WASHINGTON (MarketWatch) � Among the stocks that could see active trade in Tuesday�s session are Molson Coors Brewing Co., Kraft Foods Inc. and Cavium Inc.
With earnings season sitting just beyond the horizon, Tuesday�s roster of companies due to report quarterly results � Comverse Technology Inc. CMVT , Mitcham Industries Inc. MIND , Conn�s Inc. CONN , International Speedway Corp. ISCA �and Blonder Tongue Laboratories Inc. BDR �� remains on the thin side.
Molson Coors TAP �said it agreed to pay 2.65 billion euros ($3.54 billion) for StarBev LP, which operates nine breweries with more than 20 brands popular in the central and eastern regions of Europe. StarBev, owned by funds advised by CVC Capital Partners Ltd., had about $1 billion in sales during 2011, along with earnings before interest, taxes, depreciation and amortization of some $322 million. It�s anticipated that the deal will contribute to earnings in the first full year of operations and will generate about $50 million of operational synergies before taxes by 2015, Molson Coors said. It�s expected to be completed in the second quarter.
Late Monday, Standard & Poor�s said 3D Systems Corp. DDD � will take the place of Taleo Corp. �in the S&P SmallCap 600 index after the close of trading on April 5. Oracle Corp. ORCL �is close to completing the acquisition of Taleo, necessitating the change.
/quotes/zigman/10698277/quotes/nls/kft KFT 38.97, -0.02, -0.04% /quotes/zigman/627449 DJIA 12,724.71, -47.76, -0.37%
Kraft KFT , following through on plans to split the company in two before the end of the year, said the North American grocery business of its wholly owned subsidiary Kraft Foods Group Inc. filed an initial Form 10 registration statement with the Securities and Exchange Commission. The Dow Jones Industrial Average component plans to spin off the grocery business, which had net revenue of $18.7 billion in 2011, via a tax-free distribution to stockholders. Following the transaction, the North American grocery business will be an independent, publicly held company operating under the Kraft Foods Group name. It�s subject to various conditions, including a favorable ruling from the Internal Revenue Service and final approval granted by the Kraft Foods board. The other business will be a global snacks business positioned to generate high growth, Northfield, Ill.-based Kraft said.
Cavium CAVM �said first-quarter financial results will be below the company�s previous outlook. In particular, the San Jose, Calif.-based supplier of integrated semiconductor products said it now expects that quarterly profit will be lower than the range of 6 cents to 7 cents a share that management had forecast. Cavium cited sales weakness in its service-provider and broadband and consumer markets, while noting sequential revenue improvement in the enterprise and data-center markets. All in all, the company projects revenue will come in about 6% to 7% lower than that which it generated in the fourth quarter of 2011. Cavium also said it anticipated total second-quarter sales will increase from the first quarter. The company reported in early February results for the fourth quarter and for all of 2011.
Advance America Cash Advance Centers Inc. �didn�t receive any alternative acquisition proposals during the Spartanburg, S.C.-based company�s �go-shop� period. Accordingly, Advance America said it expects its acquisition by Mexico�s Grupo Elektra SA de CV to move forward and be completed during the second quarter, pending a stockholder vote and other conditions. The companies struck a deal in February under which Advance America would be acquired for $10.50 a share in cash.
Actuant Corp. ATU �increased the size of its private placement of 5.625% senior notes due 2022 to $300 million, up from the $250 million previously contemplated. The notes priced at par, with closing expected April 16, the Milwaukee-based company said. Net proceeds will be applied primarily toward a tender offer for or redemption of Actuant�s $250 million in 6.875% senior notes due 2017.
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