ConocoPhillips Reportedly In Talks to Buy Burlington Resources
ConocoPhillips (COP ) is in talks to buy the oil-&-gas producer Burlington Resources (BR ) for more than $30 billion, in a bet that natural-gas supplies will remain tight and prices high for years, according to the Wall Street Journal.
Tommy Hilfiger (TOM ) is expected to draw three bids this week, as Wal-Mart (WMT ) seeks a license deal with the winning bidder, according to the Wall Street Journal.
General Motors (GM ) and Tracinda Corp. say they have not been able to reach a mutually satisfactory agreement for Jerome York to join GM's board at this time, but they expect talks may continue in the future.
Goodrich (GR ) sees $2.20 to $2.40 2006 earnings per share on $5.6 billion to $5.7 billion sales.
DreamWorks Animation (DWA ) inked a 7-year distribution deal with Viacom's (VIA ) Paramount Pictures for worldwide rights to distribute DreamWorks films in theatrical, home entertainment, and t.v. markets. The deal is conditioned on the closing of Paramount's acquisition of DreamWorks Studios. As part of the recently announced deal, Viacom set a $3 billion stock buyback, which will begin following the expected separation of Viacom into two publicly traded companies on 12/31.
AT&T (T ) AT&T reached agreement with Communications Workers of America and the International Brotherhood of Electrical Workers on new agreements covering 11,000 pre-merger AT&T employees.
Pain Therapeutics (PTIE ) said a Phase III study of PTI-901 for the treatment of irritable bowel syndrome did not meet its primary endpoint. The company is discontinuing all further clinical development activities with PTI-901.
Honeywell (HON ) raised its quarterly cash dividend by 10% to $0.9075.
Lannett (LCI ) received approval from the Food and Drug Administration of its Abbreviated New Drug Application for Doxycycline Monohydrate Tablets 50mg and 100mg, the first generic approval of Adoxa, which is marketed by Doak Dermatologics.
Bakers Footwear (BKRS ) posted a wider-than-expected 17 cents third quarter loss vs. 51 cents loss on a 34% sales rise.
Competitive Technologies (CTT ) posted 4 cents first quarter loss vs. 14 cents earnings per share on 44% lower total revenue.
Merck (MRK ) a Texas judge declared mistrial in Merck's Vioxx case, Plunkett v. Merck. The drug company says it disappointed a federal court jury in Houston that it could not return the verdict in this case and it is prepared for retrial, if necessary.