July 02, 2009 -- 11:03 ET| Today's Stories |
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| TiVo Early this morning, TiVo (TIVO 9.37, -1.40) announced that U.S. Court
of Appeals for the Federal Circuit granted the request of EchoStar and its
related companies to stay the contempt order imposed by the U.S. District Court
pending the outcome of EchoStar's appeal.
TiVo accuses Dish Network (DISH 16.02, -0.46) of infringing on its DVR patent, but the court
ruling granted a stay on a contempt order that would have forced Dish Network
and Echo Star to disable Dish DVRs. |
| Exelon Exelon (EXC 50.39, -1.17) said Thursday that it is raising its bid for
NRG Energy (NRG 25.38, -0.67) by 12.4% from its original offer.
Exelon said it increased its offer to acquire all of the outstanding NRG
common stock in an all-stock transaction with a fixed exchange ratio of 0.545 of
a share of Exelon common stock for each NRG share, a 12.4% increase over the
initial exchange offer of 0.485. The new offer has a value of
approximately $8 billion.
"We listened to NRG investors and balanced their views with the best
interests of Exelon shareholders. An exhaustive analysis by our internal team,
informed by the best third-party experts, resulted in additional synergies,
allowing us to increase our offer to NRG shareholders," said John Rowe, chairman
and chief executive officer of Exelon. |
| Xilinx Chip maker Xilinx (XLNX 20.34, -0.23) this morning disclosed that its
June quarter sales are expected to be down approximately 5% sequentially vs.
consensus of a sales increase of ~0.5% quarter-over-quarter. This is a revision
from previous sales guidance of down 4% to up 4% sequentially.
The company said the shortfall in sales is primarily due to supply
constraints on certain Virtex-5 devices that are in high demand. Xilinx
currently expects most of the existing delinquency issues to be resolved in the
September quarter.
Gross margin guidance of 61% to 63% and operating expense guidance of flat to
slightly down sequentially remain unchanged. |
| Johnson & Johnson Johnson & Johnson (JNJ 56.43, -0.64) and Elan Corp (ELN 8.51,
+1.51) announced a definitive agreement whereby Johnson & Johnson will acquire
substantially all of the assets and rights of Elan related to its Alzheimer's
Immunotherapy Program (AIP Program), through a newly formed company.
Additionally, Johnson & Johnson, through its affiliate, will invest $1
billion in Elan in exchange for newly issued American Depositary Receipts (ADRs)
of Elan which will represent 18.4% of Elan's outstanding ordinary shares.
The AIP Program represents Elan's interest in a collaboration with Wyeth
(WYE 44.95, -0.42) to research, develop and commercialize selective products for
the treatment and/or prevention of neurodegenerative conditions, including
Alzheimer's disease.
Johnson & Johnson said upon closing, the transaction will have an estimated
dilutive impact of $0.02 to $0.03 on 2009 adjusted earnings per share. The
companies anticipate concluding the transaction in the second half of 2009. |
| Illumina After the close Wednesday, Illumina (ILMN 33.28, -4.86) announced it
expects second quarter revenue of approximately $161 million vs. the First Call
consensus of $172 million, due to a direct result of a shortfall in the
company's array business.
The company said despite the challenges it saw in the second quarter, it
believes the fundamentals in its markets remain intact and that its competitive
position, execution and new product flow are as strong as ever.
Given the Q4 upside opportunities related to the stimulus, offset by the
near-term weakness in the array business, the company is also lowering its
fiscal 2009 revenue outlook to the original range it provided entering the year
of $690 million to $720 million vs. consensus of $717 million. Prior guidance
was $700 million to $720 million. |
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| Market Internals Data |
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| Issues | NYSE | Nasdaq |
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| Advancing | 512 | 454 | | Declining | 2,440 | 2,246 | | Unchanged | 106 | 97 | | Total | 3,058 | 2,797 | | Ratio | | Adv. / Dec. | 0.21 | 0.20 |
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