BlackBerry Slides Further, Pinnacle and Fresh Del Monte Explore Canned Foods Purchase, and 2 More Hot Stocks
BlackBerry (NASDAQ:BBRY): BlackBerry shares slid even further in reaction to the news that the company fired U.S. Vice President of Sales Richard Piasentin as a result of poor sales of its new devices. However, The Wall Street Journal reports that even more layoffs and firings may occur as the company continues its efforts to restructure itself.
Pinnacle Foods (NYSE:PF): Pinnacle and Fresh Del Monte Produce (NYSE:FDP) are reportedly interested in buying the canned food business of Del Monte Foods in a deal could be worth as much as $1.5 billion. A sale of Del Monte’s canned food business would allow the firm to focus solely on its pet food business, Just-Food says.
Wells Fargo & Co. (NYSE:WFC): Sandler O’Neill’s downgrade of Wells Fargo to Hold from Buy marks the second downgrade of the bank in two days. This comes on the cusp of Friday’s earnings report, which is expected to at least partly reflect the backup in interest rates and halt in the refinance boom.
American International Group Inc. (NYSE:AIG): The insurance giant is reportedly in talks with Israel’s Clal Insurance following an offer to purchase a stake from parent company IDB Development for a little more than $1 billion. IDB Development said in June that it hired Benfield Securities to find a buyer for Clal, of which it owns a 55 percent stake.
Don’t Miss: BlackBerry’s Latest Fire May Mean More Bad News.