Markets & Finance

Teva to Buy Ivax


Teva Pharmaceutical (TEVA) agreed to acquire Ivax (IVX) in a deal valued at about $7.4 billion. Terms of the deal call for Ivax shareholders to get either $26 per share in cash or 0.8471 of an American Depositary Receipt of Teva for each Ivax share they own.

Xerox (XRX) posted second quarter earnings per share of 20 cents (adjusted), vs. 21 cents one year earlier, as lower-than-expected gross margin offset a 2% total revenue rise. The company sees third quarter EPS of 16 cents to 18 cents, including a 1-cent restructuring charge. S&P reiterates hold.

Whirlpool (WHR) sweetened its $17 per share offer to acquire Maytag (MYG) to $18. Maytag says Whirlpool's sweetened proposal may be expected to lead to a deal financially superior to Maytag's pending deal with the Triton Acquisition group.

Incyte (INCY) announced results from a Phase IIb trial of Reverset in treatment-experienced HIV-infected patients failing current treatment regimens which suggest the highest of 3 once-daily doses provided greatest antiviral suppression.

Triad Hospitals (TRI) posted second quarter EPS from continuing operations (pro forma) of 65 cents, vs. a 7-cent loss, on a 12% revenue rise. The company raised its $2.73 to $2.83 2005 EPS from continuing operations guidance to $2.82 to $2.90; it lowered its provision for doubtful accounts to about 7.7% to 8.2% of revenue.

Gehl (GEHL) posted second quarter EPS of 80 cents (including a 21-cent charge), vs. 69 cents, on a 45% sales rise. It raised its 2005 sales outlook to $465 million to $475 million. It also set a 3-for-2 stock split.

Veeco Instruments (VECO) posted a second quarter loss of 2 cents per share, vs. a 6-cent loss (GAAP basis), including items, on a 4% rise in revenue. The company sees a 2-cent loss to 5 cents EPS (GAAP) for the third quarter on $95 million to $105 million in revenue. It sees flat revenue for 2005.

According to a Barron's article, cellphone pioneer Motorola (MOT) is on the comeback trail, and so are its shares. Under CEO Ed Zander, says the story, the company has overhauled its finances and product line-up.

Piper Jaffray downgraded its opinion on shares of Overstock.com (OSTK) to market perform from outperform.

Quest Diagnostics (DGX) posted second quarter EPS of 72 cents, vs. 63 cents (before special charges), on a 6.2% revenue rise. The company still sees 2005 EPS (adjusted for a stock split) of $2.73 to $2.78 on a 5% to 6% revenue rise.

Merrill reportedly raised its estimates for Google (GOOG).

Pilgrim's Pride (PPC) posted third quarter EPS of $1.28, vs. 15 cents (including a 60-cent charge), despite a slight revenue decline. It raised its 73 cents to 91 cents fourth quarter EPS guidance to 90 cents to $1.00.

Smith International (SII) posted second quarter EPS of 67 cents, vs. 27 cents (including a 20-cent charge) on a 27% revenue rise. It raised its 2005 EPS guidance to $1.40 to $1.45 (post-split).

PepsiCo's (PEP) board okayed the repatriation of up to $7.5 billion of undistributed international earnings. It will record related tax expense, currently estimated at $475 million, in the third quarter. The Wall Street Journal reports that Pepsi has told a French regulator it isn't planning a bid for Danone (DA).


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