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Shares of Sun Microsystems (SUNW
) fell Thursday after the company agreed to acquire Storage Technology (STK
) for $37 per share cash and a deal valued at about $4.1 billion, including debt assumption of employee stock options. The company expects the transaction to be accretive to non-GAAP earnings per share in the first 12 months following closing.
) agreed to acquire Shopping.com (SHOP
) for $21 cash per share, a total of about $620 million.
In a reported filing to the FDA, Biogen Idec (BIIB
) told the FDA about a possible fourth patient who may have contracted a potentially fatal disease after being treated with Biogen and Elan Corp.'s (ELN
) multiple schlerosis drug, which has been pulled from market, according to The Globe.
Continental Airlines (CAL
) posted a May consolidated load factor of 79%, 4.7 points above last year's May consolidated load factor. S&P reiterates strong buy.
Monster Worldwide (MNST
) sells its Yellow Pages unit to Audax Group. The company says the Monster Employment Index rose in May to record high of 134. S&P upgrades to sell from strong sell. Ryan Beck upgrades to outperform.
JP Morgan upgrades Allergan (AGN
) to overweight from neutral. Yesterday the company received a written response from the FDA regarding its request for formal dispute resolution on its oral tazarotene capsule new drug application.
Ingram Micro (IM
) reaffirms second-quarter guidance for 25 cents to 28 cents earnings per share on sales of $6.7 billion to $6.9 billion. S&P keeps buy.
) says the New England Journal of Medicine published results of a Phase III study that show adjuvant Taxotere showed a 28% reduction in the risk of relapse and a 30% reduction in the risk of death in certain node-positive breast cancer patients.
Costco Wholesale (COST
) posted 5% higher May same-store sales and 8% higher net sales.
Starbucks Corp. (SBUX
) posted 7% higher May same-store sales and 23% higher net revenues.
Hot Topic (HOTT
) posted 1.9% lower May same-store sales and 15% higher total sales.
Georgia Gulf Corp. (GGC
) sees 50 cents to 60 cents second-quarter earnings per share, vs. a year ago's $1.13. The company cites downtime associated with plant outages during the quarter and an expected decline in aromatics operating income.
) posted 4.9% lower May same-store sales and 16% higher total sales.
Bebe Stores (BEBE
) posted 40% higher May same-store sales and 55% higher total sales. Based on fourth-quarter-to-date results, the company expects 17 cents to 19 cents fourth-quarter earnings per share vs. a previous 11 cents to 13 cents guidance.
Saucony Inc. (SCNYB
) agrees to be acquired by Stride Rite (SRR
). Terms of the agreement give Saucony holders $23 in cash for each share of Class A and B stock held.
Lehman reportedly upgrades Amkor Technology (AMKR
) to equal-weight.
Pier 1 Imports (PIR
) posted 7.7% lower May same-store sales and 2% lower total sales. The company posted 12% lower first-quarter same-store sales and 6.1% lower total sales. It says the company is disappointed with May sales. S&P cuts estimates, keeps hold.
Abercrombie & Fitch (ANF
) posted 29% higher May same-store sales and 43% higher total sales. S&P reiterates buy.