Stocks in the news: Rohm & Haas, Citigroup, Genentech
Rohm & Haas (ROH) reached a tentative deal to be bought by Dow Chemical (DOW) for the original price of $15.3 billion in cash, or $78 a share. Dow will use asset sales, job cuts and new debt to try to maintain investment-grade credit ratings to fund the "rich" price for Rohm. ROH shares advanced nearly 5 percent in premarket trading, DOW's sank 7.6 percent.
Citigroup (C) was profitable in the first two months of 2009, according to a memo from CEO Pandit. It is also confident about its capital strength after tough internal stress tests. Still, the Wall Street Journal reports the government is still looking at additional help should the bank need it. Citi shares are gaining over 18 percent in premarket trade.