Chiron's Board Spurns Novartis Offer

FedEx to limit fuel surcharge; Prince Alwaleed bin Talal raises News Corp. stake; plus more of Tuesday's stocks in the news

Biopharmaceutical company Chiron's (CHIR ) board declared "inadequate" Novartis (NVS )'s offer to acquire its remaining 58% stake in Chiron for $40 per share.

FedEx's ( FDX ) freight unit will limit its standard fuel surcharge in order to benefit customers hit by extremely volatile fuel prices in aftermath of Hurricane Katrina.

Saudi Prince Alwaleed bin Talal reportedly raised his stake in media giant News Corp (NWS ) to 5.46% of its voting shares.

Steel Dynamics (STLD ) suspended its order entry for cold rolled, galvanized, and painted sheet products because its supplier, Air Products Corp., was unable to meet supply commitments to Steel Dynamics due to the temporary outage of its New Orleans facility.

Ryan's Restaurant (RYAN ) posted 4% lower sales in August at stores that had been open longer than a year, and 1% lower total sales. The restaurant company excluded results from last week, thereby eliminating the impact of Hurricane Katrina on its earnings, as its comparables to peers would then have decreased by 3.2%.

Internet Capital (ICGE ) announced that its partner company, LinkShare Corp., and Rakuten Inc. entered into an agreement whereby LinkShare will be acquired for $425 million in cash. Internet Capital is to get cash proceeds of about $150 million.

Andrx (ADRX ) said the Food and Drug Administration has placed approval of its abbreviated new drug applications on hold, following the FDA's inspection of Andrx's manufacturing facilities.

Wellman (WLM ) said its facility located in Hancock County, Mississippi suffered no major structural damage from Hurricane Katrina.

Benthos (BTHS ) received orders valued at about $750,000 to provide wireless underwater acoustic communications that will be utilized for tsunami warning systems.

Siemens (SI ) won a $560 million contract to provide additional software and equipment services to the U.S. Postal Service.

Chartered Semiconductor (CHRT ) says it expects its third quarter net loss to come in at the mid to low end of its previously provided guidance.

Behavioral health care services company Psychiatric Solutions (PSYS ) raised its $1.97 to $2.05 2006 earnings per share guidance to between $2.10 and $2.15.

Banc of America upgraded its investment recommendation on Coca-Cola (KO ) stock to buy from neutral, raising its price target to $48.

Tire companies such as Goodyear Tire & Rubber (GT ) are raising their prices to compensate for the soaring cost of oil, the Associated Press reported.

Lexar Media (LEXR ) says that both federal and state securities litigation that had been pending against the digital media developer have now been dismissed.

Building materials company Tecumseh Products (TECUA ) suspended its quarterly dividend until profitability improves.

Fuelcell Energy (FCEL ) filed a shelf registration statement with the Securities and Exchange Commission for up to $150 million of debt securities, preferred stock, and/or common stock.

United Financial (UFMC ) agreed to be acquired by Airlie Opportunity Master Fund Ltd. for $5.64 cash per share.

Protein Design Labs (PDLI ) announced positive results from a study of ularitide as a potential treatment for heart failure patients.

Scottish Power (SPI )announced significant corporate restructuring that will result in annualized cost savings of £60 million a year.

Gas Natural made an unsolicited €22.7 billion cash and stock bid for Spanish electricity generator and distributor Endesa (ELE ).

Capital Automotive (CARS ) agreed to be acquired by clients advised by the investment fund DRA Advisors LLC for $38.75 per share in cash.

Some value investors have come to see Avid Technology (AVID ) as a cheap play in the steady shift to digital technology from analog by movie, T.V., and music industries, according to Barron's.

W. R. Grace & Co (GRA ) share prices fell Tuesday. Investors speculated that Congress will put the asbestos bill on hold, as it turns its attention instead toward cleaning up the mess from Hurricane Katrina. The specialty chemicals and materials company faces asbestos-related litigation, which the bill would halt.

Wellman (WLM ) said its facility located in Hancock County, Mississippi suffered no major structural damage from Hurricane Katrina.

Stratagene( STGN ) said it plans to appeal a jury verdict in a patent-infringement case which calls for the scientific researcher to pay $5.29 million in damages to its rival Third Wave Technologies.

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