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Stocks to Watch: BEA Systems, Citigroup, Danaher, Merck, Medtronic


Monday's top stories and stocks with potential to move...


Stocks to watch for Monday, October 15, 2007:

  • Biogen Idec's (BIIB) board authorized management to evaluate whether third parties would be interested in buying the company and said it has received expressions of interest, including one from investor Carl Icahn.
  • Citigroup (C) reported a 57% drop in 3Q net income, as CEO and Chairman Charles Prince promised to focus on the company's weak points. C reported net income of $2.38 billion, or 47 cents a share, compared with $5.51 billion, or $1.10 a share, a year earlier, in line with the company's recent warnings.
  • Danaher (DHR) agreed to a $2.8 billion purchase of electronic test and measurement company Tektronix (TEK). Tektronix shareholders will receive $38 a share in a cash tender offer, a 34% premium to its $28.34 share price Friday.
  • Infinera (INFN) filed a registration statement with the Securities and Exchange Commission for the offering of its stock in an underwritten secondary public offering. Goldman Sachs will act as book-running manager. The company sold some 14 million shares in an initial public offering in June. Infinera debuted at $16 on the Nasdaq, above the expected range of $10 to $12 a share.
  • Medtronic (MDT) is halting sales of an electrical wire the connects a patient's heart to defibrillators implanted in their chests, saying they may have contributed to five deaths. The wire is currently used in 235,000 patients world-wide, according to the Wall Street Journal. The wire, called a lead, is prone to fracturing within patients' blood vessels and erroneously dispatching a massive electrical jolt.
  • Merck (MRK) said it received accelerated approval from the Food and Drug Administration for Isentress tablets, a drug to treat HIV-1 infection. Merck said Isentress is the first medicine to be approved in a new class of antiretroviral drugs called integrase inhibitors, which work by inhibiting the insertion of HIV DNA into human DNA by the integrase enzyme.
  • Nautilus (NLS) will cut about 140 positions, or 9% of its workforce, with the hopes of cutting expenses by more than $10 million annually. The affected staff will receive severance and benefits packages based upon their years of service.
  • Oracle (ORCL) said it was supposed to meet with BEA Systems (BEAS) on Friday in the hopes of reaching an agreement for a buyout by today, but BEA canceled the meeting late Thursday and refused to reschedule, according to a letter Oracle sent to BEA. Oracle said it remains available to discuss and complete a transaction. BEAS investor Carl Icahn agrees with the company's mangement that the initial offer of $17 per share is too low.

Market Update

  • Asian trading closed in the green with the Hang Seng +2.44%, Nikkei +0.16%, Sensex +3.47%, Taiwan +0.23% and Shanghai +2.15%.
  • A quick check across the pond finds trhe CAC +0.08%, DAX -0.20%, FTSE -0.03%, ATX +0.16%, Swiss Mkt. +0.10% and Stockholm -0.07%.
  • Crude oil is trading higher +0.97 to 84.66 and gold is also up +6.70 to 760.50.
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