Stocks to Watch: Facebook, RIM (Update 1)

NEW YORK -- Facebook is reportedly in talks to buy Opera Software, a Norwegian marker of Internet browsers.

The news was first reported Friday by U.K.-based technology Web site Pocket-Lint.

Reports also said Facebook could be planning to release a smartphone sometime next year.

Facebook shares closed Friday at $31.91, well off their initial public offering price of $38.

Shares of Facebook dropped 2.19% in premarket trading Tuesday to $31.21.

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Research In Motion , the BlackBerry maker, said its chief legal officer is retiring.

RIM said Karima Bawa, who had been with the struggling company for 12 years, had been in discussions about her retirement for some time.

Bawa's retirement follows last week's departure of Patrick Spence, RIM's head of global sales.

RIM is reportedly is planning a major restructuring soon, with some media suggesting the company will cut from 2,000 to 6,000 jobs.

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Retailer Charming Shoppes is estimated to post first-quarter earnings of 18 cents a share on revenue of $493.9 million.

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Sanderson Farms , the chicken processor, reported second-quarter net income Tuesday of $23.9 million, or $1.04 a share, a swing from a year-earlier loss of $16.3 million, or 74 cents a share.

Second-quarter net sales were $595 million, up from year-earlier sales of $479.3 million.

Analysts were expecting the company to post fiscal second-quarter profit of 95 cents a share on revenue of $591.25 million.

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Patriot Coal named Irl Engelhardt as the company's new CEO, replacing Richard Whiting who has been CEO and president since 2007.

Bennett Hatfield was named new president in addition to his current role as chief operating officer.

Shares of Patriot Coal ticked up a penny, or 0.41%, in premarket trading Tuesday to $2.47.

DryShips , the owner of drybulk carriers, will post a first-quarter loss of 2 cents a share on sales of $258.7 million, according to analysts.

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-- Written by Joseph Woelfel

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