Markets & Finance

FDA Supports Recall of Bausch & Lomb's ReNu


From Standard & Poor's Equity Research

The Food and Drug Administration supports a global recall of Bausch & Lomb's (BOL) ReNu w/ MoistureLoc, amid a probe of its possible role in a fungal eye infection outbreak. The FDA is to issue inspection findings of Bausch & Lomb facilities in S.C.

First Avenue Networks (FRNS) says the company and FiberTower Corp. inked a deal to combine the two companies in an all-stock transaction valued at about $1.5 billion. The combined company will be named FiberTower Corp. and listed on Nasdaq.

American Retirement (ACR) agrees to be acquired by Brookdale Senior Living for an aggregate purchase price of about $1.2 billion cash, or $33.00 per share.

Brooks Automation (BRKS) says the Securities and Exchange Commission is conducting an informal inquiry concerning stock option grant practices. It receives a staff determination letter from Nasdaq stating the company fails to comply with a certain rule because it did not make the timely filing of its 10-Q.

Boeing (BA) agreed to pay $615 million to settle a Justice Department investigation into two contracting scandals, avoiding criminal charges and an admission of wrongdoing, according to the Wall Street Journal.

Target (TGT) posts 63 cents vs. 55 cents first quarter EPS on a 5.1% same-store sales rise. It notes gross margin rates were slightly unfavorable to the prior year. It believes it will achieve a mid-teen percentage increase in fiscal year 2007 EPS.

Falconbridge (FAL) and Inco (N) announce that their boards have agreed to increase the value of Inco's friendly offer to acquire all of the outstanding shares of Falconbridge by C$5.00 to C$51.17 per share; the share component remains unchanged.

National Coal (NCOC) posts 57 cents first quarter loss vs. 18 cents loss as consequences related to an accident with one of its highwall miners offset a 59% revenue rise. It says tons of coal shipped in the first quarter increased 65%.

Career Education (CECO) says the U.S. District Court for the Northern District of Illinois has dismissed McSparran v. Larson, et al, a shareholder derivative action against Career Education, as well as certain of its officers and directors.

RadioShack (RSH) and HD Digital Radio Alliance say that in anticipation of growing customer demand for HD Digital Radio receivers, RadioShack is launching a pilot program in several major markets as the prelude to a national roll-out later this year.

Cambridge Antibody Technology Group (CATG) AstraZeneca UK Limited offers to acquire the company for GB 702 million.

Krispy Kreme Doughnuts (KKD) announces a proposed settlement on class action against the company and individual defendants including certain members of the Board, officers, and employees. The settlement would include a one-time $4.75 million cash payment to be made by the company's insurer.

Paulson Capital (PLCC) posts 57 cents first quarter loss vs. 40 cents loss on a 91% revenue decline. It cites significant investment losses from its proprietary investment accounts.

Kreisler Manufacturing (KRSL) posts 24 cents vs. 5 cents third quarter EPS on a 42% sales rise.


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