Weaker Opening
Stocks appear set to open lower
Monday.
Immunex
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IMNX |
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that it will be acquired by Amgen
(
AMGN |
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$16 billion in cash and stock, or $29.15 per share.
Timeshare vacation service company
Equivest Finance
(
EQUI |
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(
CD |
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a share. EQUI closed Friday at $1.25/share.
Vacation cruise line Carnival Corp’s
(
CCL |
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hostile bid of $4.5 billion to take over P&O Princess has been rejected.
According to Reuters, P&O Princess suggests that Royal Caribbean’s
(
RCL |
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bid is more attractive.
Conexant
(
CNXT |
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agreement with Alpha Industries
(
AHAA |
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companies’
wireless business. The terms of the agreement are that CNXT holders will own
approximately 67% of the combination of the two and AHAA holders 33%.
Merrill Lynch downgraded Bed Bath
& Beyond
(
BBBY |
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PowerRating) from Strong Buy to Buy.
Generic drug maker Mylan Labs
(
MYL |
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raised its earnings guidance for Q3 to come in between 54 cents – 56 cents a
share vs. previous forecasts, which were in the range of 38 cents – 40 cents a
share.
Cell Genesys
(
CEGE |
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Phase I/II data on the company’s GVAX lung cancer vaccine has shown a complete
tumor response rate of 12%.
Glaxo Smith Kline
(
GSK |
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a Federal Court ruled in GSK’s favor in a summary judgment between GSK and Teva
Pharmaceuticals
(
TEVA |
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PowerRating), saying that its patent expiring in December 2002
was valid, but also ruled in TEVA’s favor that the GSK patent, which expires in
2018, was not valid.
Lehman Brothers is cautious on
Triquint Semiconductors
(
TQNT |
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PowerRating) before tomorrow’s monthly update.