SUPERVALU INC.(NYSE: SVU) edges even closer to selling two of its grocery chains after negotiations stalled with Cerberus Capital on taking over the whole firm, according to reports. KKR, TPG Capital, and Cerberus are three of the parties still in the running to pick away at SuperValu, with Albertsons and Save-A-Lot expected to be the first assets to go. Shares of the company are up 9%.
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Vringo, Inc.(AMEX: VRNG) has filed a new patent infringement suit against ZTE's U.K. subsidiary; this one involves 3 additional patents the company acquired earlier this year from Nokia. Yesterday, Vringo announced its German suit against ZTE is moving forward. Shares of the company are down 4%.
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The Travelers Companies, Inc.(NYSE: TRV) estimates net losses from Sandy to be about $650M. The total loss is $1.135B, but reinsurance recoveries and tax savings will narrow it. The net tab is far less than Allstate's (ALL) $1.08B estimate, even though the companies have about the same market share in the affected areas. Will Allstate revise its numbers lower?
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Mitcham Industries, Inc.(NASDAQ: MIND) tanks 9% this morning after its Q3 swung to a surprise loss as equipment-leasing revenue sank substantially, dragging down margins. Total revenue dropped by 33% as compared to last year, while gross margin cratered to 23.4% from 51.2%. The company's Latin America business proved to be a bigger drag than anticipated, as activity improved sequentially, but didn't pick up as much as expected due to project delays.
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Petroleo Brasileiro Petrobras SA (ADR)(NYSE: PBR) eportedly is having trouble selling more than $4B of offshore oil exploration and production assets in the Gulf of Mexico. The Brazilian oil company has discarded plans to sell a stake in its entire Gulf holdings to a single partner and has begun seeking partners for individual assets and packages of the oil blocks there, sources say.
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