Movers: Sequa, Google, Lexmark, Children's Place
Sequa Corp. (SQAa) agrees to be acquired by The Carlyle Group in a $2.7 billion deal. Terms: $175 cash per Class A, Class B share.
Google (GOOG) agrees to acquire on-demand communications security and compliance services provider Postini for $625 million in cash, subject to working capital, other adjustments.
In response to one of biggest criticisms of its new videogame console, Sony (SNE) slashed price of PlayStation 3 by $100 in effort to increase sales, reports the Wall Street Journal.
Lexmark International (LXK) sees lower-than-expected $0.64-$0.69 second-quarter GAAP EPS (including a $0.05 tax benefit) on 2% lower revenue, due to shortfall in operating income in consumer market segment.
Children's Place (PLCE) posts 4% lower June same-store sales, 2% total revenue rise. The retailer sees $0.94-$0.98 second-quarter loss. It notes sales came in below expectations at both brands and it took significantly more markdowns.
First Indiana Corp. (FINB) agrees to be acquired by Marshall & Ilsley (MI) for $32 per share in cash, or approximately $529 million.
Cummins (CMI) rises after Bear Stearns upgrades to outperform from peer perform.
Goldman Sachs upgrades Group 1 Automotive (GPI) to buy from neutral.
Sandisk (SNDK) rises ; S&P says recent perception of stabilizing flash memory prices and a rise in its stock price has rewarded shareholders. However, S&P says further declines in pricing are possible and downgrades to hold from buy.
First Solar (FSLR) enters into five agreements for the manufacture, sale of solar modules totaling 685 MW. The agreements are expected to allow for sales of approximately $1.28 billion over the period of 2007-2012.
Topps Co. (TOPP) says its board has determined that hte pending Upper Deck tender offer is not in the best interest of Topps stockholders, and unanimously recommends stockholders reject the offer.
Coventry Health (CVH) agrees to acquire Florida Health Plan Administrators, the owner of Vista Healthplans, which has annual revenues of about $1.2 billion, for $685 million.
Alnylam Pharmaceuticals (ALNY) is in an alliance with Roche, whereby Roche gets a non-exclusive license to Alnylam's technology for developing RNAi (RNA interference) therapeutics. Roche will pay Alnylam $331 million in upfront cash payments, equity investment; plus milestones.
FedEx (FDX) could become a target for private equity buyers because of its modest valuation and turnaround potential: Barron's.
Think Equity reportedly downgrades Yahoo! (YHOO) to accumulate from buy.
Goldman reportedly upgrades Home Depot (HD) to buy from hold.
Needham upgrades ISIS Pharmaceuticals (ISIS) to strong buy from buy. It sees an investment opportunity ahead of ISIS 301012 data and potential partnership in the second half of this year.
Imation (IMN) sees $405-$410 million second-quarter revenue, $16-$18 million operating income, before restructuring charges. It cites softer-than-expected demand, continued pricing pressure on certain products. It plans to cut 2007 outlook with its second-quarter report.
Schnitzer Steel (SCHN) posts $1.47, vs. $0.98 (including charge), third-quarter EPS on 40% revenue rise. It expects margins in the fourth quarter to decline somewhat from the third quarter.
Orbotech Ltd. (ORBK) sees 2007 revenues from sales of flat panel display (FPD) inspection equipment of $50 million, which is $35 million less than expected. However, it sees strong rebound in FPD revenues in 2008.
Huntington Bancshares (HBAN) sees $0.34 second-quarter EPS (including $0.11 negative impact from certain items). It says results were below expectations, and resulted primarily from difficult, deteriorating residential real estate markets.
Boeing (BA) and Air Berlin announce an order for 25 787-8 airplanes valued at $4 billion at list prices.