Pre-Open Movers 7/21: Genentech (DNA) Higher on Bid for Roche; BofA (BAC) Up on Results
StreetInsider.com Pre-Open Movers:
ArthroCare Corporation (Nasdaq: ARTC) 18% LOWER; to Restate Financials for 2006-07; Current Data Can No Longer Be Relied Upon
Genentech (NYSE: DNA) 15.6% HIGHER; Roche (OTC: RHHBY) has proposed to acquire Genentech for US$89.00 per share in cash. Investors see a higher bid, driving the stock up to $94.60 this AM.
The Timken Company (NYSE: TKR) 12% HIGHER; sees Q2 EPS $0.96, ex-items, versus the company's previous estimate of $0.73 to $0.83 per share.
Bank of America (NYSE: BAC) 11% HIGHER; reports Q2 EPS of $0.72 versus the consensus of $0.53. Revenues came in at $20.32 billion, versus the consensus of $18.37 bilion.
Gibraltar Industries, Inc. (Nasdaq: ROCK) 6% HIGHER; Piper upgrades to Buy
American International Group, Inc. (NYSE: AIG) 4.7% HIGHER; BofA upgrades to Buy
KeyCorp (NYSE: KEY) 4% HIGHER; Baird upgrades to Outperform
Satyam Computer Services Ltd. (NYSE: SAY) 3% LOWER; Morgan Stanley downgrades Satyam to Equalweight
Yahoo! Inc. (Nasdaq: YHOO) 2.7% LOWER; reached an agreement with Carl Icahn to settle their pending proxy contest related to the Company's 2008 annual meeting of stockholders.
Biogen Idec Inc. (Nasdaq: BIIB) 2% HIGHER; Merrill upgrades to Buy
Stanley Works (NYSE: SWK) 1.5% LOWER; Deutsche Bank downgrades to Hold
TransAlta Corporation (NYSE: TAC) INDICATED HIGHER; received a non-binding letter from LS Power Equity Partners, an entity associated with Luminus Management LLC, and Global Infrastructure Partners regarding engaging in a dialogue about a possible acquisition of TransAlta for $39 per share in cash.
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