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May 14, 2007, 8:21 a.m. EDT

DaimlerChrysler, Ford, Mylan, Cardinal Health in focus

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By Abby Deveney, MarketWatch

Pre-open moves

Auto-sector shares will likely get a boost from DaimlerChrysler's deal to sell most of its Chrysler unit to private-equity fund Cerberus. However, broader stock futures looked slightly weaker.

See indications for full pre-open coverage.

Global markets

DaimlerChrysler shares advanced 5% in Frankfurt after news of the majority stake sale to Cerberus, though broader European markets were mixed. Shares in Hong Kong and Japan traded higher.

See Global Markets page for Europe, U.K. and Asia markets.

Broker action

Nomura International analyst Michael Tyndall reiterated a buy rating on DaimlerChrysler even after saying he's not "overly excited" about the sale of Chrysler.

See Upgrades/Downgrades: The Internet's most complete source for analyst comment.

Breaking news: See Market Pulse for all the latest

  • Private-equity firm Cerberus Capital Management agreed to inject $7.4 billion into Chrysler Group in return for 80% of the ailing automaker, a move that effectively unwinds the deal struck between Daimler and Chrysler one decade ago. The news sent DaimlerChrysler shares up 5% in Frankfurt.

  • Members of Ford Motor Co.'s /zigman2/quotes/208911460/composite F -4.05% founding family are discussing the sale of part of their controlling stake in the money-losing automaker, Bloomberg News reported, citing three people with direct knowledge of the talks.

  • Mylan Laboratories Inc. , the Pittsburgh pharmaceutical producer, agreed to pay about $6.7 billion for the generic-drug operations of Merck KGaA of Germany.

  • Global platinum supplies outpaced consumption in 2006 for the first time in eight years, as world jewelry demand dropped more than 18%, according to the "Platinum 2007 Review" report from Johnson Matthey.

  • Cardinal Health Inc. /zigman2/quotes/206646342/composite CAH -1.95% said it would buy Viasys Healthcare in a deal worth about $1.5 billion. The acquisition values the Conshohocken, Pa. medical-device firm at a premium of 35%.

  • New York Community Bancorp Inc. the holding company for New York Community Bank and New York Commercial Bank, agreed to pay about $168.4 million of stock for Synergy Financial Group Inc. the Cranford, N.J., holding company for Synergy Bank.

  • Media company Tribune Co. said consolidated revenue for April fell 3.6% to $399 million. Publishing revenue in April was down 8.6% at $279 million, while advertising revenue tumbled 10.3% to $217 million. Circulation revenue was down 7.2% due to selective discounting in home delivery and lower single-copy sales.

  • Active Power Inc. said it's recorded additional stock-based compensation expense totaling $2.82 million in restating financial results for years 2001 through 2005 as well as certain quarterly periods for 2005 and 2006.

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/zigman2/quotes/208911460/composite
US : U.S.: NYSE
$ 12.31
-0.52 -4.05%
Volume: 17.13M
May 24, 2022 11:22a
P/E Ratio
4.33
Dividend Yield
3.25%
Market Cap
$51.58 billion
Rev. per Employee
$735,459
loading...
/zigman2/quotes/206646342/composite
US : U.S.: NYSE
$ 55.85
-1.11 -1.95%
Volume: 426,973
May 24, 2022 11:22a
P/E Ratio
N/A
Dividend Yield
3.48%
Market Cap
$15.52 billion
Rev. per Employee
$3.74M
loading...

Abby Deveney is a news editor for MarketWatch in London.

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