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Abbott, GE, Guess, Medicines Co., Protalix
By MarketWatch
Last Update: 7:44 AM ET Dec 1, 2009
TEL AVIV (MarketWatch) -- Among the shares expected to see active trade in Tuesday's session are Abbott, Aegon, GE, Guess, Medicines Co., Microchip Technology, Protalix and Saks.
Abbott Laboratories, ABT the Abbott Park, Ill., health-care company, and Laboratories Fournier licensed certain intellectual-property rights for Tricor, a drug designed to lower cholesterol, to Teva Pharmaceutical of Jerusalem as of March 28, 2011, and possibly as late as July 1, 2012. Closely held Fournier of France owns the patent for Tricor, generically fenofibrate, the companies said in a Securities and Exchange Commission filing on Monday.
Aegon AEG repaid a third of the 3 billion euros (44.5 billion) in core capital it received from the Dutch government last year. The group said it paid 1.15 billion euros in total, which includes around 44 million euros in interest payments and a premium of 108 million euros based on the average share price between Nov. 23 and Nov. 27. Aegon first announced its plan to repay the money in August.
Avnet Inc., AVT the Phoenix distributor of electronic parts, computer products and other technology, acquired certain assets of Sunshine JSC of Vietnam, a distributor of servers, storage and software to system integrators and resellers in the country. Terms weren't disclosed, but Avnet said that the Ho Chi Minh City company employs 120 people and generated $33 million of revenue in 2008. The acquisition should immediately add to earnings, Avnet said.
Broadcom Corp. BRCM definitively agreed to buy Dune Networks, a closely held developer of switch fabric solutions, for about $178 million.
EnergySolutions Inc., ES the Salt Lake City provider of services to the global nuclear industry, said on Monday that Chief Financial Officer Philip O. Strawbridge would resign at year's end to pursue personal business interests. He'll be succeeded by Mark C. McBride, currently senior vice president and controller.
General Electric Co. GE reached a tentative agreement to buy partner Vivendi SA's VIVDY stake in NBC Universal for $5.8 billion, according to The Wall Street Journal, which cited people familiar with the matter. GE has been expected to try to reach a deal to buy Vivendi's 20% stake, which would clear a path to handing control of NBC Universal to Comcast Corp. CMCSACMCSK And GE was a losing bidder for the power-transmission and -distribution business of France's Areva, which chose a group including Alstom and Schneider Electric to buy the operations.
Guess Inc. GES third-quarter net income was $64.1 million, or 69 cents a share, compared with $64 million, or 67 cents, in the year-earlier period. Revenue fell to $522.8 million from $527.9 million.
Linn Energy LINE will pay $155 million for oil and natural gas properties. The Houston independent energy firm did not name the seller in the deal. The properties are located in the Permian and Anadarko basins, which are in Texas and Oklahoma.
Medicines Co., MDCO the Parsippany, N.J., drugmaker, was cleared to market in Europe Angiox, generically bivalirudin, as an anticoagulant in patients who have so-called Stemi heart attacks and are undergoing an emergency procedure called primary percutaneous coronary intervention. Stemi heart attacks are the most severe type, the company said. The European Commission decision extends the current EU license for Angiox, the company said in a Tuesday statement. Angiox is also cleared to treat adults with unstable angina/non-Stemi heart attacks. The drug is administered with aspirin and clopidogrel.
Microchip Technology Inc., MCHP the Chandler, Ariz., producer of microcontrollers and analog semiconductors, estimated late on Monday that "based on solid bookings and sales activities in October and November," fiscal third-quarter earnings should come in at 29 cents a share, or an adjusted 35 cents. On Nov. 4, Microchip estimated earnings for the quarter ending Dec. 31 in a range of 27 cents to 29 cents, or an adjusted 33 cents to 35 cents. Microchip now sees sales up 6% to 8%, instead of its previous estimated range of 4% to 8%. A survey of analysts by FactSet Research produced a consensus estimate of 29 cents of profit. The company expects gross-profit margins to come in at the high side and operating expenses to be at the low end of its earlier estimates.
Nokia NOK filed a lawsuit, charging several makers of liquid crystal displays, which are the screens used in mobile phones, personal computers and TVs, with fixing prices, media reports on Tuesday said.
Pfizer Inc. PFE and Protalix Biotherapeutics PLX agreed to develop and commercialize taliglucerase alpha, a potential treatment for Gaucher's disease. Under the deal, Pfizer will make an up-front payment of $60 million, with Protalix eligible to receive a further $55 million in regulatory-milestone payments.
Saks Inc.: SKS Standard & Poor's Ratings Services revised its outlook on the retailer to stable from negative and affirmed the B- corporate-credit rating. The "company has adequate liquidity even if sales trends do not reverse," said S&P.
Staples Inc., SPLS the Framingham, Mass., office-supplies retailer, reported on Tuesday that fiscal third-quarter net income rose 72% on 6.2% lower sales. For the quarter ended Oct. 31, earnings reached $269.4 million, or 37 cents a share, from $156.7 million, or 22 cents, in the year-earlier quarter. Adjusted earnings were 39 cents against 42 cents. Sales totaled $6.52 billion compared with $6.95 billion. A survey of analysts by FactSet Research produced consensus estimates of 37 cents of profit on $6.51 billion of sales. Staples estimated fiscal fourth-quarter net income at 34 cents to 36 cents a share, or an adjusted 36 cents to 38 cents. FactSet's survey was looking for 37 cents. Total sales should rise from the year earlier by 1% to 3% in U.S. dollars and should decline low-single-digit percent in local currencies.
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