Ford Directors to Discuss CEO Mulally’s Future This Week and 2 Other Hot Stocks to Watch
Ford Motor Co. (NYSE:F): Current price $16.88
An inside source indicates that Ford directors gathering this week in Dearborn will likely discuss the future plans of Chief Executive Alan Mulally, who is being considered for CEO at Microsoft Corp., adding that the matter might be addressed informally at dinner Wednesday or prior to presentations beginning on Thursday. However, Executive Chairman Bill Ford, Mulally, and Chief Operating Officer Mark Fields have each reiterated Ford’s plan for no change through 2014 at the top.
Cooper Tire & Rubber Co. (NYSE:CTB): Current price $26.07
Cooper Tire has requested a Delaware Chancery Court judge to fast-track its dispute in regards to a proposed $2.5 billion takeover by Apollo Tyres Ltd., and to hold a trial by November 7. The firm said on June 12 that it would be acquired by Apollo for $35 a share, and investors filed four lawsuits to get more money. Now, Cooper has brought a suit against Apollo to force the transaction after the Indian company said it should pay less. Cooper lawyers contend that Apollo is contractually obligated to use its “reasonable best efforts” to finish the takeover, and to the contrary, is “currently using its best efforts not to” seal the deal, which was set to close October 4, according to filings made public Monday.
Dry Ships Inc. (NASDAQ:DRYS): Current price $3.58
Dry Ships shares are being pushed down on Monday, likely due to yet another stock offering. The shipper announced on Friday after the close that it entered into an equity offering sales agreement with Evercore Group to sell as much as $200 million worth of its common shares. DryShips was quoted as saying that it believes this to be an appropriate time to flexibly access the equity capital markets so as to reduce some or all of its funding requirements through 2014, which it calculates at around $150 million.