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.