From Standard & Poor's Equity ResearchCVS (CVS) and Caremark Rx (CMX) announce that they will merge in a deal valued at around $20 billion. Terms of the all-stock deal are Caremark shareholders will get 1.67 shares of CVS stock for each share of Caremark.
Nvidia (NVDA) says it will restate financial statements for several prior fiscal years and for the April quarter of current fiscal year 2007. It expects the impact of restatements to be $150 million in non-cash charges. S&P maintains hold opinion on the stock.
MasterCard (MA) posts third-quarter earnings per share (EPS) of $1.42, vs. 79 cents a year ago, on a 14% revenue rise.
Ceradyne (CRDN) posts third-quarter EPS of $1.34, vs. 53 cents, on a sharp revenue rise. S&P raises estimates and price target, and reiterates hold opinion on the stock.\
Banta (BN) agrees to be acquired by R.R. Donnelley & Sons for $36.50 per share, or about $1.3 billion, after a special dividend of $16 per share already declared by Banta.
DreamWorks Animation (DWA) posts 10 cents third-quarter earnings per share (EPS), vs. 1 cent loss, as lower costs offset a 36% revenue decline.
Sears Holdings (SHLD) files proxy circular to solicit shareholder votes for its plan to acquire Sears Canada Ltd. It extends until Nov. 20 its takeover bid for all Sears Canada Ltd. shares that Sears or its affilites do not already own.
McKesson (MCK) posts 75 cents, vs. 53 cents, second-quarter EPS on a 5.3% revenue rise. It raises fiscal year 2007 EPS from continuing operations (excluding adjusted to securities litigation reserves) guidance to $2.65-$2.75.
Cigna (CI) posts $2.75, vs. $2.00, third-quarter EPS on a 2.9% revenue rise. Raises 2006 consolidated adjusted EPS from operations forecast to $8.85-$9.15.
Devon Energy (DVN) posted $1.57 (excluding certain items), vs. $1.63, third-quarter EPS on flat revenues.
CEC Entertainment (CEC) posted 54 cents, vs. 41 cents, third-quarter EPS on an 8.4% revenue rise. It says its review of stock option related issues found administrative errors and other defects in the grant process. CEC withdraws any previously communicated guidance.