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Cellcom, Citi, Iberiabank, Landry's, Mead Johnson, TTM Tech
By MarketWatch
Last Update: 7:44 AM ET Nov 16, 2009
TEL AVIV (MarketWatch) -- Among the shares expected to see active trade in Monday's session are Bristol-Myers Squibb, Cellcom, Citi, FedEx, Iberiabank, Landry's, Mead Johnson, Nabi Biopharmaceuticals, and TTM Technologies.
Anchor Bancorp Wisconsin Inc., ABCW the Madison, Wis., banking firm, reported that for the second quarter ended Sept. 30 its net loss widened to $3.56 a share from $1.11 in the year-earlier quarter. The latest loss reflected a $60.9 million loan-loss provision. Other factors included the legal costs of foreclosures and a $7.1 million write-down on the value of property that the company owns.
Bristol-Myers Squibb Co. BMY said Sunday it would split off its Mead Johnson Nutrition Co. MJN as part of its divestment strategy to transition from a traditional drug company into a biopharmaceutical company. Bristol-Myers Squibb, which has an 83% economic interest in Mead, will give its holders roughly $1.11 in Mead shares for each $1 in Bristol-Myers shares they tender.
Canon, CAJ the Tokyo maker of cameras and office equipment, agreed to acquire Oce, the Venlo, Netherlands, producer of copiers and printers, for 730 million euros ($1.09 billion). In a statement on Monday, the companies said that Canon would offer 8.6 euros for each of Oce's shares. That's a premium of 70% to Oce's closing price on Friday and more than double the average share price over the past year, the companies said.
Cellcom Israel Ltd., CEL the Netanya, Israel, provider of cellular service, reported that third-quarter net income rose 19% on 1.5% higher revenue. Cellcom added a net 31,000 subscribers in the quarter, bringing its total subscriber roll to 3.26 million at Sept. 30. Churn, the defection of customers to other providers, was 4.9% in the quarter compared with 4.4% a year earlier.
Champion Enterprises Inc. CHB and its domestic operating subsidiaries have filed petitions for reorganization under Chapter 11 bankruptcy. Champion also said it has obtained a $40 million debtor-in-possession credit facility from some of its current lenders that will be available to fund post-petition operating expenses and to ensure that it meets obligations to employees, customers, and trade partners. The firm, which makes factory-built housing, said it made the move "to improve its capital structure and further strengthen its competitive position." The filing won't include Champion's operations in the U.K. and Canada.
Citigroup: C Paulson & Co., one of the world's largest hedge-fund firms, held 300 million shares of the financial-services giant at the end of September, according to a regulatory filing late Friday. Three months earlier, the firm had no stake. Paulson's Citi stake was valued at $1.45 billion on Sept. 30, according to the filing.
European Aeronautic Defense & Space Co., EADSY the Amsterdam parent of the jet producer Airbus, reported that nine-months net income fell 73% on flat revenue. Commercial-aircraft deliveries at Airbus were 358 units against 349, "offset by lower revenue recognition in the A400M program and price deterioration on commercial-aircraft deliveries." Order intake fell to 24.6 billion euros from 88.7 billion. As of Sept. 30, the order book was 378 billion euros against 400.2 billion euros at year-end 2008. Revenue for 2009 "should be roughly in line with the 2008 level," the company said. EADS said it can't estimate pretax earnings for the full year 2009 because of "uncertainties on the magnitude of the potential A400M and A380 charges in the fourth quarter."
FedEx FDX is set to package and deliver strong earnings in the next economic upcycle, partly due to its global presence, Barron's magazine reports. Read the full report on FedEx.
Goodrich Corp., GR the Charlotte, N.C., provider of systems and services for application in aerospace, defense and security, said it expects to sign a 12-year accord to provide maintenance, repair and overhaul services for the evacuation systems within Emirates Air's fleet of 58 Airbus A380 jets. Terms weren't disclosed.
Iberiabank IBKC said late Friday that it agreed to buy two failed Florida banks -- Orion Bank of Naples and Century Bank of Sarasota -- which were seized by the Federal Deposit Insurance Corp. Read about the latest banks to fail.
Landry's Restaurants Inc.: LNY Pershing Square Capital Management, an activist hedge-fund firm run by Bill Ackman, has taken a big stake in the restaurant operator and plans to vote against a buyout of the company by a group led by Chairman and Chief Executive Tilman Fertitta, according to a regulatory filing late Friday. See story on Landry's buyout battle.
Lowe's Cos.' LOW fiscal third-quarter profit fell to $344 million, or 23 cents a share, from $488 million, or 33 cents, a year earlier. Sales fell 3% to $11.4 billion with comparable-store sales declining 7.5%. Lowe's said it had a 2-cent per-share charge for reducing the carrying value of assets for three stores and for closing a location. The company sees profit of 9 cents to 13 cents a share in the fourth quarter and $1.16 to $1.20 a share for the year. Analysts estimated the retailer would earn 24 cents a share in the third quarter, 10 cents a share in the fourth quarter and $1.20 a share for the year, according to FactSet.
Nabi Biopharmaceuticals NABI and a division of GlaxoSmithKline GSK entered an option and licensing agreement over an investigational vaccine for the treatment of nicotine addiction. GlaxoSmithKline will pay Nabi an upfront fee of $40 million at closing and will receive an option to exclusively in-license the NicVAX candidate vaccine worldwide as well as a license to develop follow-on nicotine vaccines using Nabi's technology. Together with the upfront payment, Nabi said it is eligible to receive more than $500 million in option fees and regulatory, development and sales milestone payments. Nabi will also receive double-digit royalties on global sales.
Nucryst Pharmaceuticals Corp. NCST reported third-quarter net income of three cents a share compared with breakeven in the year-earlier period. Revenue rose 16% to $6.1 million. Early in November, Nucryst definitively agreed to sell substantially all its operations and assets, including its proprietary wound-care technology based on silver, to Smith & Nephew Plc, SNN the U.K. medical-devices producer.
Petrobras PBR reported third-quarter earnings fell 26% to 7.3 billion reals ($4.24 billion) from 9.84 billion reals in the year-ago period. The decline, in part, reflects lower diesel and gasoline prices and the stronger Brazilian currency, Brazil's state-run oil giant said. Earnings before interest, taxes, depreciation and amortization were 13.99 billion reals compared with 15.1 billion reals.
Raytheon Co., RTN the Waltham, Mass., defense contractor, received a $20.5 million contract to provide spare parts to support system upgrades for Kuwait's planned Patriot missile systems.
Sanofi-Aventis SNY Monday that the French drug agency Afssaps has granted marketing authorization in France for Panenza, its non-adjuvanted Influenza A (H1N1) 2009 monovalent vaccine. The vaccine has been made available to French health authorities.
Tandberg: TADBY Cisco Systems CSCO upped its offer for Tandberg on Monday to 170 Norwegian kroner a share, or 19 billion kroner ($3.4 billion) in total. Cisco's last offer valued Tandberg at around 17.2 billion kroner. Cisco said it won't go any higher in the bidding for Tandberg, and if the deal isn't accepted, it will withdraw the offer and look at other ways to expand in videoconferencing.
TD Ameritrade Holding Corp. AMTD saw an average of 420,000 client trades a day in October, a 2% increase over October 2008. The number of trades was down 3% from September 2009. The online brokerage firm said total client assets on Oct. 31 were $297.3 billion, up 23% from the previous year, but down 2% from September 2008.
TTM Technologies Inc., TTMI the Santa Ana, Calif., producer of printed circuit boards, definitively agreed to acquire the PCB business of Meadville Holdings Ltd. for $521 million of cash and stock. The deal creates one of the world's largest producers of printed circuit boards, with combined 2008 annual sales of $1.35 billion.
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