Conestoga Hooking Up with D&E Communications
Wal-Mart (ENE ) is trading higher on hopes consumers will take advantage of holiday discounts.
CS First Boston says Enron (ENE ) is undervalued and maintains hold.
Merrill says Activision's (ATVI ) new snowboard game appears to be off to a slow start.
Conestoga Enterprises (CENI ) signed a conditional merger agreement with D&E Communications, subject to the termination of Conestoga's merger agreement with NTLEOS (NTLO ). Terms: $33 cash per Conestoga share.
Dynegy (DNY ) is coming under increasing pressure to walk away from its deal to acquire Enron (NE ) due to a slide in the price of Enron shares and mounting financial problems, according to press reports.
Telescope maker Meade Instruments (MEAD ) expects Q3 earnings per share not to exceed $0.04 (excluding non-cash ESOP charges) on sales not exceeding $37M. The company cites recent cancellations and reductions in pre-holiday orders from several retailers.
Merrill Lynch (MER ) will sell its Canadian private client business to CIBC. Also, CIBC will acquire Merrill's Investment Managers Canada Inc. unit. The final combination purchase price will be C$475M-C$650M, with expectations between C$500M-C$600M.
Vivus (VVUS ) withdrew its application for ALIBRA, its second-generation product for treatment of erectile dysfunction.
R.J. Reynolds (RJR ) will acquire privately-held Santa Fe Natural Tobacco Co. for $320M in cash.
Ivax Corp. (IVX ) received notification from the FDA that its abbreviated new drug application for metformin hydrochloride tablets in 500mg, 625mg, 750mg, 850mg, and 1000mg strengths is approvable.