Market Snapshot September 15, 2009, 2:33PM EST

Stock Indexes Advance

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In company news Tuesday, Lubrizol Corp. (LZ) raised its 2009 earnings per share (EPS) guidance to $5.87-$6.17, including restructuring and impairment charges of $0.23 per diluted share, from $5.47-$5.77. Excluding these charges, guidance for adjusted EPS is $6.10-$6.40, up from $5.70-$6.00. The specialty chemical maker cited improving volume trends in the current quarter, ongoing margin management, and its maintenance of cost reduction initiatives.

Filtration-products maker Pall Corp. (PLL) posted $0.57 vs. $0.61 fourth-quarter pro forma EPS on 9.9% sales drop. Wall Street was looking for EPS of $0.52.

Chemical and engineered materials maker Solutia (SOA) raised its 2009 adjusted EBITDA guidance from continuing operations to a range of $340 million-$360 million, and its full-year 2009 cash from operations less capital expenditures guidance to about $125 million. Previous guidance was an adjusted EBITDA range of $325 million-$350 million and cash from operations less capital expenditures of around $100 million. Notes improving sales volumes, increased manufacturing utilization rates and focus on reducing operating costs.

Synovus Financial (SNV) announced an underwritten public offering of up to $350 million of shares of its common stock. The bank holding company also announced an offer to exchange up to 50 million newly issued shares of common stock for any and all of its outstanding 4.875% subordinated notes due 2013.

Cracker Barrel Old Country Store (CBRL) reported $0.99 vs. $0.91 fourth-quarter EPS from continuing operations despite 1.4% lower same-store restaurant sales and 1.0% lower total sales. Wall Street was looking for EPS of $0.94-$0.95.

Smithfield Foods (SFD) announced that it has commenced an underwritten registered public offering of $250,000,000 of shares of its common stock.

Parallel Petroleum (PLLL) agreed to be acquired by an affiliate of Apollo Global Management, in transaction valued at about $483 million, including the assumption or repayment of about $351 million of net indebtedness. Terms: $3.15 cash per Parallel share.

Home Depot (HD) and Martha Stewart Living Omnimedia (MSO) announced an agreement to develop an exclusive Martha Stewart Living brand of home improvement products in select categories including Outdoor Living, Home Organization and Home Decor.

In response to unusual trading activity in its stock and marketplace rumors, Genesis Lease Ltd. (GLS) announced that it is in discussions with another party concerning a possible M&A transaction.

Broadcom (BRCM) announced that it has commenced litigation against Emulex (ELX) for infringement of Broadcom patents related to networking and communications technologies. Broadcom is seeking both monetary damages and injunctive relief.