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Adobe to Buy Macromedia

Macromedia (MACR) agreed to be acquired by Adobe Systems (ADBE) for $3.4 billion, or 0.69 Adobe share per Macromedia share. The company sees first-quarter revenues exceeding $108 million to $113 million in guidance provided on Jan. 19, 2005.

Electronics Boutique (ELBO) agreed to be acquired by GameStop (GME). Terms of the agreement give Electronic Boutique holders $38.15 cash plus an equivalent of 0.78795 share of GameStop for each share of Electronic Boutique. S&P upgrades to hold.

Bank Of America (BAC) posted $1.14, vs. 91 cents first-quarter earnings per share on a 47% revenue rise.

3M (MMM) posted $1.03, vs. 90 cents first-quarter earnings per share on 4.6% higher worldwide sales.

Eli Lilly (LLY) posted 68 cents, vs. 37 cents first-quarter earnings per share on a 3.6% revenue rise. The company sees 65 cents to 68 cents second-quarter earnings per share.

Martha Stewart Living (MSO) and Sirius Satellite Radio (SIRI) announced that they will launch 24-hour channel.

JP Morgan upgrades M-Sys Flash Disk (FLSH) to overweight from neutral.

Corning (GLW) raises its first-quarter earnings per share guidance to 16 cents to 17 cents (excluding special items) and sales to $1.04 billion to $1.05 billion. It cites strong performance from Dow Corp., and higher demand for its hardware and equipment products.

Banc of America reportedly upgrades JPMorgan Chase (JPM) to buy from neutral.

Koninklijke Philips (PHG) posted lower-than-expected 117 million euro first-quarter net profit. The company cites weak demand for electronic goods and overcapacity in chips and LCDs.

SunTrust Banks (STI) posted $1.36, vs. $1.28 first-quarter earnings per share on a 29% revenue rise.

Onyx Pharmaceuticals (ONXX)and Bayer (BAY) recommend that all patients in company's ongoing Phase III trial in advanced renal cell carcinoma be offered access to sorafenib.

Check Point Software (CHKP) posted 29 cents, vs. 16 cents first-quarter earnings per share on a 19% revenue rise.

Guitar Center (GTRC) completed its previously announced acquisition of privately held Music and Arts Center, a Maryland-based musical instruments retailer with emphasis on beginning musician, for $90 million, plus debt assumption.

Recent insider action suggests Restoration Hardware (RSTO) may offer stylish returns for investors. Since last Tuesday, Glenn Krevlin, a director, has bought 500,000 plus shares on behalf of several private investment funds, according to Barron's.

Alcon Inc. (ACL) says the FDA accepted its new drug application (NDA) for Nevanac suspension for treatment of pain, inflammation associated with cataract surgery, and has granted the application a priority review.

Hasbro Inc. (HAS) posted a 2-cent first-quarter loss, vs. 3 cents earnings per share on a 4.2% revenue decline.

R.R. Donnelley (RRD) is to acquire The Astron Group for $990 million cash.

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