NEW YORK (TheStreet) -- Procter & Gamble (PG) has decided it will try to terminate the sale of its Pringles snack business to Diamond Foods (DMND), Bloomberg reported, citing people familiar with the situation.
P&G's decision to end the $1.5 billion sale of Pringles, which was agreed to in April last year, comes as Diamond Foods faces an internal audit caused by accounting issues with some crop payments to walnut growers and after the ouster of CEO Michael Mendes and Chief Financial Officer Steven Neil.
The sale of Pringles would give P&G a majority stake in Diamond's stock, which erased 37% on Thursday, Bloomberg said.
P&G shares were falling 0.8% to $63.56 in premarket trading Friday. Diamond shares were rebounding 3.8% at $24.02.
Google (GOOG) is developing a home entertainment device that would "stream music wirelessly throughout the home" and be sold as a branded item, The Wall Street Journal reported. The device would allow the Internet search engine to delve into the creation of consumer electronic devices. While Google's Android software is a popular smartphone operating system, the new device would get the company involved in the creation of hardware. Google shares were dropping 0.6% to $608 in early trading.
NYSE Euronext (NYX) said fourth-quarter profit declined as it incurred costs related to the failed merger with Germany's Deutsche Boerse. NYSE Euronext, the operator of the New York Stock Exchange, earned $110 million, or 43 cents a share, in the fourth quarter, down from year-earlier profit of $135 million, or 51 cents. The latest period included $46 million of costs from the collapsed deal with Deutsche Boerse. Excluding the charges and other items, earnings in the quarter were $130 million, or 50 cents a share, compared with $120 million, or 46 cents, last year. NYSE shares were falling 0.5% to $27.55.
LinkedIn (LNKD), the business social networker , beat the consensus profit view for its fiscal fourth quarter and provided a solid outlook. LinkedIn reported non-GAAP earnings of $13.3 million, or 12 cents a share, for the quarter ended in December on revenue of $167.7 million. It had revenue of $81.7 million a year earlier. Analysts polled by Thomson Reuters expected earnings of 7 cents a share in the company's fiscal fourth quarter on revenue of $159.7 million. LinkedIn was surging 9% to $83.25.
Micron Technology (MU) will face analysts Friday, a week after the death of CEO Steve Appleton in a plane accident, to provide an update on the company's strategy and market conditions . The conference will allow some insight into changes -- if any - the company might make as Mark Durcan, former chief operating officer, takes the reins. Micron shares were slipping 1.1% to $8.07.
Activision Blizzard (ATVI), the game maker, beat Wall Street's fourth-quarter earnings expectations, posting a profit of 62 cents a share on revenue of $2.41 billion. Activision saw strong sales in the quarter of its core World of Warcraft and Call of Duty franchises. Revenue declined 5% from a year earlier. Analysts were looking for earnings of 56 cents a share on revenue of $2.2 billion. Activision shares were advancing 1.1% to 12.80.
Alcatel-Lucent (ALU) posted an annual profit in 2011, its first since Alcatel and Lucent merged in 2006. Paris-based Alcatel-Lucent, the telecommunications equipment maker, posted a 2011 profit of €1.1 billion ($1.46 billion) in 2011, a swing from a 2010 loss of €334 million, on cost cuts. Shares were soaring 15% to $2.23.
Arch Coal (ACI) reported smaller-than-expected earnings as revenue grew less than forecast in the fourth quarter. Arch Coal, the second-largest U.S. coking-coal producer, reported earnings of 29 cents a share for the October-December period on revenue of $1.23 billion. Revenue grew 47% from $835.39 million the prior year after the addition of the former International Coal Group, which was acquired for $3.4 billion in May. The company was expected by analysts to earn 33 cents a share in the fourth quarter on revenue of $1.3 billion. Shares were declining 3.7% to $15.01.
-- Written by Joseph Woelfel and Kaitlyn Kiernan
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