Teva Pharmaceutical (TEVA ) agreed to acquire Ivax (IVX ) in a deal valued at about $7.4 billion. Terms of the deal call for Ivax shareholders to get either $26 per share in cash or 0.8471 of an American Depositary Receipt of Teva for each Ivax share they own.
Xerox (XRX ) posted second quarter earnings per share of 20 cents (adjusted), vs. 21 cents one year earlier, as lower-than-expected gross margin offset a 2% total revenue rise. The company sees third quarter EPS of 16 cents to 18 cents, including a 1-cent restructuring charge. S&P reiterates hold.
Whirlpool (WHR ) sweetened its $17 per share offer to acquire Maytag (MYG ) to $18. Maytag says Whirlpool's sweetened proposal may be expected to lead to a deal financially superior to Maytag's pending deal with the Triton Acquisition group.
Incyte (INCY ) announced results from a Phase IIb trial of Reverset in treatment-experienced HIV-infected patients failing current treatment regimens which suggest the highest of 3 once-daily doses provided greatest antiviral suppression.
Triad Hospitals (TRI ) posted second quarter EPS from continuing operations (pro forma) of 65 cents, vs. a 7-cent loss, on a 12% revenue rise. The company raised its $2.73 to $2.83 2005 EPS from continuing operations guidance to $2.82 to $2.90; it lowered its provision for doubtful accounts to about 7.7% to 8.2% of revenue.
Gehl (GEHL ) posted second quarter EPS of 80 cents (including a 21-cent charge), vs. 69 cents, on a 45% sales rise. It raised its 2005 sales outlook to $465 million to $475 million. It also set a 3-for-2 stock split.
Veeco Instruments (VECO ) posted a second quarter loss of 2 cents per share, vs. a 6-cent loss (GAAP basis), including items, on a 4% rise in revenue. The company sees a 2-cent loss to 5 cents EPS (GAAP) for the third quarter on $95 million to $105 million in revenue. It sees flat revenue for 2005.
According to a Barron's article, cellphone pioneer Motorola (MOT ) is on the comeback trail, and so are its shares. Under CEO Ed Zander, says the story, the company has overhauled its finances and product line-up.
Piper Jaffray downgraded its opinion on shares of Overstock.com (OSTK ) to market perform from outperform.
Quest Diagnostics (DGX ) posted second quarter EPS of 72 cents, vs. 63 cents (before special charges), on a 6.2% revenue rise. The company still sees 2005 EPS (adjusted for a stock split) of $2.73 to $2.78 on a 5% to 6% revenue rise.
Merrill reportedly raised its estimates for Google (GOOG ).
Pilgrim's Pride (PPC ) posted third quarter EPS of $1.28, vs. 15 cents (including a 60-cent charge), despite a slight revenue decline. It raised its 73 cents to 91 cents fourth quarter EPS guidance to 90 cents to $1.00.
Smith International (SII ) posted second quarter EPS of 67 cents, vs. 27 cents (including a 20-cent charge) on a 27% revenue rise. It raised its 2005 EPS guidance to $1.40 to $1.45 (post-split).
PepsiCo's (PEP ) board okayed the repatriation of up to $7.5 billion of undistributed international earnings. It will record related tax expense, currently estimated at $475 million, in the third quarter. The Wall Street Journal reports that Pepsi has told a French regulator it isn't planning a bid for Danone (DA ).