Kinder Morgan Soars on Buyout Bid

Wal-Mart's May sales disappoint the Street; Tribune announces share buyback; plus more of Tuesday's stocks in the news

From Standard & Poor's Equity Research

Kinder Morgan (KMI) shares soared Tuesday after the company received a proposal from a group of investors led by chairman and CEO Richard Kinder to acquire all outstanding stock of Kinder Morgan at $100 per share cash.

Shares of Wal-Mart (WMT) were down Tuesday after the retailer said it expects U.S. May same-store sales to increase about 2.3%.

KLA-Tencor (KLAC) and ADE (ADEX) amend the terms of their merger agreement to change the consideration that ADE stockholders will receive from KLA-Tencor common stock to $32.50 per share cash.

Aware (AWRE) announces that PMC-Sierra is licensing Aware's StratiPHY2+ technology for its newly announced ADSL2+ residential gateway solutions.

Millicom International Cellular (MICC) says it is in advanced discussions and due diligence with a potential purchaser of the entire share capital of Millicom. It says no agreement has been reached at this time.

Tribune (TRB)'s board okays the purchase of up to 53 million shares in a modified "Dutch Auction" tender offer, as well as an additional 10 million shares from its principal shareholder following the completion of its tender. It will also buy up to an additional 12 million shares through the open market.

Innovex (INVX) cuts $44 million to $46 million third quarter revenue guidance to between $38 million and $40 million. It says its two largest disk drive customers and its largest FPD customer are executing mergers, while its merger-related product line and inventory rationalization may be impacting near term demand.

TAT Technologies (TATTF) posts 21 cents vs. 13 cents first quarter EPS on a 96% revenue rise.

Smith & Wesson Holding (SWB) reaches agreement with the North Department of Correction for 5,700 of the company's new Military & Police Series of advanced-polymer pistols.

Vical (VICL) inks a partnership deal with AnGes MG for development of Allovectin-7 cancer immunotherapeutic. AnGes MG is to provide up to $100 million in ongoing clinical trial funding.

Before it's here, it's on the Bloomberg Terminal.