This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks to Watch: Pep Boys, Thomas & Betts, Wendy's (Update 2)

NEW YORK ( TheStreet) -- Pep Boys (PBY), the automotive service and retail chain, announced Monday that it will be acquired by the Gores Group, an investment firm led by billionaire Alec Gores, for about $1 billion.

Pep Boys will be acquired for $15 a share in cash, a 24% premium over Friday's $12.08 closing price.

Pep Boy's board unanimously approved the deal, which must now go to shareholders for approval.

Pep Boy shares were surging 24% to $15 in premarket trading Monday.


Switzerland's ABB reached an agreement to buy electrical parts maker Thomas & Betts (TNB) for $3.9 billion.

Thomas & Betts is being bought for $72 a share, a 24% premium to its closing price Friday of $57.95.


Thomas & Betts shares were soaring 22% to $70.87 in premarket trading Monday.


Wendy's (WEN - Get Report) said Monday that preliminary fourth-quarter income from continuing operations fell to $4.3 million from $6.1 million last year as rising commodity costs and increased marketing efforts pressured its bottom line.

Adjusted earnings per share rose 1 cent to 4 cents a share, in line with analyst estimates, according to Thomson Reuters.

The fast-food chain will announce final results for the quarter on March 1.

Wendy's shares were dropping 2.1% to $5.10.


Citigroup (C - Get Report) Chairman Richard Parsons is considering stepping down after three years in the post, The Wall Street Journal reported, citing people familiar with the situation. Parsons, 63 years old, is expected to decide by early March, these people said.

Regardless of his decision, the bank expected to keep the posts of chairman and CEO separate, the newspaper said.

The shares were slipping 0.7% to $30.67 in premarket trading.


Bank of America (BAC - Get Report) plans to change the leadership structure of its investment-banking business, the Journal said.

The bank plans to name Christian Meissner to be sole head of investment banking, according to the report from the newspaper.

The move would change the current structure, in which Meissner, Michael Rubinoff and Paul Donofrio are co-heads of global corporate and investment banking, the report said. That structure was put in place last April.

Bank of America shares were down 2.5% to $7.11.


Philips Electronics (PHG - Get Report), the world's biggest lighting maker, swung to a fourth-quarter loss of €160 million ($211 million), a reversal from a year-earlier profit of €465 million. Revenue rose 3.3% to €6.79 billion.

Philips said its outlook for 2012 is clouded due to "uncertainty in the global economy, and Europe in particular."

Philips shares were falling 2.7% to $19.82.


Apollo Global Management (APO - Get Report) is leading a group of investors that has become the lead bidder for El Paso's (EP) oil-exploration unit.

The group is in advanced talks to buy the unit for about $7 billion, according to the Journal, which cited people familiar with the situation.


Motorola (MSI - Get Report) announced Monday its stock buyback authorization has been increased to $3 billion from the $2 billion announced in July.

The Schaumburg, Ill.-based company said it will have $1.9 billion for repurchasing this year after buying back $1.1 billion worth of shares through Dec. 31.


British and Swiss regulators are likely to begin enforcement proceedings against UBS and penalize the Swiss bank for gaps in oversight that allowed a London trader to make unauthorized trades last year that caused $2.3 billion in losses, the Journal reported, citing people familiar with the situation.


Gannett (GCI - Get Report), the newspaper publisher, is expected by analysts Monday to post fourth-quarter earnings of 70 cents a share.

-- Written by Joseph Woelfel and Kaitlyn Kiernan

>To contact the writer of this article, click here: Joseph Woelfel or Kaitlyn Kiernan

>To submit a news tip, send an email to: tips@thestreet.com.

Related links:


Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
APO $22.15 -1.16%
BAC $16.89 -2.99%
C $54.88 -2.59%
GCI $31.63 120.11%
MSI $57.14 -2.12%

Markets

DOW 17,596.35 -350.33 -1.95%
S&P 500 2,057.64 -43.85 -2.09%
NASDAQ 4,958.4680 -122.0370 -2.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs