Before the bell: Futures edge lower ahead of CPIAnheuser-Busch Cos. (NYSE: BUD) is holding preliminary talks with rival Grupo Modelo SAB (Corona maker), according to The Wall Street Journal, in an attempt to thwart the $46 billion unsolicited offer it received Belgian brewer InBev SA.
Exxon Mobil (NYSE: XOM) said it plans to exit its U.S. retail gasoline business over the next few years, shedding the 820 service stations it still owns and operates and another 1,400 company-owned outlets operated by dealers of its branded fuels. Separately it also said it could spend more than $100 million for offshore oil exploration in the Philippines.
Tracinda Corp. on Friday said it will purchase 20 million shares of Ford's (NYSE: F) common stock in a tender offer at a purchase price of $8.50 per share, for a total purchase price of $170 million. That would increase billionaire Kirk Kerkorian, who controls Tracinda Corp., stake in Ford to 5.5%. Shares are up 2% in premarket trading.
Lehman Brothers (NYSE: LEH) shares may experience further volatility as there are reports Chief Executive Richard Fuld is looking for outside capital, possibly from a sovereign wealth fund or a U.S. investor. Meanwhile, speculation continues that after ousting CFO and COO Thursday, Fuld's days are numbered too. The Wall Street Journal says that Lehman "hopes to restore investor confidence by turning to a seasoned trading executive" such as new president McDade.
Pfizer (NYSE: PFE) may make a counter offer for Ranbaxy Laboratories, according to a report in India's Business Standard. Japan's Daiichi Sankyo offered $4.6 billion for the Indian generic drug maker.
This columnist, from Economist.com, thinks that with the new iPhone Apple Inc. (NASDAQ: AAPL) has recently unveiled, not only Palm (NASDAQ: PALM) and Research in Motion (NASDAQ: RIMM) ought to be "seriously concerned," but Sprint (NYSE: S) too as Apple is pushing toward LTE (4G) while Sprint is supporting the WiMax.
IBM (NYSE: IBM) is holding an analysts meeting today, some news could come out of there.
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