Stocks To Open Flat
Stocks appeared headed for a flat open
Wednesday after the Government reported a weaker-than-expected increase in
retail sales.
U.S. retail sales edged up 0.1% in May
to a seasonally adjusted $291.31 billion, the Commerce Department reported.
Economists expected an increase of 0.2%. The Government also revised upward its
April retail sales increase to 1.4%.
Celera Genomics
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PowerRating) said
Wednesday that it would acquire Axys Pharmaceuticals
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$173.4 million in stock. Celera said the deal is valued at about $4.65 per share.
Axys closed Tuesday at $3.45.
Transmeta
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PowerRating) co-founder and
vice chairman Dave Ditzel, in remarks Wednesday, stuck by the company’s outlook
that Q2 revenues would be near or slightly higher than in Q1. The microprocessor-design company reported Q1 revenues of $18.6 million.
No. 1 RV manufacturer Fleetwood
Enterprises
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PowerRating) reported a worse-than-expected fiscal Q4 loss, citing
weakness in its consumer spending and restructuring charges. The company posted
a net loss for the April 29 quarter of $1.36 a share, including a charge of 21
cents share from goodwill impairment and restructuring. That compares to a
profit of 37 cents a year ago and analysts estimates averaging a loss of 64
cents. Revenue fell 40%.
Kraft Foods
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billion on Tuesday in the second-largest U.S. initial public offering ever.
Kraft, the maker of top brands like Oreo cookies and Jell-O gelatin, sold 280
million shares at $31 each, said Philip Morris
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in the IPO.
U.S. Treasury Under-Secretary for
International Affairs John Taylor said on Wednesday he expected the U.S. economy
to recover in the second half of this year and achieve growth 3% by 2002. Taylor
told reporters in Paris that he expected growth in the second quarter of around
1.3%.
European Competition Commissioner
Mario Monti met with General Electric
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GE’s planned $42 billion acquisition of Honeywell International
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PowerRating),
Reuters reported.