NEW YORK -- Google's (GOOG) executive chairman, Eric Schmidt, plans to sell more than 40% of his shares in the Internet search giant.
Schmidt plans to sell 3.2 million shares of Google. If he sold all of the shares at Google's closing price Friday of $785.37, he would take home $2.51 billion.
Google wouldn't comment on Schmidt's planned share sale.
AMR (AAMRQ.PK), the parent of American Airlines, and US Airways (LCC) are in final negotiations on a merger that could be announced this week, according to reports. The $11 billion merger would create the world's largest airline. The airlines have resolved key differences on valuation and management structure, people familiar with the matter told Reuters.
Southeastern Asset Management has been joined by three of Dell's (DELL) largest shareholders to object to the $24.4 billion deal to take the No. 3 PC maker private. Harris Associates, Yacktman Asset Management and Pzena Investment Management, which together hold 3.3% of Dell's outstanding stock, now plan to vote against the buyout, sources told Reuters. Dell Deal: Is a Fight Brewing?
Novo Nordisk (NVO), the Danish drugmaker, said the Food and Drug Administration rejected its applications for approval of once-per-day insulin drugs to treat diabetes.
Film studio Lions Gate Entertainment (LGF) is expected by Wall Street on Monday to report fiscal third-quarter earnings of 16 cents a share on revenue of $707 million.
Masco (MAS), a provider of building supplies, is expected to post a fourth-quarter loss of 1 cent a share on revenue of $1.8 billion, according to analysts' forecasts. 3 Must-See Stocks Soaring on Unusual Volume
Loews (L) is expected to post fourth-quarter profit of 30 cents a share. -- Written by Joseph Woelfel
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