Jim Cramer Blog

OccuLogix Inc. (NasdaqGM:OCCX - News) shares gained after the Toronto-based developer of ophthalmic devices said it has obtained investigational device exemption clearance from the Food and Drug Administration to begin its Phase III study of the Rheo procedure to treat the dry form of age-related macular degeneration. If successful, the company expects the study to support its application to the FDA for approval to market the Rheo system in the U.S.
Par Pharmaceutical (NYSE:PRX - News) shares advanced after the Woodcliff Lake, N.J.-based company said it has received final approval from the Food and Drug Administration of its abbreviated new drug application for propranolol hydrochloride extended release capsules. Propranolol HCI, the generic equivalent of Wyeth's (NYSE:WYE - News) Inderal-LA, is used to treat hypertension, angina pectoris due to coronary atherosclerosis, migraine and hypertrophic subaortic stenosis. Annual U.S. sales of Inderal-LA are roughly $215 million, Par said.
Premier Community Bankshares' (NasdaqCM:PREM - News) shares soared after the Winchester, Va.-based bank said it has agreed to be acquired by United Bankshares Inc. (NasdaqGS:UBSI - News). Premier shareholders will be able to elect to receive either United Bakshares stock, cash, or a combination. The stock consideration will be at a fixed exchange ratio of 0.93 shares of United common stock for each share of Premier common stock, and the cash consideration will be $34 a share. Premier had $900.7 million in assets at Dec.31, 2006, and 26 offices through three banking subsidiaries.
Quest Diagnostics (NYSE:DGX - News) was upgraded to overweight from neutral at J.P. Morgan. The firm said it expects the company to become more active in the acquisitions market. "Based on our conversations with Quest's management, we now believe the company will become more aggressive to act upon its long-stated goal of expanding overseas," the broker said. "In addition, we believe current guidance for the impact of the recent contract losses is too conservative, and that results over the next few quarters will prove to be better than current expectations," it added.
Silicom Ltd. (NasdaqCM:SILC - News) shares surged after the Israel-based supplier of networking products reported fourth-quarter net earnings of $1.07 million, or 20 cents a share, up from $473,000, or 11 cents a share, in the year-ago period. Revenue rose to $5.02 million from $3.13 million.
Sturm, Ruger & Co. (NYSE:RGR - News) shares gained after the Southport, Conn.-based maker of firearms and steel investment castings said it has authorized a repurchase program of up to $20 million of its common stock.
Synagro Technologies (NasdaqGM:SYGR - News) agreed to be acquired by The Carlyle Group for $462 million. The total enterprise value of the deal is $772 million, reflecting the assumption of $310 million in debt. The deal values Synagro shares at $5.76 each, a nearly 29% premium to Friday's closing price of $4.48. Synagro, a Houston-based provider of biosolid recycling services, and Carlyle expect the transaction to close in the second quarter. Synagro added that it plans to continue paying dividends on its common stock through the closing of the deal.
Tesoro Corp. (NYSE:TSO - News) said fourth-quarter earnings rose to $158 million, or $2.28 a share, from $69 million, or 97 cents a share, a year earlier. Analysts surveyed by Thomson Financial had been expecting earnings of $1.91 a share, on average. Revenue for the quarter ending December fell to $4.02 billion from last year's $4.36 billion. The company also agreed to acquire certain California assets of Shell Oil Products, including a Los Angeles refinery and 250 branded retail sites, for $1.63 billion.
Trex Co. (NYSE:TWP - News) said it will restate its results for 2003 through 2005 and the first nine months of 2006 to correct errors related to the recording of certain expenses. The maker of composite decking and railing expects the cumulative effect of the restatements to increase reported net income for 2003 through 2005 by roughly $200,000, and to increase reported net income for the first nine months of 2006 by roughly $200,000, or 2 cents a share.
Tyson Foods' (NYSE:TSN - News) first-quarter earnings rose 46%, boosted by higher profits in its chicken, pork and prepared foods units, and cost-cutting efforts that lowered expenses. The Springdale, Ark., meat processor reported first-quarter earnings of $57 million, or 16 cents a share, up from $39 million, or 11 cents a share, a year earlier. Tyson said sales for the quarter ended Dec. 30 rose 1.6% to $6.56 billion from $6.45 billion a year ago. Analysts surveyed by Thomson Financial expected, on average, earnings of 6 cents a share on revenue of $6.38 billion. In addition, Tyson affirmed its earlier earnings outlook for its 2007 fiscal year, saying it expects earnings of 50 cents to 80 cents a share. The company also said it expects its second quarter to be profitable.
U.S. Airways Group (NYSE:LCC - News) is prepared to add a $1 billion cash sweetener to its offer to acquire Delta Air Lines (Other OTC:DALRQ.PK - News), according to a Wall Street Journal report. The newspaper, citing people familiar with the matter, said Tempe, Ariz.-based U.S. Airways could lift its hostile takeover offer to $10.8 billion in cash and stock if Delta's official creditors committee demands that the bankrupt carrier allow due diligence by its suitor. The creditors would also have to request that the bankruptcy court overseeing Delta's Chapter 11 bankruptcy proceedings postpone a February hearing on the Atlanta-based airline's restructuring proposal, and they'd have to agree to support the start of a formal antitrust review of the proposed merger as well.
Van der Moolen (NYSE:VDM - News) appointed Michiel Wolfswinkel as chief financial officer, effective March 1. Wolfswinkel will succeed interim-CFO Jan Van de Walter. Van der Moolen recently announced it was cutting 30% of the staff at its NYSE specialist unit as the exchange completed the transition to its hybrid trading system.

Published By MarketWatch

Labels: DGX, LCC, OCCX, PREM, PRX, RGR, SILC, SYGR, TSN, TSO, TWP, UBSI, VDM, WYE

UTStarcom (NASDAQ:UTSI - News) announced that the company was undergoing an SEC investigation for trading by unnamed third parties. UTSI's PowerRating is 4.
Lockheed Martin (NYSE:LMT - News) announced a $635 million deal to help upgrade the Turkish Air Force. LMT's PowerRating is 5.
Par Pharmaceutical (NYSE:PRX - News) announced that the FDA approved its new drug, Ondansetron ODT, which is a generic drug used to battle nausea associated with chemotherapy. PRX's PowerRating is 5.
Amazon.com (NASDAQ:AMZN - News) announced that the 2006 Christmas shopping season was the company's "best ever." The orders for December 11th alone topped 4 million separate items. AMZN's PowerRating is 5.
Iron Mountain (NYSE:IRM - News) and Perry Ellis (NASDAQ:PERY - News) have both scheduled a 3:2 stock split for Friday, December 29. IRM's PowerRating is 5, and PERY's PowerRating is 6.
Learning Tree (NASDAQ:LTRE - News) is the only major stock reporting earnings next week. LTRE is expected to report $0.03 EPS on Thursday.
PowerRatings are courtesy of PowerRatings.net

Labels: AMZN, IRM, LMT, LTRE, Nasdaq, NYSE Group, PERY, PRX, UTSI

Alcoa Inc., (NYSE:AA - News) and United Auto Workers Local 1050 reached a tentative agreement on a new labor contract at Alcoa's Cleveland facility, the company said on Sunday. The union negotiating committee backs the deal and will bring it to members for a vote at meetings on Dec. 27, Alcoa said. A ratified accord would end a seven-week strike and send the plant's 830 employees back to work on Jan. 2, Alcoa said in a statement.
Anadarko Petroleum Corp. (NYSE:APC - News) agreed to sell its Vernon and Ansley fields to Exco Resources Inc. (NYSE:XCO - News) for $1.6 billion. Both fields are located in Jackson Parish, La. Houston-based Anadarko said six drilling rigs and four work-over rigs are currently active in the fields, and that, as of Nov. 1, the fields were producing 192 million cubic feet equivalent per day. The company expects the deal to close in the first quarter.
Applica (NYSE:APN - News) shares jumped after Nacco Industries Inc. (NYSE:NC - News) increased its acquisition offer for the company to $7.50 per share from $7, continuing a battle between Nacco and Harbinger Capital Partners to acquire Applica.
Cerus (NASDAQ:CERS - News) shares rose after the company said it's received a $5 million cash milestone payment from BioOne Corp. Concord, Calif.-based Cerus said the payment was triggered by its receipt of CE mark regulatory approval for the Intercept Blood System for plasma in Europe. Cerus also expects to receive an additional milestone payment of BioOne preferred stock worth $5 million in early 2007.
CPAC Inc. (NASDAQ:CPAK - News) agreed to be acquired by Buckingham Capital Partners II LP for $8.65 a share, or $42.8 million plus the assumption of 6.7 million in debt. CPAC, Leicester, N.Y., said the offer is a 16% premium to the average closing price of its common stock over the past 90 trading days.
EpiCept Corp. (NASDAQ:EPCT - News) shares rose after the company granted Durect Corp. (NASDAQ:DRRX - News) exclusive worldwide rights to certain intellectual property for a transdermal patch containing bupivacaine to treat back pain.
Goodyear Tire & Rubber Co. (NYSE:GT - News) said it's reached a tentative agreement with the United Steelworkers on a new master contract covering 12,600 employees at 12 tire and engineered products plants in the United States. The USW is expected to schedule ratification votes at all plants in coming days. The prior 3-year labor agreement expired July 22, and the USW members have been on strike since Oct. 5.
GP Strategies (NYSE:GPX - News) shares advanced after the company said it's agreed to acquire certain assets and the business of Sandy Corp., a unit of Automatic Data Processing (NYSE:ADP - News), for $11.7 million, in cash and assumed debt.
Par Pharmaceutical Cos. (NYSE:PRX - News) said it's received final approval for its abbreviated new drug application for ondansetron orally disintegrating tablets in 4 mg and 8 mg strengths from the Food and Drug Administration. Ondansetron ODT is the generic version of GlaxoSmithKline Plc's Zofran ODT, used for the prevention of nausea and vomiting associated with emetogenic cancer chemotherapy, certain radiotherapies, and the prevention of postoperative nausea and/or vomiting. Par said it has been awarded 180 days of marketing exclusivity for the product, which will be marketed by Pliva Inc., the U.S. subsidiary of Pliva d.d., which is a subsidiary of Barr Pharmaceuticals Inc. . Under the terms of an agreement, Barr will have exclusive rights to market, sell and distribute ondansetron ODT in the United States. The product will be manufactured by Par, and the companies will split profits from the sales. Annual U.S. sales of Zofran ODT are about $300 million, according to IMS Health.
QuickLogic Corp. (NASDAQ:QUIK - News) said it completed its internal stock-option review and filed its quarterly report for the second quarter ended July 2. The Sunnyvale, Calif., maker of semiconductor components said its review found errors in the process of accounting for stock options, and QuickLogic identified a total pre-tax stock-based compensation charge of $964,000 that should have been reported in previous financial statements.
Syniverse Holdings (NYSE:SVR - News) said its board has named Robert Marino non-executive chairman, effective Dec. 31. Marino succeeds G. Edward Evans, who is leaving the company at the end of the year as previously disclosed. Marino has been a director with Syniverse since February 2004.
Amazon.com (NASDAQ:AMZN - News) said the 2006 holiday season was its "best ever" and noted that it shipped more than 99% of its orders in time to meet deadlines worldwide. The Seattle-based Internet retailer said Dec. 11 was its busiest day as customer orders exceeded four million items.
-MarketWatch

Labels: AA, ADP, AMZN, APC, APN, CERS, CPAK, DRRX, EPCT, GPX, GT, NC, PRX, QUIK, SVR, XCO