Stocks to Watch: Amgen, Cephalon, Goldman, Microsoft, Mittal Steel, Sun
I walk the lonely road
Stocks to watch for Tuesday, June 13
- A.C. Moore Arts & Crafts (ACMR) named Michael Joyce non-executive chairman. Joyce succeeds William Kaplan, who is retiring as chairman, but will remain a member of the board.
- Affiliated Computer Services (ACS) said its board has authorized a share buyback program of up to $1 billion effective immediately. The Dallas-based provider of business process outsourcing services added that the program represents about 18% percent of the company's outstanding shares at current stock prices.
- An AirTran Holdings (AAI) unit and the International Brotherhood of Teamsters Local 528 said the union has ratified a new collective bargaining agreement covering stock clerks. The union represents 50 stock clerks.
- Amgen (AMGN) said its biologic license application for panitumumab as a treatment for metastatic colorectal cancer patients who have failed prior chemotherapy has been granted priority review by the Food and Drug Administration.
- Severstal said it is pleased with Arcelor's decision to reject a $31 billion offer from Mittal Steel (MT). Arcelor spurned Mittal's bid but mandated that its board explore possible improvements to the Mittal offer at a later date.
- Arena Pharmaceuticals (ARNA) said patients receiving obesity treatment lorcaserin in a study experienced a highly statistically significant average weight loss and reductions in other physical measures, including body mass index and waist and hip circumference.
- The medical diagnostics division of Bayer AG's (BAY) Bayer Healthcare unit is planning a $100 million expansion of its facility in East Walpole, Mass.
- Cardinal Health (CAH) said it expects to report earnings of $3.50 to $3.70 a share, excluding onetime items but including equity compensation expenses, for 2007.
- Carreker (CANI) said a board committee established in November has assessed the company's strategic position and opportunities, and has recommended that the company explore strategic alternatives such as a merger or a sale.
- Cephalon (CEPH) and Takeda Pharmaceutical (TKPHF) North America unit said they have agreed to co-promote Provigil in the United States. The co-promotion agreement will run for three years with an option to renew annually. Cephalon, which will retain all responsibility for the development of Provigil, will pay Takeda a royalty.
- EResearchTechnology (ERES) named Michael McKelvey president and chief executive, effective June 23.
- FormFactor (FORM) said it has signed a technology agreement with Hynix Semiconductor (HXSCF) to provide the Korean-based memory manufacturer with advanced wafer probe cards using FormFactor's proprietary test equipment extension technology.
- Goldman Sachs (GS) is seen posting second-quarter per-share income of $4.19.
- Lockheed Martin (LMT) said it has agreed to acquire ISX Corp., a privately held, California-based provider of military decision systems.
- Marsh Supermarkets (MARSA) (MARSB) said it opposes an acquisition offer of $13.625 a share from Drawbridge Special Opportunities Advisors LLC and Cardinal Paragon Inc.
- Microsoft (MSFT) restricted access to Vista beta download sites online after demand was so strong, they couldn't handle the bandwidth demand.
- Nabi Biopharmaceuticals (NABI) named Jordan Siegel chief financial officer, effective immediately. Siegel joins Nabi from IVAX (IVX), where he was vice president of finance for its pharmaceuticals unit.
- OSI Pharmaceuticals (OSIP) said it presented the positive results from its Phase IIa proof-of-concept study with its dipeptidyl peptidase-IV inhibitor. The study demonstrated that 14-day administration of the inhibitor, when dosed with meals, reduced blood glucose levels in patients with Type 2 diabetes and was generally well-tolerated with no episodes of hypoglycemia.
- Penwest Pharmaceuticals (PPCO) board appointed Jennifer Good, the president and chief operating officer, to chief executive and a member of the board.
- Sun Microsystems's (SUNW) chief financial officer reiterated that the computer server and software maker can still reach 4% operating margins by the fourth quarter of its 2007 fiscal year.
- Asian trading comes in with the Hang Seng losing -2.48%, the Nikkei -4.14%, Sensex -4.36% and Taiwan -1.64%.
- A quick check across the pond finds the CAC -2.24%, DAX -1.91%, FTSE -2.33%, ATX -5.63% and Stockholm -3.39%.
- Crude oil is trading -0.91 to 69.45 while gold is down -19.2 to 592.1.
THIS CONTENT IS FOR EDUCATIONAL PURPOSES AND IS NOT INTENDED AS ADVICE.
Minyanville contributors may trade securities that are discussed on the site, both before and after the articles are published and/or may have a position in such securities for either personal or firm account(s). Minyanville contributors will indicate whether he or the firm has a position in stocks or other securities in any of the companies he discusses in an article. He will not disclose his or the firm's ownership of any securities issued by companies that are not discussed in an article. The disclosures will be accurate as of the time of publication of an article and may change at any time thereafter without notice to the reader.
The information on this website reflects an analysis of market conditions by Minyanville contributors and should not be interpreted as or deemed to be a recommendation to any investor or category of investors to purchase, sell or hold any security. Any investment decisions must in all cases be made by the reader or by his or her investment adviser. Minyanville contributors will not respond to requests for individual and specific investment advice.
The views expressed on this website are solely those of the writers whose articles appear on this site and do not necessarily reflect the views of the Fund or of any other person except where expressly indicated.
Copyright 2006 Minyanville Publishing and Multimedia, LLC. All Rights Reserved.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter