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Old 12-06-2003, 01:52 PM
jjgold jjgold is offline
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Another light week for financial reports will see results Tuesday from warehouse retailer Costco (COST: news, chart, profile) and grocer Kroger (KR: news, chart, profile), which has been affected by the Southern California strike at its Ralphs Grocery division. On Thursday, publishing software maker Adobe Systems (ADBE: news, chart, profile) reports.

Ameren (AEE: news, chart, profile), a holding company for Midwest utilities, said late Friday that it is in exclusive talks with Dynegy (DYN: news, chart, profile) to acquire Illinois Power. Dynegy's sale of the utility for $2.25 billion to Exelon (EXC: news, chart, profile) fell through in November.

American Pharmaceutical Partners (APPX: news, chart, profile) and its drug division Abraxis Oncology late Friday announced positive results for Abraxane, a breast-cancer medication, in Phase III trials. APP said patients in the trial who received its drug had a doubled response rate to those who receive Taxol from Bristol-Myers Squibb (BMY: news, chart, profile).

AMR (AMR: news, chart, profile) named James Beer as chief financial officer late Friday, promoting him from his position as American Airlines' vice president for Asia and Europe. See full story.

Amvescap (AVZ: news, chart, profile), the British financial services company that owns Invesco Funds, had its debt rating outlook lowered to negative by Moody's late Friday. Moody's cited uncertainty related to federal and state investigations of Invesco's mutual fund trading, with risks of fines, penalties and shareholder lawsuits.

Deutsche Telekom (DT: news, chart, profile), the German telecom company that owns VoiceStream Wireless and its T-Mobile brand in the U.S., had its debt rating placed on review for a possible upgrade late Friday by Moody's. The debt-rating agency said better operating performance has improved the company's financial leverage.

Engineered Support Systems (EASI: news, chart, profile), which sells nonweapon equipment to the military, said late Friday that it completed the purchsae of Pivotal Power, which makes power conversion equipment, for $10 million in cash plus assumption of about $700,000 in debt.

Exegenics (EXEG: news, chart, profile), which holds rights to the breast-cancer drug paclitaxel, said late Friday that it received documents from Meyers-Weiss Group representing enough shareholder votes to elect a dissident slate of directors. Exegenics said it hired IVS Associates to tabulate proxies and report the results.

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Old 12-06-2003, 01:52 PM
jjgold jjgold is offline
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Flagstar Bancorp (FBC: news, chart, profile) announced mortgage loan results late Friday that showed the this year's jump in home loans as well as the recent slowdown in that area. Through November, Flagstar said it had closed $53.8 billion in residential mortgages compared with $37.9 billion in the first 11 months of 2002. For this November, Flagstar said it produced $2.3 billion in mortgages compared with $5.2 billion in the year-ago November.

Jacksonville Bancorp (JXVL: news, chart, profile) said late Friday that its shareholders approved the sale of the company to Franklin Bank Corp. Under terms announced Aug. 12, Jacksonville shareholders will receive $37.50 per share in cash.

Main Street Banks (MSBK: news, chart, profile), an Atlanta-based financial services company, said late Friday it is acquiring Banks, Moneyhan, Hayes Insurance of Conyers, Ga., and will combine the company with its existing insurance unit. Terms were not disclosed. Main Street said the purchase, its fourth of an insurance broker in the past 36 months, will help it meet a goal of deriving 30 percent of its revenue from fees. The latest deal will raise that percentage to 27.8 percent, Main Street said.

Medco Health Solutions (MHS: news, chart, profile), a drug-benefits administrator that was spun off from Merck, said late Friday that a West Virginia judge dismissed a charges against the company related to its operation of state workers' accounts. Medco said that West Virginia had also sued its previous pharmacy benefits manager and had three different companies in three years. Medco contends the state owes it $2 million as part of a cost-sharing agreement in its contract.

Nationwide Health Properties (NHP: news, chart, profile), a real-estate investment trust specializing in care facilities for the elderly, said late Friday that Alterra Healthcare, its largest customer, had emerged from bankruptcy and that all of Nationwides leases remain in effect without any rent reductions.

Owens-Illinois (OI: news, chart, profile), one of the world's largest glass and plastic packaging manufacturers, said late Friday that its board named Terry Wilkison and Thomas Young as interim co-CEOs when Joseph Lemieux retires at year-end. Wilkison runs the company's plastics division and Young is the chief financial officer.

Qwest Communications (Q: news, chart, profile), a regional Bell phone company based in Denver, said late Friday that it is increasing the size of a debt repurchase to $3 billion of principal after heavy response to its previous $2.25 billion offer. Qwest said the tender offer will cut its interest expense by $200 million each year.

Sicor (SCRI: news, chart, profile), which makes pharmaceutical products, said late Friday that it scheduled a shareholder meeting for Tuesday on its purchase by Teva Pharmaceutical Industries (TEVA: news, chart, profile). Under terms announced Oct. 31, Israel-based Teva is to pay $16.50 in cash and 0.1906 share of its ADRs for each Sicor share.

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