Benzinga’s News Roundup (KFT, CBY, MESA, PALM, CNTF, DPZ)
January 05, 2010 8:56 AM
Kraft Foods Inc. (NYSE: KFT) reported today that it will sell its North American pizza business to Nestle for $3.7 billion and use the proceeds to improve the terms of its bid for Cadbury plc (ADR) (NYSE: CBY). Yesterday, Kraft Foods closed at $27.43. The 52-week trading range for KFT is $20.81 - $29.84. In the last six months, KFT has gained over 5%.
Cadbury plc (ADR) (NYSE: CBY) was downgraded today by Jefferies International from Buy to Hold after Nestle reported that it would not bid for the chocolate maker. Cadbury has decreased 2.15% to $50.54 in the pre-market session. The 52-week trading range for CBY is $27.58 - $56.34. In the last year, CBY has surged over 43%.
Mesa Air Group, Inc. (NASDAQ: MESA) announced today that it has commenced a financial restructuring under Chapter 11 of the U.S. Bankruptcy Code. As a result, Mesa Air Group has plummeted 36% to $0.076 in the pre-market session. In the previous trading session, MESA closed at $0.119. In the last year, MESA has declined by 52%.
Palm, Inc. (NASDAQ: PALM) was initiated today at overweight by Morgan Stanley. As a result, Palm has gained 4.65% to $10.80 in the pre-market session. The 52-week trading range for PALM is $3.14 - $18.09. In the last trading session, PALM closed at $10.32.
China Techfaith Wireless Comm. Tech. Ltd (NASDAQ: CNTF) announced today that it has completed its acquisition of QiGi Future Technology Co. (QiGi) in an all-stock deal valued at $12.0 million. The 52-week trading range for CNTF is $1.11 - $3.93. China Techfaith Wireless has gained 9% in the last year.
Domino's Pizza, Inc. (NYSE: DPZ) announced today that David Brandon will step down as the company's chief executive officer as of March 7, but will remain with the company as a special adviser for the rest of the year. Domino’s has also said that it has plans to name J. Patrick Doyle as new CEO. Yesterday, DPZ closed at $8.68. The 52-week trading range for DPZ is $4.75 - $10.07. In the last six months, DPZ has gained over 13%.
