology Inc. (CMVT), for at least $780.7 million in
stock after Comverse Technology spins off its telecommunications
billing software unit. Shares of Comverse rose 3.5% to $5.90
premarket.
BioLineRx Ltd. (BLRX), a biopharmaceutical development company,
filed to offer up to $75 million in mixed securities. Shares slid
61% to $1 premarket.
Watch list:
Fitch Ratings lowered its outlook on Avon Products Inc. (AVP),
saying the beleaguered cosmetic company's turnaround will take
longer than expected.
C.H. Robinson Worldwide Inc. (CHRW) had added 10 million shares
to its share-repurchase program as the logistics company looks to
boost shareholder return.
Standard & Poor's Ratings raised its outlook on Dean Foods
Co. (DF) to positive from stable, pointing to the dairy company's
improved operating results and expectations it could reduce debt
further after its spins off its WhiteWave-Alpro business.
Fitch Ratings downgraded Nabors Industries Ltd. (NBR), as the
oil-field services company is squeezed by a shift in the
industry.
O'Reilly Automotive Inc. (ORLY) boosted its share buyback
capacity to $2.5 billion, the latest in the auto-parts retailer's
shareholder-friendly moves.
Write to Anna Prior at anna.prior@dowjones.com
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