Bank of New York Mellon Corp. (BK): The world's biggest asset custodian is undervalued compared with its peers and may rise more than 15 percent because of the bank's management, Barron's reported, citing no one. Bank of New York shares fell 10 cents to $48.50 on Dec. 28.
Barr Laboratories Inc. (BRL): Encysive Pharmaceuticals Inc. (ENCY) said it is suing Barr Laboratories for infringement of the patents on Argatroban injection. The stock fell 34 cents to $53.88 on Dec. 28.
Citigroup Inc. (C): The biggest U.S. bank's dividend may be cut more than 50 percent as indicated by options trading, Barron's reported. Citigroup shares fell 27 cents to $29.29 on Dec. 28.
Darden Restaurants Inc. (DRI): Two executives of the company including a senior vice president and president of the Red Lobster division bought $525,769 worth of stock last week, Barron's reported. The purchases represented the highest quarterly buying during the past five years. Darden stock gained 14 cents to $27.62 on Dec. 28.
Legg Mason Inc. (LM): The money manager said it cut its exposure to structured investment vehicles to 3.2 percent of its money-market and other so-called liquidity funds, leading to a reduction in earnings of 15 cents a share in the three months ending Dec. 31. The stock declined 41 cents to $71.23 on Dec. 28.
Loews Corp. (LTR): The holding company run by New York's Tisch family may rise 20 percent after it spins off Lorillard Inc., the oldest U.S. cigarette maker, into a separate public company, Barron's reported, without citing anyone. Loews shares rose 62 cents to $49.35 on Dec. 28.
Mariner Energy Inc. (ME): The Houston-based oil and natural gas explorer agreed to buy StatoilHydro ASA's (STL) Gulf of Mexico operations and wells in the Permian Basin in two transactions for a total $365.5 million. The stock slid 14 cents to $22.48 on Dec. 28.
Merrill Lynch & Co. (MER): The world's biggest brokerage is in talks with Chinese and Middle Eastern sovereign wealth funds to raise money to boost its balance sheet, the Observer reported, citing people in London and New York it didn't identify. Merrill shares fell 23 cents to $52.97 on Dec. 28.
XL Capital Ltd. (XL): The Bermuda-based business insurer said Chairman Michael P. Esposito has resigned from the board to focus on his duties as chairman of bond insurer Security Capital Assurance Ltd. (SCA), which is 46 percent owned by XL. The stock dropped $1.52 to $50.02 on Dec. 28.
Watch CNQ, ADM, CKP, TU for long breakouts.
Watch CT, GMR, BTH, CHC, STU for short breakdowns.
Happy New Year-MM
