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Eyetech Jumps on Merger News

OSI Pharmaceuticals (OSIP) agrees to acquire Eyetech Pharmaceuticals (EYET) for about $935 million in cash and stock, or $20 per share.

Merck (MRK) shares continued to fall after Friday's adverse ruling in Texas Vioxx case. Merck says it will appeal. S&P expects the award to be substantially reduced, but thinks it is a bad precedent for Merck, and reiterates hold opinion.

Panacos Pharmaceuticals (PANC) says a Phase 2a clinical study of its lead HIV drug candidate, PA-457, met its primary endpoint by demonstrating statistically significant reduction in level of HIV in blood compared to placebo.

CP Ships (TEU) says its board unanimously recommends that shareholders accept an offer from TUI AG to acquire the company in all-cash transaction for $21.50 per share.

Emmis Communications (EMMS) says it will sell nine of its 16 television stations in three separate deals: Five stations to LIN TV for $260 million, three to Journal Communications for $235 million, one to Gray Television for $186 million. S&P maintains hold opinion.

Dow Jones & Co. (DJ) reportedly received three approaches to become the target of an acquisition, according to U.K. publication The Business.

Alpharma (ALO) reiterates that it is actively considering various strategic alternatives to maximize shareholder value. S&P upgrades to hold from sell.

Banc of America upgrades Red Robin Gourmet Burgers (RRGB) to buy from neutral on valuation. KeyBanc Capital Markets reportedly upgrades to buy from neutral. On Friday, the company filed its 10-Q.

S&P believes Northwest Airlines (NWAC) stock is trading higher because the company is suffering only minimal disruption from mechanics strike. However, S&P doesn't think investors are seeing the full picture at Northwest right now. S&P reiterates strong sell recommendation.

Citigroup upgrades Archer-Daniels-Midland (ADM) to buy from hold.

SBS Broadcasting (SBTV) agrees to be acquired by funds advised by Permira and affiliates of Kohlberg Kravis Roberts in a $2.549 billion deal. SBS will then be liquidated and SBTV holders are expected to receive about €46 cash per share ($56).

Petrokazakhstan (PKZ) agrees to be acquired by CNPCI, a wholly owned unit of China National Petroleum Corp., in a $4.18 billion deal, or $55 cash for each share.

J.M. Smucker (SJM) posts 51 cents, vs. 60 cents, fourth-quarter earnings per share despite a 23% revenue rise. The food maker notes fourth-quarter 2004 EPS includes a 10 cents nonrecurring gain. It sees $2.16 billion fiscal year 2006 revenue and remains committed to increasing EPS by its long-term annualized growth goal of 8%.

Endo Pharmaceuticals (ENDP) reports results from Phase III clinical trial of its investigational drug oxymorphone extended-release tablets, which demonstrate statistically significant difference in pain scores between it, placebo.

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