Markets & Finance

Whirlpool Boosts Maytag Bid


Whirlpool (WHR) shares rose Monday after word the company has bid $20 per share for Maytag (MYG), or $2.6 billion, which represents a 43% premium over the price offered by Triton Acquisition. Maytag shares also advanced.

Internet gear maker Cisco Systems (CSCO) is reportedly considering bidding for Finnish telecom equipment outfit Nokia (NOK).

American Depositary Shares of Baidu.com (BIDU) continued their climb on Monday. The stock surged in its first day of public trading Friday after an initial 4 million ADSs were offered at $27 per ADS.

Shares of Saks (SKS) following a Women's Wear Daily report that the company is near to selling some or all of its units; the report says buyers could be Bain Capital, Cerberus, Thomas H. Lee, Blackstone Group, or Apollo Partners. The company was unavailable for comment.

Visteon (VC) sees a second quarter loss of $9.49 per share (including $1.1 billion in non-fixed asset impairment charges, or $9.01 per share) on $5 billion in sales.

Delphi (DPH) posted a 60-cent second quarter loss per share, vs. earnings per share of 25 cents (GAAP basis) one year earlier, on 6.7% lower revenue. The auto parts maker says if talks with unions don't lead to a plan to address existing legacy costs, it will consider other alternatives, including Chapter 11 bankruptcy filings for its U.S. businesses.

E*Trade Financial (ET) agreed to acquire the U.S.-based online brokerage operations of Harrisdirect from Bank of Montreal Financial Group (BMO) for $700 million in cash. After completion of integrations, the deal is expected to generate 17 cents earnings per share for E*Trade.

Nortel Networks (NT) posted second quarter earnings per share of one cent, vs. breakeven results, on a 10% revenue rise. The company sees 10% revenue growth in 2005.

Lamar Advertising (LAMR) shares fell after the company posted second quarter earnings per share of 18 cents, vs. 7 cents, on a 17% revenue rise. The company sees $250 million to $252 million in third quarter revenue, excluding expected net revenue from Obie markets. S&P says second quarter earnings per share were lower than expected and reiterates its hold opinion.

LabOne (LABS) shares rose after the company agreed to be acquired by Quest Diagnostics (DGX) in a deal valued at about $934 million, or $43.90 per share. LabOne posted second quarter earnings per share of 44 cents, vs. 36 cents, on an 8.6% sales rise.

Standard Motor (SMP) posted second quarter earnings per share of 4 cents, vs. 38 cents, on 3.6% lower revenue.

Ventiv Health (VTIV) posted second quarter earnings per share of 38 cents, vs. 26 cents, on a 75% revenue rise. The company raised its $465 million to $480 million 2005 revenue guidance to $480 million to $490 million, and its $1.09-$1.15 earnings per share forecast to $1.22-$1.25.

Mercury Interactive (MERQ) says it will not file its second quarter 10-Q form on time. The company continues to investigate stock option grant dates, but believes any changes are highly likely to be material, and that it is highly likely it will need to restate its historic GAAP financials.

Placer Dome (PDG) says the unionized workforce at its 50%-owned South Deep gold mine in South Africa commenced a strike action.

Kerr-McGee (KMG) will sell all of its North Sea operations for $3.5 billion in cash and assumption by purchasers of all related abandonment obligations.

RadioShack (RSH) executed an overnight share repurchase deal for 20 million shares of its common stock for $500 million, in lieu of its regular share buyback program for the remainder of this year. The retailer reiterates its $1.80-$1.90 2005 earnings per share guidance.


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