Markets & Finance

FPL Group, Constellation Energy to Merge


Google (GOOG) is reportedly in talks to buy a 5% stake in Time Warner's (TWX) AOL Internet unit for $1 billion.

FPL Group (FPL) is to merge with Constellation Energy (CEG) in a $22 billion deal, in which each Constellation Energy share is to be converted into 1.444 Constellation Energy shares, while each FPL share is to be converted into one Constellation Energy share. FPL shareholders will own 60% of the combined company.

Bear Stearns (BSC) several leading investment banks plan to boost global hiring in 2006 in an effort to expand those businesses that helped produce bumper profits this year. Lehman Brothers (LEH) and Bear Stearns plan to boost headcount by 5 to 10%, and Goldman Sachs (GS) about 8%, according to the Financial Times.

Pfizer (PFE) a federal judge upheld the validity of Pfizer's Lipitor patent, blocking the generic version of medicine that had threatened the company's largest source of revenue.

Pepsi (PBG) reaffirms its $1.83 to $1.87 2005 earnings per share forecast.

Andersons (ANDE) expects 2005 EPS to exceed the upper end of its previous $2.20 to $2.50 guidance. It cites strong fourth quarter performances in grain, plant nutrient, and rail businesses.

Advanced Medical Optics (EYE) a judge upholds a May 2005 jury decision, and awards the company $213.9 million in damages resulting from willful infringement by the ACL units of two Advanced Medical Optics patents for phacoemulsification equipment used in cataract surgery.

O2Micro International (OIIM) sees fourth quarter revenue up 2% to 3% sequentially due to reduced ordering of LCD monitors.

Circuit City (CC) posted 6 cents third quarter earnings per share vs. 3 cents loss on a 13% domestic same-store sales rise and 15% total sales rise. It raises its low- to mid-single digit fiscal year 2006 domestic same-store sales growth forecast to the mid- to upper-single digit range.

Cablevision (CVC) says it ascertained technical covenant violations under CSC Holdings' bank credit agreement, as well as certain possible technical covenant violations under other debt. It will not proceed with a proposed special dividend.

Clorox (CLX) sees 44 cents to 49 cents second quarter earnings per share from continuing operations on 2% to 4% sales growth, and 66 cents to 73 cents third quarter EPS from continuing operations on 4% to 7% sales growth. It reaffirms $2.91 to $3.06 fiscal year 2006 EPS, with sales at the high end of its previous 3% to 5% growth target.

Par Pharmaceutical (PRX) Caraco Pharmaceutical Laboratories reportedly gets Food and Drug Administration approval to market the generic version of Ultracet. Par Pharmaceutical already markets its own generic version of Ultracet.


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