Sirius XM Radio Inc. (NASDAQ: SIRI) rallied more than 3% in Monday's pre-market trading after the company announce that it would join the Nasdaq-100 Index by the end of the week. The Nasdaq-100 Index is composed of the 100 largest non-financial stocks listed on Nasdaq and dates to January 1985. Sirius will be added to the index on Friday. The satellite radio station will also be included in the PowerShares QQQ exchange-traded fund, which seeks to replicate the Nasdaq-100 Index.
YRC Worldwide Inc. (NASDAQ: YRCW) surged more than 20% in pre-market trading after the struggling trucking company sai that it has obtained commitments for a three-year, $400 million asset-based loan (ABL) facility that will replace the company's existing asset-backed securitization (ABS) facility. "Replacing the ABS facility with this new facility should improve the company's liquidity," says John Lamar, chief restructuring officer and lead director of YRC Worldwide." YRC Worldwide said that it remains on track to close the restructuring later this month.
Mosaic Co. (NYSE: MOS) dropped more than 2% in Monday's pre-market trading after the company today announced it will vigorously pursue all options, including appeals, to defend itself against an injunction entered Friday afternoon by the U.S. District Court for the Middle District of Florida. This injunction prevents all mining activities on the Hardee County extension of Mosaic's South Fort Meade phosphate mine in Central Florida. As previously disclosed, the Company is defending a lawsuit filed by the Sierra Club that seeks to prevent Mosaic from extending its mining permit into Hardee County. Mosaic believes it will be able to support planned finished phosphate fertilizer production levels through the end of fiscal 2012 through a combination of existing phosphate rock inventories, higher output from its other Florida mines, increasing shipments from the Company's Miski Mayo joint venture, and supplemental purchases of phosphate rock from third parties. Mosaic's initial analysis indicates that the combination of higher costs for purchased phosphate rock and unabsorbed fixed costs could increase fiscal 2012 pretax costs by approximately $200 million.
Monsanto Co. (NYSE: MON) and Sinochem Corp. and are in talks to deepen their relationship, bolstering the growth story happening in China. According to the Wall Street Journal, Monsanto and Sinochem have been in discussions for months. Talks may include the possible sale of a minority stake by Monsanto or Sinochem taking on a larger marketing role of Monsanto products in China. Economic and political differences have made talks challenging, according to sources.
Arch Chemicals Inc. (NYSE: ARJ) surged more than 11% in Monday's pre market trading after it agreed to be acquired by Swiss chemicals company Lonza Group in a cash transaction valued at $1.4 billion. Terms call for Lonza to launch a $47-a-share tender offer.
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