Markets & Finance

Boeing Climbs on Airbus Woes


From Standard & Poor's Equity Research

Shares of Boeing (BA) were seen higher Wednesday as French company EADS, parent of Boeing rival Airbus, announced delays in planned deliveries of the Airbus A380 superjumbo, as Singapore Airlines ordered Boeing aircraft worth $4.52 billion. Separately, Goldman upgraded Boeing shares to in-line from underperform.

Goldman upgraded Intel (INTC) to outperform from in-line. The firm upgrade Advanced Micro Devices (AMD), Applied Materials (AMAT), and SanDisk (SNDK) to in-line from underperform.

Pacific Ethanol (PEIX) and Front Range Energy, LLC, announce completion of Front Range Energy's ethanol plant in Windsor, Colo. The company says the facility has nameplate capacity of 40 million gallons per year of fuel ethanol.

Shares of Verasun Energy (VSE) advanced in their fist day of public trading Wednesday. The initial 18.25 million shares were offered at $23 per share.

PF Acquisition of Fla. LLC says it made a proposal to the board of directors of Parlux Fragrance (PARL) to acquire all outstanding shares other than those owned by Ilia Lekach, IZJD Corp., and Pacific Investmment Group Inc. for $29.00 per share cash.

AXA (AXA) acquires 100% of Winterthur from Credit Suisse Group for ??7.9 billion cash. AXA will refinance ??1.0 billion of Winterthur's outstanding debt, of which ??0.7 billion of internal loans are to be redeemed to Credit Suisse at closing.

Goodrich (GR) says Airbus's change in its delivery schedule of A380 aircraft will reduce Goodrich's annual sales "slightly" during 2006-2008. They will also have "negligible" impact on earnings per share (EPS) in 2006 and 2007. The company still sees $3.38 to $3.58 2006 EPS amid $5.6 billion to $5.7 billion sales.

Merck KGaA offers its 41.5 million Schering shares to Bayer (BAY) at a price of ??89 per share.

A Special Committee of the Kinder Morgan 's (KMI) board retains Morgan Stanley and Blackstone Group as financial advisors, and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor. The committee was formed to consider a $100 per share offer from the investor group.

Macrovision (MVSN) says that subsequent to its initiation of an internal review of historical stock option grant practices as a matter of good corporate governance, the SEC requested certain information regarding option grants for the period since 1/1/97.

Charles Schwab (SCHW) posts a 2% sequential drop in total client assets for the month-end of May, and a 3% rise in client daily average trades.

E Trade Financial (ET) posts a 5% sequential drop in total retail client assets for May and a 3% drop in total daily average revenue trades.


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