Afternoon BUZZERS: Shaw Group Surges 53%, Apple and Best Buy BOUNCE
Shaw Group (NYSE:SHAW) shares surged 53.17 percent this morning. Chicago Bridge & Iron (NYSE:CBI) announced on Monday that it would purchase Shaw Group for about $3 billion in cash and stock. Reuters reports, “Shaw will continue as a business segment branded as CB&I Shaw. Shaw Chief Executive Officer J.M. Bernhard Jr. will leave after the deal closes in early 2013, and CB&I CEO Philip Asherman will lead the combined company.”
Apple (NASDAQ:AAPL) shares have gained 2.03 percent today. The New York Times reported on Friday that the tech giant was considering an investment in Twitter, but that story appears to be incorrect. Reuters reported that such discussions were held over a year ago, “but there are no current, formal talks between the companies on an investment or acquisition.” Neither Apple or Twitter choose to comment on the matter. Facebook (NASDAQ:FB) shares fell 1.50 percent in afternoon trading.
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Shares of Best Buy (NYSE:BBY) jumped 1.07 percent today. The electronics retailer is reportedly recruiting executives to help lead the company if it is taken private. Founder Richard Schulze is the person responsible for the recruiting. “He is talking to people he trusts,” J.D. Wilson, senior vice president of enterprise capabilities, said in an interview, according to Bloomberg. “There is a small group he’d like to have with him in righting the ship. He is serious as a heart attack.”
Wal-Mart (NYSE:WMT) shares gained 0.64 percent this afternoon. The company named KPMG International’s former chairman Timothy Flynn to tis board and audit committee. The WSJ reports, “Mr. Flynn worked at KPMG for 32 years, serving as international chairman from 2007 until his retirement in October 2011. He also served as chairman from 2005 to 2010 and chief executive from 2005 to 2008 of KPMG LLP, the U.S. and largest member firm of KPMG International. Mr. Flynn becomes the 17th member of Wal-Mart’s board.”
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