Stocks to Watch: Apple, BP, CVRD, Microsoft
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A week after BP PLC's (BP) announcement that it was shutting down Prudhoe Bay sent ripples through world oil markets, the decision to continue to partially operate the giant oil field in Alaska has taken the worst-case scenario for oil prices off the table.
Canada Southern Petroleum's (CSPLF) board late Friday recommended that holders reject Canadian Superior Energy (SNG) acquisition offer and accept a $13.10-a-share bid from Canadian Oil Sands.
Coca-Cola (KO) said tests from the Central Science Laboratories in the U.K. confirm that there are no safety problems with soft drinks the company makes in India.
Brazil's CVRD (RIO) became the third suitor for the Canadian nickel miner, Inco (N) saying it was interested in taking over Inco. Inco currently backs an offer from Phelps Dodge (PD).
Gannett (GCI) said pro forma operating revenue in July rose 1.2% to $663 million from $655.4 million in the year-earlier period. Total pro forma advertising revenue rose 0.5% to $443 million, while classified ad revenue fell 1.1% to $191.6 million.
Harvey Electronics (HRVE) the Lyndhurst, N.J., retailer, expects to report a wider third-quarter loss. Third-quarter sales dropped 16% to $7.6 million while comparable- store sales fell 19%.
H.J. Heinz (HNZ) said that PNC Financial Services Group Inc. informed the company that it will vote around 1.4 million, or 0.45%, of Heinz's shares to reelect all 12 Heinz directors.
Image Entertainment (DISK) reported its first-quarter net loss widened to 11 cents a share from 8 cents in the year-earlier period as gross-profit margins shrank. The Chatsworth, Calif., DVD-distribution company's revenue rose 20% to $22.3 million.
Inter-Tel (INTL) said it rejected as inadequate an offer from its founder, former chairman and chief executive, and largest holder. Steven Mihaylo and Vector Capital offered to purchase all shares of Inter-Tel, other than those held by Mihaylo, for $22.50 each. Inter-Tel is the Tempe, Ariz., maker of communications products. Mihaylo and Vector Capital first made the offer for Inter-Tel in June.
J2 Global Communications (JCOM) said it will delay the filing of its Securities and Exchange Commission Form 10-Q due to a review of its stock-option-grant practices.
Laidlaw International (LI) accepted for purchase 15.6 million of its shares at $26.90 each in a modified Dutch auction tender offer. The Naperville, Ill., transportation company said it paid $419 million for the shares accepted for purchase.
Microsoft (MSFT) plans to introduce a test version of software that it says will dramatically simplify the creation of basic games for its Xbox 360 game console, saying it wants to turn ordinary players into console game makers.
St. Joe (JOE) said it is merging three units, St. Joe Towns & Resorts, St. Joe Commercial and St. Joe Land, into one organization.
Sonic (SONC) said its board approved a modified Dutch auction tender offer to purchase as many as 25.5 million shares for a maximum of $560 million, or $19.50 to $22 a share.
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