Markets & Finance

Morgan Stanley CEO to Step Down


Morgan Stanley (MWD) CEO Philip J. Purcell announced his intention to retire as soon as his successor is named, but no later than the company's next annual meeting in March, 2006. Morgan Stanley expects second quarter EPS to be about 15% to 20% below the $1.10 of a year ago.

According to a Wall Street Journal report, a possible fifth case of rare, often deadly brain infection linked to Biogen Idec (BIIB) and Elan's (ELN) multiple-sclerosis drug Tysabri has been reported to federal regulators, according to government records.

Bear Stearns downgraded BEA Systems (BEAS) to underperform from peer perform.

BoA's Robert Ohmes believes Nike's (NKE) valuation multiple should re-expand over time as the company continues to diversify into faster-growing businesses and increases its return on invested capital, according to a Barron's article.

Northwest Airlines (NWAC) may be steering perilously close to Chapter 11 as bad news is stacking up, reports the Wall Street Journal.

Boeing (BA) awarded Goodrich (GR) a contract to supply cargo systems for the B777, B767, and B747 aircraft, which is seen driving $390 million in in sales through 2012. Meanwhile, EADS selected Goodrich as sole maker of actuators for thrust vector control system on the M51 missile program.

Connetics Corp. (CNCT) shares were lower after the FDA issued a non-approvable letter dated June 10, 2005 for Velac Gel, an investigational new drug formulation for treating acne.

ValueClick (VCLK) agreed to acquire Web Marketing Holdings in a $141 million deal. Terms: $122 million in cash and about 1.8 million ValueClick shares. The company also agreed to buy E-Babylon for $11.7 million and an additional $3 million attributed to the value of fee title to E-Babylon's fulfillment center.

United Technologies (UTX) affirmed its $2.95 to $3.07 2005 EPS guidance, updated from the previous $5.90 to $6.15 range to reflect a 2-for-1 stock split.

Register.com (RCOM) says it will evaluate an acquisition proposal from RCM Acquisition Co. to buy the company for $7.10 per share in cash.

Pfizer PFE received FDA approval to market Lyrica for adjunctive treatment of partial onset seizures in adults with epilepsy.

Piper Jaffray downgraded Panera Bread (PNRA) to market perform from outperform.

Piper Jaffray downgraded Wendy's International (WEN) to underperform from market perform. On June 10, a group of Wendy's investors hired Blackstone Group LP as financial advisor to help the group explore alternatives for Wendy's.


Ebola Rising
LIMITED-TIME OFFER SUBSCRIBE NOW

Sponsored Financial Commentaries

Sponsored Links

Buy a link now!

 
blog comments powered by Disqus