Oshkosh Offer Under Review and 4 Stocks Riding 52-Week Highs
Mcgraw-Hill Companies (NYSE:MHP): McGraw-Hill Companies announced that Platts, a McGraw-Hill division and leading global provider of energy, petrochemicals and metals information, has signed a definitive agreement to acquire Kingsman SA, a privately-held, Switzerland-based provider of price information and analytics for the global sugar and biofuels markets. The acquisition, whose purchase price was not disclosed, is expected to close on November 1 and is subject to customary closing conditions. Their shares closed at $55.47, up $0.34 or 0.62% on the day. They have traded in a 52-week range of $40.50 to $55.94.
Oshkosh Truck Corp. (NYSE:OSK): Oshkosh Truck Corp. issued the following response regarding Carl Icahn’s stated intention to commence a tender offer for “any and all” of the outstanding common shares of Oshkosh at $32.50 per share in cash and to nominate directors to the Oshkosh board: “Oshkosh’s Board of Directors, in consultation with their financial and legal advisers, will advise shareholders of their position regarding the unsolicited tender offer within ten business days from the date of commencement by making available to shareholders and filing with the Securities and Exchange Commission a Solicitation/Recommendation Statement on Schedule 14D-9. Oshkosh shareholders are advised to take no action at this time pending a review of the unsolicited tender offer by the Oshkosh Board. “Their shares closed at $29.90, up $3.05 or 11.36% on the day. They have traded in a 52-week range of $17.80 to $29.79.
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Pacific Premier Bancorp (NASDAQ:PPBI): Pacific Premier Bancorp reported a third quarter earnings per share of 32c with a consensus of 25c. Their shares closed at $9.86, up $0.21 or 2.18% on the day. They have traded in a 52-week range of $5.50 to $9.74.
Partnerre Ltd (NYSE:PRE): Partnerre Ltd. announced that the company expects to record a net after-tax charge of approximately $63 million related to losses within their North American agriculture portfolio. This is primarily the result of the severe drought conditions in the United States during 2012 as well as the company’s proportional and non-proportional Multiple Peril Crop Insurance (MPCI) portfolio. This net charge, which equates to a pre-tax charge of $85 million, includes premiums, losses, commissions, brokerage and fees that are related to all their agriculture business written in the company’s North American sub-segment and also reverses any prior profit recognition during the year. The company expects full year 2012 underwriting year premiums for this portfolio to be approximately $200 million with losses of $255 million. They also expect to record no net profit or loss during their fourth quarter relating to this portfolio, assuming current ultimate loss estimates remain unchanged. The company noted that loss estimates are subject to uncertainty as crop yields are not finalized given the harvest is not yet completed. Estimates are further uncertain, given commodity prices that will be used for calculating loss of revenue products that will be established in the future and may differ from current estimates. The company also said that there were no other individual loss events that occurred during the third quarter which were in excess of $35 million and, in the aggregate, other large loss experience was below average expectations. Their shares closed at $77.70, up $0.25 or 0.32% on the day. They have traded in a 52-week range of $51.13 to $77.95.
Sprint Nextel Corp. (NYSE:S): According to Reuters, who has cited Japanese public broadcaster NHK, Softbank Corp, a Japanese mobile phone carrier, is said to be having talks concerning the purchase of over two-thirds of Sprint Nextel Corp. Their shares closed at $5.76, up $0.72 or 14.29% on the day. They have traded in a 52-week range of $2.10 to $5.76.