StreetInsider.com Pre-Open Movers 06/04
StreetInsider.com Pre-Open Movers:
Digene Corp. (Nasdaq: DIGE) 34.7% HIGHER; QIAGEN N.V. (Nasdaq: QGEN) and Digene announced a definitive agreement to combine the two companies to create market- and technology-leadership in molecular diagnostics. The acquisition consideration will consist of cash and QIAGEN stock, and Digene shareholders may elect to receive for each Digene share either US$61.25 in cash or 3.545 shares of QIAGEN stock.
1-800 CONTACTS, INC. (Nasdaq: CTAC) 20% HIGHER; entered into a definitive merger agreement with affiliates of Fenway Partners, LLC pursuant to which Fenway Partners will acquire 1-800 CONTACTS for $24.25 per share.
Solectron Corporation (NYSE: SLR) 16% HIGHER; Flextronics International Ltd. (Nasdaq: FLEX) and Solectron announced that the two companies have entered into a definitive agreement for Flextronics to acquire Solectron
SciClone Pharmaceuticals, Inc. (Nasdaq: SCLN) 16% HIGHER; The company and Sigma-Tau S.p.A announced that SciClone's lead product candidate thymalfasin (ZADAXIN) achieved its primary endpoint in a phase 2 clinical trial treating patients diagnosed with stage IV malignant melanoma, the most advanced form of skin cancer.
Cray Inc. (Nasdaq: CRAY) 15.7% LOWER; said due to recent information with respect to the timing of volume parts availability, the company now believes that 2007 revenue associated with quad-core Cray XT4 systems will likely be less than previously anticipated. While there continues to be a wide range of potential outcomes, total revenue for 2007 is now likely to be at or below $200 million, and consequently, there is an increased probability that the company will not achieve profitability for the year. (FY07 revenue consensus is $226.1 million)
Cyclacel Pharmaceuticals (Nasdaq: CYCC) 11% HIGHER; Reports Phase I Sapacitabine Data in Patients with Advanced Leukemias and Myelodysplastic Syndromes at 2007 ASCO
Accredited Home Lenders Holding Co. (Nasdaq: LEND) 10.8% HIGHER; Lone Star to acquire Accredited Home Lenders Holding for $15.10 per share in cash, or about $400 million.
Palm, Inc., (Nasdaq: PALM) 9.7% HIGHER; announced a strategic relationship with the private-equity firm Elevation Partners and a recapitalization plan that will position Palm to lead the next phase of the smartphone and mobile-computing markets. Under the planned recapitalization, shareholders will receive a $9 per share cash distribution. Elevation will invest $325 million in Palm, and the company will utilize these proceeds along with existing cash and $400 million of new debt to finance the cash distribution.
Cadence Design (Nasdaq: CDNS) 8.5% HIGHER; According to reports from the New York Times, Cadence Design is in talks with a least two private equity firms about a possible buyout. Kohlberg Kravis Roberts and The Blackstone Group are interested in the company, according to the paper.
NAVTEQ Corp. (NYSE: NVT) 6.4% HIGHER; Cramer highlights NAVTEQ buyout rumors
Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) 6.15% HIGHER; Bayer HealthCare Pharmaceuticals Inc. (NYSE: BAY) and Onyx announced that Nexavar tablets significantly extended overall survival in patients with hepatocellular carcinoma, or primary liver cancer versus those taking placebo by 44%.
XTO Energy Inc. (NYSE: XTO) 4.8% HIGHER; has agreed to purchase Dominion's (NYSE: D) operations in the Rocky Mountains, Gulf Coast, San Juan Basin and South Louisiana for $2.5 billion. These operations include proved reserves of approximately 1 Tcfe on Dec. 31, 2006.
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