) and Good Technology inked a settlement and license deal that will dismiss a series of pending lawsuits between the companies. Research In Motion, which manufacturers the Blackberry pager, will receive a lump sum settlement during the first quarter of fiscal 2005, as well as ongoing quarterly royalties. CIBC World says RIMM's patents are now validated. S&P keeps hold. Shares rose.
Schwab SoundView upgraded cell-phone maker Qualcomm (QCOM
) to outperform from neutral, and set a $75 price target.
Hollywood Entertainment (HLYW
), No. 2 U.S. video rental chain, agreed to be acquired by an affiliate of Leonard Green & Partners for $14 cash per share.
) presented new data showing the pre-clinical efficacy of its lead second-generation vascular targeting agent, OXi4503, in several human cancer models. Roth Capital reiterated its strong buy rating.
Roth Capital upgraded online subscription movie-rental company NetFlix (NFLX
) to buy from neutral. Shares rose.
Arch Wireless (AWIN
) and Metrocall Holdings (MTOH
) agreed to merge; a new holding company will be formed. Arch Wireless holders will get one share of the new holding company for each share of Arch stock they own. Metrocall shareholders will get $150 million cash, and 27.5% shares of the new holding company's stock. Arch Wireless shares soared.
Millennium Chemical (MCH
) agreed to be acquired by Lyondell Chemical (LYO
). Terms: between 0.95 to 1.05 shares of Lyondell stock for each
Millennnium share held.
Biotech firm Tularik (TLRK
) agreed to be acquired by Amgen (AMGN
) in a stock deal valued at $1.3 billion, or $25 per share.
On Friday, the FDA approved Orasure Technologies' (OSUR
) first rapid saliva test for the HIV virus.
Bear Stearns upgraded Coca-Cola (KO
) and PepsiCo (PEP
) to outperform from peer perform, and upgraded their U.S. beverage sector to market overweight from market weight.
Prudential upgraded Citigroup (C
) to overweight from neutral.
According to an article in Barron's, Hewlett-Packard (HPQ
) appears to be moving firmly from a post-merger integration to orderly execution. Goldman Sach's Laura Conigliaro figures shares could hit $28. Putnam's Hugh Mullin says the stock is materially undervalued. CIBC World looks for a catalyst, and is keeping the sector perform rating. S&P upgraded H-P to accumulate from hold.
Sonus Networks (SONS
) delayed the filing of its amended Annual Report on Form 10-K/A for year-end 2003. Sonus says it's now considering whether to expand its review to include additional prior periods.
AG Edwards' Tim Conder says a 30% premium, or even 40%, wouldn't be undeserved for motorcycle maker Harley-Davidson (HDI
). This implies a stock price, relative to the current market, of $65 to $70: Barron's.
Schwab SoundView cut its estimates on data-storage provider McData (MCDT
), and trimmed the $9.50 price target to $8. The brokerage firm says McData's first-quarter guidance may be a challenge to achieve.
Schwab SoundView downgraded cell-phone maker Nokia (NOK
) to neutral from outperform, and cut the $28 price target to $21.
Cal-Maine Foods (CALM
) posted $1.96, vs. 64 cents third-quarter earnings per share on a 55% sales rise.