Citigroup Could Lay Off 15,000
Citigroup (C) is setting up a restructuring plan that could involve 15,000 job cuts, a charge of more than $1 billion, according to the Wall Street Journal.
Goodyear Tire & Rubber (GT) is to sell substantially all of its Engineered Products business to EPD Inc., an entity sponsored by Carlyle Partners IV L.P., for $1.475 billion, subject to certain post-closing adjustments. Goodyear expects to record a gain on the sale.
Schering-Plough (SGP) enters agreement with Merck (MRK) to begin development of an ezetimibe and atrovastatin combination product and to create a new cholesterol drug.
Tiffany & Co (TIF) posts $1.02 vs. $0.97 fourth quarter earnings per share (EPS) on a 9% rise in US retail same-store sales and a 15% total sales rise. Believe EPS is currently on-track to achieve its first quarter expectation. Sees fiscal year 2008 EPS up 15% from fiscal year 2007.
Walgreen (WAG) posts $0.65 vs. $0.51 second quarter EPS on a 15% sales rise.
Beckman Coulter (BEC) agrees to acquire Biosite (BSTE) in a cash tender deal valued at about $1.55 billion on a fully diluted share basis.
HealthSouth (HLS) agrees to sell its Surgery Division to TPG Inc. for about $945 million.
Kimberly-Clark (KMB) sees first quarter adjusted EPS at or slightly above the high end of its $0.99 to $1.01 guidance. Reaffirms $4.10 to $4.20 2007 adjusted EPS guidance.
Novatel Wireless (NVTL) expects first quarter non-GAAP EPS to be above $0.35, and revenues are expected to increase by over 150% year over year to more than $100 million vs. the previous guidance of $0.16 and $80 million respectively.
Abbott Laboratories(ABT) reports SPIRIT III trial comparing its Xience Everolimus Eluting Coronary Stent System with TAXUS stent met both primary endpoint and major secondary endpoint. BoA raised its price target on the shares.
Alexza Pharma (ALXA) says its AZ-001 trial met primary endpoint (PE) of 2-hour pain relief in patients with migraine headache; AZ-004 trial met PE in treating schizophrenic patients with acute agitation. JMP Securities raised its price target on the shares.
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