Markets & Finance

A $3.2 Billion Satellite Hookup


PanAmSat (PA) share prices rose after the satellite company agreed to be acquired by Intelsat in a $3.2 billion deal, priced at $25 cash per PanAmSat share. After having reportedly been an acquisition target for Intelsat, New Skies Satellites (NSE) share prices fell Monday.

Allstate (ALL) is among insurance company stocks that are being valued lower Monday on the catastrophic impact of Hurricane Katrina.

The oil company Exxon Mobil (XOM) is among stocks being valued more, as oil prices rise on expectations of supply disruptions caused by Hurricane Katrina.

The healthcare products and services provider Per-Se Technologies (PSTI) agreed to acquire NDCHealth (NDC) for $1 billion at $19.50 per NDCHealth share, with at least $13 paid in cash and up to $6.50 in Per-Se Technologies stock. The publisher Wolters Kluwer is to buy NDCHealth's pharmaceutical information management business for $382 million in cash.

Infousa (IUSA) share prices fell. The data processing services company said its board of directors dissolved a special committee of directors that had been formed to review a previously announced proposal from Vin Gupta & Co. to acquire IUSA.

Ultratech (UTEK) share prices fell after the technology company terminated its employment of Somit Talwar, a senior vice president in Laser Processing. Adams Harkness downgraded its investment recommendation on Ultratech to market perform from buy.

America Service Group (ASGR) share prices fell after the healthcare services company said it was not selected to enter talks for a new inmate healthcare services contract in Hillsborough County, Florida, which had represented $17 million in annualized revenue. America Service Group noted July results that were below expectations and said it sees $1.43 to $1.50 adjusted earnings per share for 2005.

OMI( OMM) share prices rose with other oil tanker stocks, as Hurricane Katrina disrupted oil production in the Gulf of Mexico.

Sparton (SPA) share prices climbed after the electronics manufacturing services company posted fourth quarter results. Sparton had 55 cent vs. 17 cent earnings per share despite a 4.0% sales drop. The company noted a favorable impact from its settlement of a claim with an insurer for $5.455 million pre-tax. It also set a 10 cent annual dividend and a $4 million stock buyback.

Elkcorp (ELK) share prices rose. Investors saw the company as likely to benefit from Hurricane Katrina, which might spur demand for its roofing and building products.

Novartis (NVS) said that the Food and Drug Administration granted it priority review to Femara, a post-surgery treatment of postmenopausal women with early breast cancer.

The medical test producer Biosite (BSTE) said the Food and Drug Administration granted it a waiver for its Triage BNP Test. The development expands healthcare professionals' access to the 15-minute blood test, which is designed to aid in the diagnosis and assessment of patients who have symptoms of heart failure.

DRAXIS Health (DRAX) extended the period before it will resume its production of sterile, lyophilized products at its unit DRAXIS Pharma to five to seven weeks total. The development results in production planned for 2005 being pushed into early 2006.

American Safety Insurance Holdings (ASI) share prices rose amid signs that the company is emerging as a neatly restructured, sharply focused niche insurer that's just beginning to hit its stride. If those signs prove to be on the mark, American Safety Insurance Holdings could be fetching $25 per share or more in a year, according to Barron's.

Pinnacle Entertainment ( PNK) share prices fell, as investors counted it among U.S. casinos whose properties could take hits from Hurricane Katrina.

Four big Detroit employers of unionized auto workers are gearing up for painful restructurings. Delphi (DPH

, General Motors, Ford, and Visteon (VC) could cut wages, benefits, and eliminate thousands of jobs, according to The Wall Street Journal.

Specialty retailer Wet Seal (WTSLA) posted an 87 cent second quarter loss vs. a $3.31 loss (GAAP,) amid a 56% sales increase and 20% rise in total revenue.

Wachovia reportedly upgraded its investment recommendation on Pep Boys(PBY) to market perform from underperform.

Airspan Networks (AIRN) share prices fell. The telecom company said in its financial filing form 8-K that its accounting firm, Ernst & Young, will resign without consent upon its completion of the company's interim review of financial statements to be included in Airspan Networks' 10-Q form for the three months ending October 2.

Armor Holdings (AH) ceased its production of all Zylon-containing body-armor models due to a National Institute of Justice decision to suspend certifications. The security product manufacturer is implementing a voluntary exchange program and sees a third quarter charge of $19.4 million, or 33 cents per share.

Scientific and technical instruments company Dionex (DNEX) agreed to acquire SWIFT monolithic liquid chromatography media products, intellectual property, technology, and other related assets from Teledyne Isco, a unit of Teledyne Technologies, in an all-cash transaction.

The farm and machinery company Joy Global (JOYG) is to be added to the S&P MidCap 400 after the close of trading on Aug. 31, replacing Storage Technology, which is being acquired.

A S V (ASVI) is to be added to the S&P SmallCap 600 after the close of trading on Aug. 29, replacing Timken (TKR), which is being added to the S&P MidCap 400. Timken replaces Coventry Health Care (CVH), which is being moved to the S&P 500 index, replacing May Dept. Stores , which is being acquired.


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