bloggingbuyouts

Pride International (NYSE: PDE), a provider of contract drilling services to oil and gas exploration and production companies, is recently up $2.58 to $42.99.

PDE was notified by SeaDrill of an approximate 9.9% position in PDE. Goldman says, "PDE would be a good fit for SeaDrill – reiterate conviction Buy."

PDE announced the lowering the threshold level of beneficial ownership of the company's common stock that would trigger a rights plan from 15 to 10%. WTI Crude Futures are up 1.61% to $119.37 according to Bloomberg. PDE call option volume of 30,068 contracts compares to put volume of 8,622 contracts. PDE May option implied volatility of 47 is above its 26-week average of 37 according to Track Data

MA& Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

There is no holiday break for the rumor mill as word of many a company's activity is bantered about.

BUILD-A-BEAR WORKSHOP INC. (NYSE: BBW)

As the stock shot up 14% the other day, it was revealed that the warm and fuzzy big bear hired Lehman Brothers to "explore strategic alternatives." Some analysts think an LBO is what will happen, and range the valuation between $34 to $36. Very recently the company reduced its second-quarter per-share profit expectations to between 7 cents and 10 cents, down from 15-19 cents, because of slow sales at stores that have been opened for at least a year. Here's a bear to be bullish on.


COUNTRYWIDE FINANCIAL CORPORATION (NYSE: CFC)

It's troubled times for the nation's largest mortgage lender. Earlier in the week the shares began to fall when it was revealed that Countrywide may be a part of a government investigation into subprime loans. It certainly doesn't help that three former company executives pleaded guilty to conducting insider trading in shares of Countrywide. The heat is on.


THE STEAK N SHAKE COMPANY (NYSE: SNS)

Two Texas investment groups, HBK Investments and Lone Star Funds, who between them own about 9.5% of the company, are said to be interested in digesting the whole dang thing. The 490-restaurant chain that has operations in 20 states just saw their most recent quarterly profit drop 30% from the previous year, as same-store sales fell 4.7%. Gentlemen that they are though, they'll only pursue the sizzle if the board cooks it up with them.