NEW YORK ( TheStreet) -- Electric motor company Harbin Electric ( HRBN) reached a deal to be bought by $24 a share by Cayman Islands-based Tech Full Electric , a group led by Harbin's CEO. Harbin shares were surging 84.2% to $15.45 in premarket trading Monday.


Land drilling contractor Nabors Industries ( NBR) expects its second-quarter operating income to be in the range of $165 million to $170 million. This is primarily due to lower-than-expected results from its pressure pumping, U.S. offshore and international businesses. Nabors shares were tumbling 4.2% to $23.03.


Financial firm ING ( ING) has confirmed that it is in talks to sell its European car-leasing unit for what media reports estimate to be €4 billion ($5.7 billion). Shares were falling 2.4% to $11.44.


Troubled mobile phone maker Nokia ( NOK) kicks off its annual Nokia Connection 2011 event on Tuesday in Singapore, where it will showcase it newest products. Shares were falling 2% to $5.90.


BlackBerry maker Research In Motion ( RIMM) has been cut to underperform from market perform by Sanford Bernstein. Shares were falling 1.8% to $27.25.


PNC Financial Services ( PNC) has agreed to purchase the U.S. retail banking unit of Royal Bank of Canada ( RY) for $3.45 billion. PNC shares were down 0.9% to $57.30.


Conglomerate General Electric ( GE) and its two largest unions have reached a tentative, four-year labor deal affecting more than 15,000 GE workers. GE shares were down 0.7% to $18.37.


Although analysts expect that Airbus, on its home turf, will win the Paris Air Show order battle, it's anticipated that Boeing ( BA) will head into the show with more orders year to date, particularly on the widebodies. The show kicks off on Monday. Boeing shares were lower by 0.5% to $73.80.


Japanese electrical giant Panasonic ( PC) said Monday it expects fiscal 2012 earnings of 30 billion yen ($373.7 million), a decrease of almost 60% from a year earlier because of the impact of the March 11 earthquake and tsunami.

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-- Written by Andrea Tse in New York.

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