Google Climbs

AIG restates earnings in latest 10-K; AmeriTrade and TD Waterhouse reportedly eyeing merger; plus more of Tuesday's stocks in the news

Piper Jaffray raises its target price for Google (GOOG ) shares to $300 from $275.

American International Group (AIG ) files its 2004 annual report on Form 10-K with the SEC. The company completes an internal review, including a restatement of 2000 to 2003 financial statements. It posted $9.73 billion 2004 net income, down from $11.05 billion announced in its Feb. 9 earnings release.

Executives at AmeriTrade Holdings (AMTD ) and TD Waterhouse, two discount brokerages, moved within striking distance of clinching a merger agreement over the long holiday weekend in the U.S., according to the Financial Times.

Citigroup reportedly upgrades Exxon Mobil (XOM ) and ChevronTexaco (CVX ) to buy.

Merrill reportedly upgrades Northwest Airlines (NWAC ) to buy from neutral.

Earlier this year, DreamWorks Animation (DWA ) got a shock as retailers started returning millions of unsold copies of Shrek 2, a miscalculation by the company that highlights how the fast-changing DVD market has become difficult to navigate, according to the Wall Street Journal.

Advanced Micro Devices (AMD ) is completing the world's only broad dual-core client and server processor line-up, and announces its immediate availability of AMD Athlon(TM) 64 X2 dual-core processor.

Medco Health Solutions (MHS ) is refusing to comply with a federal subpoena by Health & Human Services until the agency promises it won't share documents with a Justice Dept. office that has sued Medco on another matter, according to the Wall Street Journal.

Genentech (DNA ) announces that the single-masked Phase I/II clinical study of Lucentis met the primary efficacy endpoint of maintaining vision in patients with wet aged-related macular degeneration when used with verteporfin photodynamic therapy.

Calpine (CPN ) agrees to sell its 1,200-megawatt Saltend Energy Centre for about $906 million, plus adjustments for working capital expected to be about $19 million, generating total expected proceeds of about $925 million.

Tibco Software (TIBX ) sees lower-than-expected 2 cents to 3 cents second-quarter earnings per share (GAAP) on $100 million to $102 million revenue and $40 million to $42 million in license revenue. The company cited a slippage in closing several large deals around the world.

MBNA Corp. (KRB ) was talked about across the trading community as an acquisition target of a big bank, possibly Wachovia (WB ), according to Barron's.

Renovis (RNVS ) seals a global collaboration and a licensing agreement with Pfizer (PFE ) to research, develop, and commercialize small molecules that target vanilloid receptor, VR1. The deal is to focus on pain treatment, urinary incontinence, and other disorders.

Panera Bread (PNRA ) posted 10% higher system-wide same-store sales in four weeks ending May 17.

One of Maytag's (MYG ) largest shareholders, Brandes Investment, reportedly says it opposes as inadequate the $14 per share buyout bid for Maytag.

FDA grants Teva Pharmaceutical Industries (TEVA ) tentative approval for an abbreviated new drug application (ANDA) for Zolpidem Tartrate Tablets, 5 mg and 10 mg, to treat insomnia. Final approval is expected upon expiration of patent protection in Oct. 2006 for Lorex/Sanofi-Synthelabo's Ambien.

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