Stocks to Watch: Global Industries, NetLogic
NEW YORK (TheStreet) -- Global Industries (GLBL) shares were soaring 52% to $7.83 in premarket trading Monday after the oil and gas industry services provider agreed to be bought by Technip, the France-based provider of engineering services to the energy sector, for $8 a share in cash or roughly $937 million.
The $8 a share acquisition price represents a 55% premium to Global Industries' closing share price on Sept. 9.
Semiconductor company Broadcom (BRCM) agreed to buy chipmaker NetLogic Microsystems (NETL) for $3.7 billion, or $50 a share.
NetLogic shares were surging 50.2% to $47.93; Broadcom shares were falling 1.3% to $33.
Citigroup (C) shares were sliding 3% to $25.93 as analysts slashed estimates for U.S. banks' third-quarter profit by an average of about 45%, citing a "challenging" operating environment. Banks named in the Citigroup report included Morgan Stanley (MS), Goldman Sachs (GS) and JPMorgan (JPM). Their respective shares were falling 2% to $14.97, 1.2% to $101 and 2.2% to $31.36.
McGraw-Hill (MHP) said Monday it would separate into two companies: McGraw-Hill Markets, which would focus on capital and commodities markets and include ratings agency Standard & Poor's; and McGraw-Hill Education, which will have a focus on education services. Shares were rising 2.6% to $39.73.
Bank of America (BAC) shares were tumbling 2.6% to $6.80 after a Bloomberg report said that its status as the biggest U.S. lender by assets will likely be lost as CEO Brian Moynihan scales down operations and says being the biggest doesn't matter.
Carol Bartz resigned her seat on the Yahoo! (YHOO) board Friday, according to a published media report. Shares were down 2.4% to $14.14.
Healthcare and consumer products giant Johnson & Johnson (JNJ) did not succeed in obtaining U.S. clearance for more widespread usage of its arthritis drug Simponi. Shares were behind by 1.5% to $62.72. -- Written by Andrea Tse in New York.
>To contact the writer of this article, click here: Andrea Tse.
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