Markets & Finance

Pozen Drops


The FDA issued a not-approvable letter to Pozen (POZN) concerning its new drug application for MT 100 for the acute treatment of migraines.

United Natural Foods (UNFI) posted 22 cents, vs. 16 cents third-quarter from operations on a 24% sales rise. It raised the fiscal 2004 earnings per share guidance to 74 cents to 77 cents (excluding items), and upped the revenue to $1.62 billion to $1.64 billion. S&P maintains hold.

Viacom (VIA.B) announced Tom Freston and Leslie Moonves have been appointed co-presidents and co-CEOs, effective immediately. Feston and Moonves will succeed president and COO Mel Karmazin, who has resigned. The resignation follows several years of tension between Karmazin and chairman and CEO Sumner Redstone.

Prudential downgraded database-software maker Oracle (ORCL) to neutral from overweight.

BHA Group (BHAG), a provider of air quality control products, agreed to be acquired by General Electric's (GE) GE Energy in an all-cash deal valued at about $260 million, or $38 per share.

Aclara Bioscience (ACLA) agreed to be acquired Virologic (VLGC). The terms are 1.7 Virologic shares, and 1.7 contingent value rights per Aclara share.

Newport (NEWP) signed an agreement with Thermo Electron (TMO) to buy Spectra-Physics, the optical technology business of Thermo Electron, for $200 million cash, $50 million in Newport stock, and a $50 million promissory note, subject to adjustments.

Immucor (BLUD) set a 3-for-2 stock split. The company also set an additional 200,000 share buyback.

Marvel Enterprises (MVL) and Sony's (SNE) Sony Pictures unit resolved pending court disputes over their Spider Man Merchandising joint venture. Marvel will consolidate the joint venture into its financial statement results, and maintained the 2004 operating income guidance.


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