Halliburton to Repurchase $3.3 Billion of Stock and 2 Other Hot Stocks to Watch
Halliburton Co. (NYSE:HAL): Current price $48.36
Halliburton announced Friday that after a “Dutch auction” tender offer, it will repurchase 68 million shares at $48.50 apiece, representing roughly 7 percent of its outstanding stock. The company said late last month that it would spend $3.3 billion on buybacks, and that a total of 100.2 million shares were tendered in the Dutch auction at $48.50 per share or less. Halliburton had intended to buy the shares for $42.50 to $48.50 each, and said that it might purchase additional shares after September 6.
Bank of America Corp. (NYSE:BAC): Current price $14.55
BofA London spokesman John McIvor told Bloomberg on Friday that the company has initiated a review following the death of 21-year-old intern Moritz Erhardt, who died one week before completing a summer program in London. McIvor said the bank has “convened a formal senior working group to consider the facts as they become known, to review all aspects of this tragedy.” The death is being treated as non-suspicious, according to a spokesman for the Metropolitan Police in London.
Pandora Media Inc. (NYSE:P): Current price $19.11
The Internet radio service announced Thursday that it will remove the 40 hour per month cap on free mobile listening effective September 1. Pandora founder Tim Westergren said in a company release: “We’re pleased to once again maximize free listening for everyone on Pandora. The more than 70 million listeners that tune in every month will now have more time to hear the music they love, and thousands of working artists will reach more fans.”