This Day On The Street
Continue to site
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: Pentair, Tyco (Update 1)

NEW YORK -- Tyco International (TYC - Get Report) said it will merge its flow control business with diversified industrial manufacturing company Pentair (PNR - Get Report) to create an industry leader with an expected $7.7 billion in pro forma 2012 revenue.

The transaction values Tyco Flow at about $4.9 billion, including assumed net debt and minority interest. Upon completion of the transaction, Tyco shareholders will own about 52.5% of the combined company and Pentair shareholders will own roughly 47.5%. The deal is expected to add about 40 cents to Pentair's 2013 earnings per share.

Pentair shares were surging 10.5% to $44.48 in premarket trading Wednesday, while Tyco shares were popping 4.6% to $56

Red Hat (RHT), the open source software company, is expected by analysts Wednesday to post fiscal fourth-quarter earnings of 27 cents a share on revenue of $291.2 million.

Red Hat shares have gained nearly 29% so far in 2012, and the stock hit a new 52-week high of $54.01 on Tuesday before losing 2.3% to close at $51.90.

Nokia (NOK - Get Report) introduced its first smartphone design for China on Wednesday, hoping for a turnaround through the world's largest cellphone market.

The struggling mobile phone maker said that the new Lumia 800C can run on China's CDMA networks and will be supported by China Telecom, a leading carrier in the country.

Shares were gaining 3.7% to $5.57.

Bank of America (BAC) is assembling an international advisory board that would provide chief executive Brian Moynihan with guidance on global strategy, The Wall Street Journal reported, citing people familiar with the situation.

Shares were trading higher by 1% at $9.70.

Apple (AAPL) will offer refunds to all buyers of the new iPad in Australia after the nation's consumer watchdog accused it of misleading advertising, according to reports.

The Australian Competition and Consumer Commission demanded that Apple make consumers aware its third-generation iPad can't connect to a 4G mobile data network in Australia due to technical incompatibility, Reuters reported.

Apple agreed to post warnings that its new iPad wasn't compatible with current Australian 4G LTE networks over the next week.

Shares were rising 0.6% at $617.99.

Goldman Sachs senior executives have talked about splitting the roles of CEO and chairman, reports said, but pressure for such a move may have eased after a union pension fund withdrew its proposal to divide the chairman and CEO jobs after Goldman agreed to change its board structure.

The deal between Goldman and the American Federation of State, County and Municipal Employees means the securities firm will appoint a "lead" director, but shareholders won't get a chance to vote at the firm's annual meeting in May on the proposal to replace Chairman and CEO Lloyd Blankfein with an independent chairman, The Wall Street Journalreported.

Shares were up 0.5% at $126.96.

Family Dollar (FDO), the off-price retailer, posted fiscal second-quarter earnings of $1.15 a share on sales of $2.46 billion. Analysts were expecting profit of $1.13 a share on sales of $2.46 billion.

Shares were nudging lower by 0.3% to $58.08.

Robbins & Myers (RBN), a supplier of equipment and systems for applications in the global energy, industrial, chemical and pharmaceutical markets, reported second-quarter earnings of 84 cents a share on sales of $256 million, beating the average analyst estimate of 75 cents a share on sales of $238 million.

Progress Software (PRGS) will earn 25 cents a share in its first quarter on revenue of $120.5 million, accordingto analysts.

-- Written by Joseph Woelfel and Andrea Tse

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

Related links:
Why Baidu Is Still a Buy

Health Insurers Keep Ear on Supreme Court

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
RBN $59.99 0.02%
FDO $0.00 0.00%
NOK $5.69 -1.22%
PNR $56.90 0.04%
TYC $37.24 -0.24%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs