Harrah's Jumps on Buyout Offer News
Harrah's Entertainment (HET) shares jump after the casino operator receives a proposal from Apollo Management and Texas Pacific Group to acquire the company for $81 per share in cash. S&P reiterates hold.
Boyd Gaming (BYD) heads higher after Harrah's received a buyout proposal. Boyd inked a deal with Harrah's to exchange Barbary Coast Hotel and Casino for 24 acres of Las Vegas Strip property.
Gilead Sciences (GILD) agrees to acquire Myogen (MYOG) in a $2.5 billion deal. Terms: $52.50 for each Myogen share.
LCA-Vision (LCAV) cuts 2006 EPS guidance to $1.60-$1.70 from $1.80-$1.90, and expects second-half revenue growth to be in the 25%-30% range. The company announces the resignation of President Kevin Hassey, effective Oct. 6.
Citigroup downgrades Apple Computer (AAPL) to hold from buy.
Wal-Mart Stores (WMT) shares fell after the retailer says September same-store sales growth estimated at approximately 1.8%. S&P says comp sales were below its 2.2% growth estimate, but near the midpoint of Wal-Mart's prior 1%-3% guidance range.
Pacific Sunwear (PSUN) names Sally Frame Kasaks as interim CEO following the resignation of Seth Johnson. The apparel retailer posts 2.4% lower September same-store sales and 4% higher total sales. The company remains comfortable with 22-30 cents (excluding a one-time charge) third-quarter forecast.
Optimal Group (OPMR) fell after the U.S. Congress passed legislation to end Internet gaming in the U.S. The company says the enactment of the Unlawful Internet Gambling Enforcement Act of 2006 will have a significant negative impact on business and results of operations of FireOne Group, which the company has a 76% stake.
Boston Beer (SAM) fell after Prudential downgrades to neutral from overweight.
Borg Warner (BWA) acquires the European Transmission and Engine Controls product lines from Eaton Corp. for an undisclosed amount.
Keane (KEA) cuts $240-$250 million third-quarter revenue guidance to $230-$232 million, 13-15 cents EPS to 11-13 cents, and 18-20 cents cash EPS to 16-18 cents. Credit Suisse downgrades to neutral from outperform.
Vivus (VVUS) submits a New Drug Application with the FDA for its investigational estradiol drug, EvaMist, being developed for treatment of vasomotor symptoms associated with menopause.
Energy Partners (EPL) lowers third-quarter production guidance to 25,000 to 26,000 Boe per day primarily as result of equipment delays and mechanical issues associated with production coming on line which have been resolved.
Merck (MRK) says HIV-infected patients who failed antiretroviral therapy and were resistant to oral antiretroviral drugs maintained greater antiretroviral suppression after 24 weeks of therapy with MK-0518 vs. patients to received a placebo.