Supervalu Awaits Bid From Cerberus and 3 Hot Stocks Attracting Attention
BP (NYSE:BP) Q3 net profit saw a 7.8 percent rise reaching $5.43 billion and the underlying profit has dropped 5.4 percent to $5.17 billion, but it is higher than the forecasts of $4.09 billion. This drop is a result of seasonal maintenance in the North Sea and Alaska, along with the effect of Hurricane Isaac in the Gulf of Mexico. Oil and gas output saw a 2.7 percent decline to 2.26 million bpd. Earnings per share were 28.39 cents compared to 26.28 cents the previous year. The company’s revenue dropped 4.7 percent to $93.12 billion, which raises the dividend by 12.5 percent to $0.09 per share.
Deutsche Bank (NYSE:DB) saw its Q3 net profit rise 3 percent to 747 million euro, which beats the consensus of 704 million along with being boosted by “improved market conditions and increased market activity.” This number includes 276 million euro charge for restructuring. Net revenue has reached 8.7 billion euro compared to 7.32 billion euro. The company’s pretax profit has risen 20 percent to 1.13 billion euro, in line. Investment bank net revenue has seen a 65 percent increase to 1.7 billion euro. Provisions for bad loans rose 20 percent reaching 555 million euro, which is above the consensus of 423 million euro. Core tier one ratio is 10.2 percent.
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Supervalu (NYSE:SVU) has sparked Cerberus’ interest regarding an acquisition, according to Wall Street Journal, saying that the P-E firm has begun to work with real-estate firms on a $5 billion bid for the struggling retailer, whose liabilities are $6 billion. A proposal deal could likely include $800 million to $900 million to make Supervalu private, which is far higher than its market cap of $643 million. Cerberus and its partners, including Kimco Realty (NYSE:KIM), hope to have the ability to reprise the turnaround success achieved with Supervalu peer Albertsons.
JDA Software (NASDAQ:JDAS) received interest from P-E firms and strategic acquirers after it placed itself up for sale, according to Reuters. JDA, which has a market cap of $1.46 billion, provides customized software, such as government and aerospace defense contractors, to customers and to hospitality and media organizations.