Markets & Finance

Citigroup Bids for Nikko Cordial


McAfee names new CEO; Morningstar searches for new CFO; plus more stocks in the news Tuesday

From Standard & Poor's Equity ResearchCitigroup (C) announced its takeover bid of Yen 1,350 per share for Nikko Cordial Corp., with a total value of up to Yen 1.253 trillion.

McAfee (MFE) names Dave DeWalt to serve as the company's CEO and president starting April 2, 2007, replacing interim president and CEO Dale Fuller

Morningstar (MORN) announces that CFO Martha Dustin Boudos will be taking on a new role at the company and a search for a new CFO is under way. Boudos will remain CFO until the company names a replacement.

Bausch & Lomb (BOL) sees $598.5 million fourth quarter net sales, reflecting lower sales of vision care products. Initiates a limited voluntary recall of 12 lots of ReNu MultiPlus Solution due to potential shortened shelf life.

Estee Lauder (EL) expects third quarter earnings per share (EPS) from continuing operations to be flat vs. a year ago and still sees $2.10 to $2.20 fiscal year 2007 EPS from continuing operations. Sees third quarter net sales growth of 4% to 6% in constant currency, with foreign currency adding 1.5% to 2.0% on a reported basis.

Topps (TOPP) agrees to be acquired by The Tornante Co. LLC (Michael Eisner's investment firm) and Madison Dearborn Partners, LLC for about $385.4 million or $9.75 per share in cash.

Xilinx (XLNX) narrows a March quarter sales guidance range to flat-to-down 4% sequentially, vs. previous guidance of flat-to-down 5%. Maintains gross margin guidance of about 61%. For fiscal year 2008, expects fully diluted share count of about 300 million.

Novartis (NVS) receives FDA approval for its blood-pressure drug Tekturna.

Countrywide Financial (CFC) Says the Office of Thrift Supervision (OTS) approves its application to convert its existing national bank charter to a federal savings bank charter.

Global Sources (GSOL) Posts $0.36 vs. $0.11 fourth quarter EPS on 62% higher revenue. Sees $0.11 to $0.13 first quarter EPS on $33.5 million to $34.5 million revenue and $0.22 to $0.26 first half EPS on $83.5 million to $86.5 million revenue.


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