As a part of a restructuring program, ABB (NYSE: ABB) plans to cut $1 billion in costs by the end of 2017 by boosting productivity among its white-collar employees—job cuts may be possible. The power technology company hasn’t decided what to do about its power grids division. Despite generating $12.6 billion in sales, roughly 31% of total sales, the division only contributed about 4.7%, less than one-third of ABB’s most profitable segments, to revenue.

While mulling over the division’s fate, management plans to spend about $4 billion on acquisitions to boost the company’s measuring technology and sensors business, as well as its electrification and automation operations outside of Germany.

Yielding 3.2%, ABB remains a Buy up to $30.

Banco Santander (NYSE: SAN) recently announced its growth strategy for the next three years.

The bank expects to increase capital reserves, bringing its Tier 1 ratio—a measurement of how well it can absorb losses—from 9.8% currently to above 11% by 2018. It is also targeting a cash payout of 30% to 40%, which will lead to dividend increases in 2016.

Although based on Europe’s economic recovery, the plan may be hindered by the bank’s exposure to Brazil.

Buy Banco Santander up to $10.

Diageo (NYSE: DEO) wants to sell its California-based Sterling Vineyards, representing about 4% of revenue. The company has already received interest from potential buyers.

Despite anticipating higher sales volume this year, Diageo also expects to shave about 150 million pound sterling ($227 million) from its full-year earnings because of the strong British pound, weak Russian and Venezuelan currencies and slowing sales from China.

Yielding 3%, Diageo is a Buy under $130.

Phillip Morris (NYSE: PM) is expected to raise $1.4 billion from the secondary offering of its Indonesian subsidiary PT Hanjaya Mandala Sampoerna; Phillip Morris owns a 98.2% stake in the company. Indonesia’s new stock-exchange policies require that at least 7.5% of an Indonesian company’s shares are held by the public. Phillip Morris put up 264.2 million of its shares, which will be priced at 77,000 rupiah ($5.25). Management has not said what it plans to do with the proceeds.

Buy Philip Morris up to $90.