Friday, April 29, 2011

Stocks In Focus: SPWRA, RIMM, GBLI

Shares of SunPower Corp. (NASDAQ: SPWRA) surged more than 35% in Frday's pre-market trading after Total SA, Europe’s third-biggest oil producer, agreed to buy as much as 60 percent of the second-largest U.S. solar panel maker. Total Group will launch a tender offer for up to 60 percent of San Jose-based SunPower's outstanding shares for $23.25 a share. The companies said the deal values SunPower's total equity at $2.3 billion, which would mean that buying a 60 percent stake would cost $1.38 billion.

After Thursday's closing bell, Research In Motion Ltd. (NASDAQ: RIMM) lowered its earnings forecast for the first quarter, citing weaker-than-expected shipment volumes of BlackBerry smartphones and a shift in the expected mix of devices shipped towards handsets with lower average selling prices. For the first quarter of fiscal year 2012, the company now expects earnings of $1.30 to $1.37 per share, down from its previous forecast of $1.47 to $1.55 per share. RIM also warned that revenue for the first quarter would be slightly below the previously provided guidance range of US$5.2 billion to US$5.6 billion. Analysts, on average, currently expect the company to report earnings of $1.48 per share on revenue of US$5.44 billion for the quarter. Shares of the Blackberry maker slumped more than 12% in Friday's pre-market trading. 

Global Indemnity plc (NASDAQ: GBLI) announced late Thursday that it is evaluating potential strategic alternatives, which will include discussions with potential acquirors, and has retained Morgan Stanley & Co. Incorporated to assist with its evaluation. 

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