Commscope Launches Bid for Andrew Corp.
Commscope (CTV) offers to acquire Andrew Corp. (ANDW) for $9.50 per share in cash. The proposal represents a premium of about 36% over the $6.97 per share value Andrew shareholders would get under its existing merger agreement with ADC Telecomunications (ADCT).
BP (BP) will shut down its Prudhoe Bay oil field in Alaska after it discovered a corroded pipeline. The move will pull off the market 400,000 barrels a day of crude production, according to the Wall Street Journal.
Hansen Natural (HANS) shares plunged after the food maker reported second-quarter earnings per share of 28 cents, vs. 16 cents a year ago, on an 83% sales rise. Goldman Sachs says results were well below its estimate, and cut its estimates and price target, but kept a buy recommendation on the stock.
Mylan Labs (MYL) says it no longer expects additional generic transdermal fentanyl approvals in fiscal year 2007. It keeps $1.35-$1.55 fiscal year 2007 adjusted EPS estimate, as it already allows for potential increased EPS based on a lack of additional approvals.
TNS Inc. (TNS) says it has ended its strategic review, and concludes it is not in best interests of the company and stockholders to pursue a third party proposal to acquire the company for $20 per share. It also posts 4 cents loss per share for the second quarter. JP Morgan downgraded to underweight from neutral.
Emmis Communications (EMMS) shares fell after the company's CEO scrapped plans to take the company private. Bear Stearns downgraded the stock to peer perform from outperform.
Inco (N)'s board determines Teck Cominco (TCK)'s amended offer to purchase Inco is not a "superior proposal," and recommends that Inco shareholders reject the offer and vote in favor of proposed combination between Inco and Phelps Dodge (PD).
Berkshire Hathaway (BRK.A) posts a 62% increase in second quarter net income on a 33% revenue rise.
Affiliated Computer Services (ACS) announces an internal investigation regarding stock options should be substantially complete in September. But it says previously disclosed preliminary findings can no longer be relied upon and will be superseded by an update.
Pepco Holdings (POM) posts 27 cents vs. 35 cents second quarter earnings per share (EPS) as lower generating output at Conectiv Energy, higher fuel oil prices, lower kWh sales at Power Delivery, and higher operation & maintenance expenses offset an 11% revenue rise.
Marvel Entertainment (MVL) posts 19 cents vs. 24 cents second quarter EPS on a 4.3% total net sales drop. It raises 46 cents to 57 cents 2006 EPS guidance to between 50 cents and 60 cents.
Dollar General (DG) a judge in a collective action lawsuit pending against Dollar General in an Ala. district court issued a ruling decertifying the class (which had consisted of about 2,500 individuals); it allows the 12 named plaintiffs to proceed with their case.
CVS (CVS) posts 9.5% higher July same-store sales and 28% higher total sales.