Markets & Finance

IntercontinentalExchange Bids for CBOT


Bear Stearns posts higher earnings; Jupitermedia posts weaker results; plus more stocks in the news Thursday

From Standard & Poor's Equity ResearchIntercontinentalExchange (ICE) makes a bid for CBOT Holdings (BOT) in which IntercontinentalExchange would issue 1.42 ICE shares for each CBOT share, valued at $187.34 per CBOT share based on yesterday's closing price of ICE shares.

Bear Stearns (BSC) posted $3.82 vs. $3.54 first quarter earnings per share (EPS) on a 14% revenue rise. The company notes residential mortgage-related revenues decreased from the prior year, reflecting weakness in the U.S. residential mortgage-back securities market.

Jupitermedia (JUPM) posted 2 cents vs. 13 cents fourth quarter EPS from continuing operations as higher operating expense offset a 4.8% revenue rise.

IndyMac Bancorp (NDE) says its exposure to subprime mortgages is small and its credit performance statistics are reflective of prime/Alt-A mortgage lending. The company says it is inappropriately categorized by many media sources as a subprime lender.

The Pep Boys-Manny, Moe & Jack (PBY) posted 15 cents fourth quarter EPS from continuing operations vs. a 42 cents loss on a 6.5% revenue rise.

Winnebago Industries (WGO) posted 24 cents vs. 23 cents second quarter EPS despite a 3.6% revenue drop. Winnebago notes the second quarter is negatively impacted by lower volume, which is more than offset by increased financial income and a lower effective tax rate.

WebEx Communications (WEBX) Agrees to be acquired by Cisco Systems (CSCO) for an aggregate purchase price of about $3.2 billion. or $57 per share in cash.

Mapinfo (MAPS) Agrees to be acquired by Pitney Bowes (PBI) for about $408 million. Pitny Bowes plans to initiate a cash tender offer at $20.25 per Mapinfo share.


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