UnitedHealth to Buy PacifiCare
UnitedHealth Group (UNH ) agrees to acquire PacifiCare Health (PHS ) for $21.50 cash per PacifiCare share. S&P keeps strong buy on PacifiCare, hold UnitedHealth.
CIBC World believes Charles Schwab (SCH ) is close to an inflection point and raises estimate.
Amegy Bancorporation (ABNK ) agrees to be acquired by Zions Bancorporation (ZION ) in $1.7 billion deal, or $23.32 per share. Shareholders may receive cash or Zion stock.
Par Pharmaceuticals (PRX ) says the FDA has approved Megace ES, a concentrated oral suspension for treatment of anorexia, cachexia, or unexplained, significant weight loss in patients with diagnosis of acquired immunodeficiency syndrome (AIDS). The drug was developed using Elan's (ELN ) nanocrystal technology.
Amvescap Plc ADS (AVZ ) reportedly says that CI Fund Management Inc. made an unsolicited approach for its Canadian operations and that CI has also indicated it might have interest in acquiring all of Amvescap.
The Financial Times reports that Maytag Corp. (MYG ) may end takeover talks with the group that included China appliance maker, Haier, following pressure from a second group of bidders.
WebMethods Inc. (WEBM ) sees 2 cents to 4 cents first-quarter loss (GAAP) on lower-than-expected revenue of $47 million to $48 million.
Ade Corp. (ADEX ) posted 41 cents, vs. 23 cents fourth-quarter earnings per share (non-GAAP) on a 14% rise in revenues. The company sees 14 cents to 17 cents first-quarter earnings per share on $24 million to $25 million in revenue. It says first-quarter revenue will decline sequentially due to a shipment delay related to a temporary supply issue.
Epix Pharmaceuticals (EPIX ) announces the resignation of Senior VP and CFO Peyton Marshall.
Ultralife Batteries (ULBI ) says it has been awarded multi-year contracts valued at up to $25 million from General Motors (GM ), one of its joint venture partners to supply back-up batteries for GM's OnStar Telematics system.
Biomarin Pharmaceuticals (BMRN ) lowers 2005 sales guidance for all Orapred products to $8 million to $10 million from previous guidance of $15 million to $20 million. It cites intensified generic competition and eliminates 58 job positions, of which 52 were related to Orapred.
Bob Evans Farms (BOBE ) says June same-store sales in "core" Bob Evans Restaurants decreased 3.1% and Mimi's Cafe same-store sales in "core" restaurants increased 3%.
Unova Inc. (UNA ) says CFO Michael Keane has resigned to pursue another opportunity in Southern California.
Zoll Medical (ZOLL ) sees $50 million to $51 million in third-quarter revenue, a shortfall of about $3 million from previous guidance. As a result, it now sees breakeven third-quarter net. The company cites a delayed shipment (at the request of a customer) and a production problem with circuit boards.