Movers: GM, Microsoft, VMware, BHP Billiton, Apple, EMC
The Associated Press reports that thousands of United Auto Workers walked off the job at General Motors (GM) plants around the country Monday in the first nationwide strike against the U.S. auto industry since 1976.
The Wall Street Journal reports that Microsoft (MSFT) is in talks with Facebook Inc. about making an investment in the social-networking startup that could value Facebook at $10 billion or more. Google (GOOG) is also interested in investing in Facebook.
VMware (VMW) shares rise after UBS Financial and Citigroup initiate coverage with buy. Bear Stearns initiates coverage with outperform.
The Herald Sun is reporting that BHP Billiton Ltd. (BHP) is expected to announce this week that it has uncovered what is potentially the largest gold resources in the world at its Olympic Dam mine in South Australia. The company will release its resource upgrade for the copper, gold and uranium mine, as part of its annual report on Wednesday.
PetroChina Co. Ltd. (PTR) is higher on report China's stock regulator approved a plan by the company to launch an initial public offering of local-currency A shares in Shanghai.
PrimeWest Energy Trust (PWI) agrees to be acquired by two units of Abu Dhabi Natl Energy Co. (PJSC) for cash consideration of C$26.75 per unit, valued at about C$5 billion.
WSB Financial Group (WSFG) falls after the company says it is eliminating 33 jobs in its mortgage division due to a reduction in mortgage demand, and the uncertainty and elimination of various secondary marketing conduits.
Citigroup reportedly raises price target for Apple (AAPL) to $185.
Bear Stearns upgrades EMC Corp. (EMC) to outperform from peer perform.
Sonus Pharmaceuticals (SNUS) says its Phase 3 pivotal trial of Tocosol Paclitaxel in women with metastatic breast cancer did not meet its primary endpoint of non-inferiority on objective response rate when compared to the Taxol control arm.
Harman International Industries (HAR) expects fiscal year 2008 sales to reach $4.1 billion and EPS before merger related costs to equal or exceed last year's record performance.
Adtran (ADTN) expects third quarter revenue and EPS to be flat compared to the second quarter. Also says it has repurchased 1.77 million shares in the third quarter.
C-Cor (CCBL) agrees to be acquired by Arris Group (ARRS) for a purchase price of approximately $730 million in a mix of cash and ARRS stock, or about $13.75 per CCBL share.
Analogic (ALOG) posts $0.60 second quarter EPS from continuing operations, vs. $0.59 loss per share a year ago, on 11% revenue rise.
Bionovo (BNVI) files preliminary prospectus supplement to existing shelf registration statement with the SEC relating to a proposed public offering of 11.4 million shares of its common stock.
Array Biopharma (ARRY) and Celgene announce worldwide strategic collaboration focused on the discovery, development and commercialization of novel therapeutics in cancer and inflammation.
Genco Shipping & Trading Ltd. (GNK) plans to offer about 3.305 million shares, selling shareholder is expected to offer 750,000 shares, pursuant to its existing shelf registration statement.