Markets & Finance

Movers: Berkshire Hathaway, Target, Amazon.com, MBIA


Wednesday's stocks in the news

From Standard & Poor's Equity ResearchBerkshire Hathaway (BRK.A) agrees to purchase 60% of Marmon Holdings, a private company owned by trusts for the Pritzker family. Prior to closing, Marmon will make a substantial distribution of cash and certain assets to selling shareholders. At closing Berkshire will acquire 60% of Marmon for $4.5 billion; remaining 40% will be acquired through staged acquisitions over 5-6 year period for consideration to be based on future earnings of Marmon.

Target (TGT) says December same-store sales would likely range from plus 1% to minus 1%, below its previous forecast.

Amazon.com (AMZN) said it had its "best ever" holiday season, though it provided few financial details. Its shares were up 2%.

MBIA (MBI), the troubled bond insurer, jumped 11% after Davis Selected Advisers reportedly took a 5.1% stake in the company.

Ultralife Batteries (ULBI) receives an order worth $40 million from U.S. defense contractor to supply advanced communications systems. Says order is a follow-on to the $62 million order it announced on Dec. 17. It sees 2008 revenue of at least $230 million.

Ampal-American Israel (AMPL) inks deal with Merhav Ltd. to acquire up to a 35% equity interest in a sugarcane ethanol production project in Colombia being developed by Merhav. AMPL has made a $10 million loan to Merhav to fund the purchase of the 11,000 hectares of property in Colombia and the construction of an ethanol production facility, and has agreed to advance up to an additional $10M to fund the project.

Lexington Realty Trust (LXP) declares a special cash common share dividend of $2.10 per share/unit, payable on Jan. 15, 2008 to shareholders/unitholders of record on Dec. 31, 2007.

Wyeth Pharmaceuticals (WYE), a division of WYETH, says it will pursue a patent infringement claim for lost profits and other damages against Teva Pharmaceuticals USA, Inc., a division of Teva Pharmaceutical, resulting from Teva's launch of a pantoprazole tablet -- a generic version of Wyeth's acid reflux drug Protonix.

Transition Therapeutics (TTHI) says it will receive a $5 million milestone payment under its global collaboration agreement with a subsidiary of Elan Corp. (ELN). The milestone payment was triggered by the initiation of a Phase 2 clinical study of Alzheimer's disease drug candidate, ELND005 (AZD-103), which was jointly announced by TTHI and ELN on Dec. 21, 2007.

Fairchild Semiconductor International (FCS) says it is evaluating its options following dismissal of its patent infringement lawsuit against Power Integrations. The court said the current case could not continue because of legal standing issues relating to license arrangements between FCS and Intersil Americas, which owns the patent.


Steve Ballmer, Power Forward
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