Stock Market Decliners Today
Beckman Coulter (NYSE:BEC - News) said it plans to sell $525 million worth of convertible debt, due 2036. The Fullerton, Calif. biomedical systems maker expects to grant the underwriters of the convertible debt option to buy up to an additional $75 million to cover over-allotments. Concurrently, the company said it would launch a 2.5 million share buyback program. The company said it would use the proceeds from the convertible debt sale to repurchase $100 million worth of its common stock.
Brookfield Properties Corp. (NYSE:BPO - News) plans to sell 30 million shares to investors. Brookfield Asset Management, which owns 51% of Brookfield Properties, will purchase around 11.25 million shares. Brookfield Properties will use the offer proceeds to repay outstanding debt and for general corporate purposes. Merrill Lynch, Pierce, Fenner & Smith Inc. and J.P. Morgan Securities will act as joint book-running managers and underwriters for the proposed offering. Separately, Brookfield Properties said that it's expecting to report 2007 funds from operations per share in a range of $2.10 to $2.20, reflecting up to 17% growth over the mid-point of 2006 guidance.
Devon Energy (NYSE:DVN - News) said Brian Jennings has left the company's chief financial officer position. The company said the departure is "in no way related to any issues regarding financial disclosures, accounting matters or other business issues."
Diodes Inc. (NASDAQ:DIOD - News) was downgraded to neutral from buy at UBS, citing valuation and concerns about moderating growth. The firm lowered its price target to $45 from $52.
Eaton Corp. (NYSE:ETN - News) was downgraded to neutral from outperform at Credit Suisse.
Hubbell Inc. (NYSE:HUB-A - News) (NYSE:HUB-B - News) cut its estimate of 2006 earnings to $2.53 to $2.58 a share. The Orange, Conn., company said it also cut its 2006 sales estimate to $40 million. Hubbell said it is seeing lower volumes in several of its key markets and the pace and depth of the decline has accelerated more rapidly than expected in the fourth quarter.
Memory Pharmaceuticals Corp. (NASDAQ:MEMY - News) plans begin the Phase IIa clinical trial for MEM 3454, a potential treatment for Alzheimer's disease, in the first quarter after the U.S. Food and Drug Administration released its clinical hold on development of the drug. The FDA, which had put development of the drug on hold in October, has now completed its review of Memory's investigational new-drug application, Memory said.
Nuvelo Inc. (NASDAQ:NUVO - News) and Bayer AG (NYSE:BAY - News) said a Phase III clinical trial of alfimeprase in acute peripheral arterial occlusion didn't meet its primary endpoint of avoidance of open vascular surgery within 30 days of treatment. The Phase 3 trial in catheter occlusion didn't meet the endpoint of restoration of function within 15 minutes. These trials did not meet key secondary endpoints, they added. Further, they have temporarily suspended enrollment in the ongoing Phase 3 NAPA-3 and SONOMA-3, until further analyses and discussions with outside experts and regulatory agencies are completed.
Parker-Hannifin Corp. (NYSE:PH - News) was downgraded to neutral from outperform at Credit Suisse. The firm cited softening end markets and weaker North America business.
Steel Dynamics (NASDAQ:STLD - News) was downgraded to neutral from buy at UBS citing valuation.
Synergetics USA Inc. (NASDAQ:SURG - News) reported fiscal first-quarter net earnings of $377,000, or 2 cents a share, down from $486,000, or 4 cents a share, in the year-ago period. There were 24.4 million shares outstanding in the quarter, compared with 11.9 million in the same period last year.
UnionBanCal Corp. (NYSE:UB - News) said its main subsidiary, Union Bank of California, will receive a tax refund and interest from the State of California totaling $113.7 million, or $72.6 million after taxes. The settlement is for recovery of taxes paid between 1989 and 1995.
VeraSun Energy (NYSE:VSE - News) shares slid after the company said Friday that Donal Endres, its chairman and CEO, has established a pre-arranged trading plan to sell a portion of his stock holdings.
Brookfield Properties Corp. (NYSE:BPO - News) plans to sell 30 million shares to investors. Brookfield Asset Management, which owns 51% of Brookfield Properties, will purchase around 11.25 million shares. Brookfield Properties will use the offer proceeds to repay outstanding debt and for general corporate purposes. Merrill Lynch, Pierce, Fenner & Smith Inc. and J.P. Morgan Securities will act as joint book-running managers and underwriters for the proposed offering. Separately, Brookfield Properties said that it's expecting to report 2007 funds from operations per share in a range of $2.10 to $2.20, reflecting up to 17% growth over the mid-point of 2006 guidance.
Devon Energy (NYSE:DVN - News) said Brian Jennings has left the company's chief financial officer position. The company said the departure is "in no way related to any issues regarding financial disclosures, accounting matters or other business issues."
Diodes Inc. (NASDAQ:DIOD - News) was downgraded to neutral from buy at UBS, citing valuation and concerns about moderating growth. The firm lowered its price target to $45 from $52.
Eaton Corp. (NYSE:ETN - News) was downgraded to neutral from outperform at Credit Suisse.
Hubbell Inc. (NYSE:HUB-A - News) (NYSE:HUB-B - News) cut its estimate of 2006 earnings to $2.53 to $2.58 a share. The Orange, Conn., company said it also cut its 2006 sales estimate to $40 million. Hubbell said it is seeing lower volumes in several of its key markets and the pace and depth of the decline has accelerated more rapidly than expected in the fourth quarter.
Memory Pharmaceuticals Corp. (NASDAQ:MEMY - News) plans begin the Phase IIa clinical trial for MEM 3454, a potential treatment for Alzheimer's disease, in the first quarter after the U.S. Food and Drug Administration released its clinical hold on development of the drug. The FDA, which had put development of the drug on hold in October, has now completed its review of Memory's investigational new-drug application, Memory said.
Nuvelo Inc. (NASDAQ:NUVO - News) and Bayer AG (NYSE:BAY - News) said a Phase III clinical trial of alfimeprase in acute peripheral arterial occlusion didn't meet its primary endpoint of avoidance of open vascular surgery within 30 days of treatment. The Phase 3 trial in catheter occlusion didn't meet the endpoint of restoration of function within 15 minutes. These trials did not meet key secondary endpoints, they added. Further, they have temporarily suspended enrollment in the ongoing Phase 3 NAPA-3 and SONOMA-3, until further analyses and discussions with outside experts and regulatory agencies are completed.
Parker-Hannifin Corp. (NYSE:PH - News) was downgraded to neutral from outperform at Credit Suisse. The firm cited softening end markets and weaker North America business.
Steel Dynamics (NASDAQ:STLD - News) was downgraded to neutral from buy at UBS citing valuation.
Synergetics USA Inc. (NASDAQ:SURG - News) reported fiscal first-quarter net earnings of $377,000, or 2 cents a share, down from $486,000, or 4 cents a share, in the year-ago period. There were 24.4 million shares outstanding in the quarter, compared with 11.9 million in the same period last year.
UnionBanCal Corp. (NYSE:UB - News) said its main subsidiary, Union Bank of California, will receive a tax refund and interest from the State of California totaling $113.7 million, or $72.6 million after taxes. The settlement is for recovery of taxes paid between 1989 and 1995.
VeraSun Energy (NYSE:VSE - News) shares slid after the company said Friday that Donal Endres, its chairman and CEO, has established a pre-arranged trading plan to sell a portion of his stock holdings.
Labels: BAY, BEC, BPO, DIOD, DVN, ETN, Hot Stocks, HUB, MEMY, NUVO, PH, STLD, SURG, UB, VSE
posted by Stock Administrator @ 1:08 PM
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