StreetInsider.com Pre-Open Movers 07/09
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Roche and Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY) 59% HIGHER; announced that they have entered into a major alliance in which Roche obtains a non-exclusive license to Alnylam\'s technology platform for developing RNAi (RNA interference) therapeutics. The alliance could be valued at over 1 billion US dollars.
Sequa Corporation (NYSE: SQA.A) (NYSE: SQA.B) 54% HIGHER; The company and global private equity firm The Carlyle Group announced the execution of a definitive merger agreement under which Carlyle will acquire Sequa in a transaction valued at $2.7 billion. Under the terms of the merger agreement, Carlyle will acquire all of the outstanding Class A and Class B shares of Sequa for $175.00 per share in cash, a premium of 54% to the closing prices of Sequa\'s Class A and Class B shares on July 6, 2007.
First Indiana (NASDAQ: FINB) 40% HIGHER; Marshall & Ilsley Corporation (NYSE: MI) and First Indiana Corporation announced they have signed a definitive agreement for Marshall & Ilsley Corporation to acquire First Indiana Corporation. Under the agreement, Marshall & Ilsley Corporation will purchase First Indiana Corporation for $32 per share in cash or an aggregate of approximately $529 million.
SigmaTel, Inc. (NASDAQ: SGTL) 19% HIGHER; is revising its financial outlook for the second quarter of fiscal year 2007, which ended on June 30, 2007. SigmaTel now expects that revenue for the second quarter will be in the range of $30 to $31 million, higher than the previously announced revenue range of $24-$28 million.
LaBranche & Co Inc. (NYSE: LAB) 12% HIGHER; has initiated a review of strategic alternatives available to the Company for enhancing stockholder value. The Company\\\'s Board of Directors has retained Freeman & Co Securities LLC and Weil, Gotshal & Manges LLP to assist the Board in its review.
Lexmark International, Inc. (NYSE: LXK) 11% LOWER; announced that financial results for its second quarter of 2007 will be lower than expected.
First Solar, Inc. (Nasdaq: FSLR) 8% HIGHER; entered into five agreements for the manufacture and sale of solar modules totaling 685 Megawatts. These new agreements are expected to allow for sales of approximately $1.28 billion at an assumed exchange rate of $1.30/EUR1.00, over the period of 2007 to 2012.
The Children\\\'s Place Retail Stores, Inc. (Nasdaq: PLCE) 8% LOWER; announced total consolidated sales of approximately $154.7 million for the five-week period ended July 7 2007, an approximate 2% increase compared to sales of $151.7 million for the five-week period ended July 1, 2006. Consolidated comparable store sales decreased approximately 4% for the five weeks ended July 7, 2007, compared to a 15% increase last year. Based on quarter-to-date sales trends, the Company anticipates reporting a loss per share of approximately $(0.94) to $(0.98) for the second quarter ending August 4, 2007. (Consensus is a loss of $0.58)
The Scotts Miracle-Gro Company (NYSE: SMG) 4.7% LOWER; expects adjusted earnings in the third quarter, which ended June 30, to range from approximately $1.95 to $2.00 per diluted share as poor weather in April led to lower-than-expected results. (Consensus is $2.18)
Meadowbrook Insurance Group, Inc. (NYSE: MIG) 3% LOWER; plans to offer 7,250,000 shares of common stock in an underwritten public offering pursuant to its recently filed Shelf Registration Statement. Of these shares, 5,500,000 shares are expected to be offered by the Company and 1,750,000 shares are expected to be offered by the Company\\\'s Chairman, Mr. Merton Segal, his wife, or her trust.
Baidu.com, Inc. (Nasdaq: BIDU) 2.3% LOWER; Citigroup downgrades from Buy to Hold
Roche and Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY) 59% HIGHER; announced that they have entered into a major alliance in which Roche obtains a non-exclusive license to Alnylam\'s technology platform for developing RNAi (RNA interference) therapeutics. The alliance could be valued at over 1 billion US dollars.
Sequa Corporation (NYSE: SQA.A) (NYSE: SQA.B) 54% HIGHER; The company and global private equity firm The Carlyle Group announced the execution of a definitive merger agreement under which Carlyle will acquire Sequa in a transaction valued at $2.7 billion. Under the terms of the merger agreement, Carlyle will acquire all of the outstanding Class A and Class B shares of Sequa for $175.00 per share in cash, a premium of 54% to the closing prices of Sequa\'s Class A and Class B shares on July 6, 2007.
First Indiana (NASDAQ: FINB) 40% HIGHER; Marshall & Ilsley Corporation (NYSE: MI) and First Indiana Corporation announced they have signed a definitive agreement for Marshall & Ilsley Corporation to acquire First Indiana Corporation. Under the agreement, Marshall & Ilsley Corporation will purchase First Indiana Corporation for $32 per share in cash or an aggregate of approximately $529 million.
SigmaTel, Inc. (NASDAQ: SGTL) 19% HIGHER; is revising its financial outlook for the second quarter of fiscal year 2007, which ended on June 30, 2007. SigmaTel now expects that revenue for the second quarter will be in the range of $30 to $31 million, higher than the previously announced revenue range of $24-$28 million.
LaBranche & Co Inc. (NYSE: LAB) 12% HIGHER; has initiated a review of strategic alternatives available to the Company for enhancing stockholder value. The Company\\\'s Board of Directors has retained Freeman & Co Securities LLC and Weil, Gotshal & Manges LLP to assist the Board in its review.
Lexmark International, Inc. (NYSE: LXK) 11% LOWER; announced that financial results for its second quarter of 2007 will be lower than expected.
First Solar, Inc. (Nasdaq: FSLR) 8% HIGHER; entered into five agreements for the manufacture and sale of solar modules totaling 685 Megawatts. These new agreements are expected to allow for sales of approximately $1.28 billion at an assumed exchange rate of $1.30/EUR1.00, over the period of 2007 to 2012.
The Children\\\'s Place Retail Stores, Inc. (Nasdaq: PLCE) 8% LOWER; announced total consolidated sales of approximately $154.7 million for the five-week period ended July 7 2007, an approximate 2% increase compared to sales of $151.7 million for the five-week period ended July 1, 2006. Consolidated comparable store sales decreased approximately 4% for the five weeks ended July 7, 2007, compared to a 15% increase last year. Based on quarter-to-date sales trends, the Company anticipates reporting a loss per share of approximately $(0.94) to $(0.98) for the second quarter ending August 4, 2007. (Consensus is a loss of $0.58)
The Scotts Miracle-Gro Company (NYSE: SMG) 4.7% LOWER; expects adjusted earnings in the third quarter, which ended June 30, to range from approximately $1.95 to $2.00 per diluted share as poor weather in April led to lower-than-expected results. (Consensus is $2.18)
Meadowbrook Insurance Group, Inc. (NYSE: MIG) 3% LOWER; plans to offer 7,250,000 shares of common stock in an underwritten public offering pursuant to its recently filed Shelf Registration Statement. Of these shares, 5,500,000 shares are expected to be offered by the Company and 1,750,000 shares are expected to be offered by the Company\\\'s Chairman, Mr. Merton Segal, his wife, or her trust.
Baidu.com, Inc. (Nasdaq: BIDU) 2.3% LOWER; Citigroup downgrades from Buy to Hold
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