Red Hat Higher on JBoss Deal

JP Morgan Chase to buy Bank of N.Y. units; SEC begins investigating Zale's accounting; plus more stocks in the news Monday

Red Hat (RHAT) shares moved higher Monday after the company agreed to buy JBoss for about $350 million in initial consideration, plus about $70 million subjected to the achievement to certain future performance metrics.

Walt Disney Co.'s (DIS) Disney Online unit said Monday that it is launching an expanded content line-up of programming for the Web.

JPMorgan Chase & Co. (JPM) inks an agreement to acquire the Bank of New York's (BK) consumer, small-business, and middle-market banking businesses in exchange for JP Morgan's corporate trust business, plus cash payment of $150 million.

Zale (ZLC) says the Securities and Exchange Commission has initiated a non-public investigation relating to various accounting and other matters related to the company, including accounting for extended service agreements, leases, and accrued payroll.

Shaw Group (SGR) posts 31 cents vs. 14 cents second quarter EPS on a 67% revenue rise. It notes results in Energy & Chemicals were lower than expected due to increases in cost estimates on certain domestic clean fuels projects.

Schnitzer Steel (SCHN) posts 68 cents vs. $1.15 second quarter earnings per share (EPS) as a charge for investigation reserve and higher material costs offset an 87% revenue rise. It says third quarter sales volumes for steel are expected to be slightly higher than the second quarter level.

Inter-Tel (INTL) announces that Steven G. Mihaylo, founder and former Chairman & CEO, requests that the company's Board meet to talk about a possible all-cash buyout of the company through an arrangement between himself and Vector Capital.

BE Semiconductor Industries (BESI) sees EUR 44 million first quarter net sales, a 7.5% sequential drop and 20% increase from a year-ago.

Cablevision Systems (CVC) declares a special cash dividend of $10.00 per share on each outstanding share of NY Group Class A Stock and NY Group Class B Stock. The dividend will be payable April 24 to holders of record at the close of business April 18.

Lipman Electronic Engineering (LPMA) agrees to be acquired by VeriFone Holdings (PAY) in a $793 million deal, at 0.5 VeriFone shares and $14.304 cash, adjusted for special dividend. It notes that the amount of special dividend has not been finally determined but will likely exceed $23 million.

Connetics (CNCT) says that on March 28, the Securities and Exchange Commission filed a civil lawsuit against a Connetics employee for alleged insider trading. The company has since terminated that employee. The company is not named as a defendant in that lawsuit.

99 Cents Only Stores (NDN) posts 1.8% higher fourth quarter same-store sales and 4.6% higher total sales.

TRM (TRMM) says its 2005 10-K included the audit opinion of PricewaterhouseCoopers LLP, raising questions about TRM's ability to continue as a going concern due to certain defaults by the company.

Topps (TOPP) posts 5 cents fourth quarter loss vs. a penny earnings per share EPS on slightly lower sales.

Mattson Technology (MTSN) expects to restate its financial statements previously reported for fiscal year 2002, fiscal year 2003, and fiscal year 2004. It says it is reexamining methodology used to record recognition of certain royalty revenue in prior annual periods.

Ultralife Batteries (ULBI) sees $18.0 million to $18.5 million first quarter revenue, primarily reflecting lower-than-anticipated orders from the US Department of Defense. It sees positive operating income.

Infinity Energy (IFNY) expects a record total revenue for the first quarter in excess of $9.5 million, at least a 70% increase over the year-ago quarter. It cites strong revenue from its oilfield service unit, as well as its oil & gas production unit.

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