Archive for January, 2011
By Samia Nakhoul and Sherine el Madany CAIRO (Reuters) – Egyptian President Hosni Mubarak’s deputy began talks on sweeping reforms with the opposition on Monday, as pressure from street protests, Western allies and the army appeared to be ending Mubarak’s 30 years of one-man rule. After a week of unprecedented rallies against poverty, corruption and oppression under the 82-year-old military-backed leader, newly-appointed Vice President Omar Suleiman appeared on state television to say Mubarak had asked him to begin dialogue with all political forces on constitutional and other reforms. The channel later said talks had begun.
By Toni Clarke and Jessica Hall BOSTON/PHILADELPHIA (Reuters) – U.S. biotech Genzyme Corp and French drugmaker Sanofi-Aventis SA have reached agreement in principle on the terms of a deal under which Sanofi would acquire Genzyme, three sources familiar with the situation told Reuters on Monday. The news buoyed expectations a final deal was close after Genzyme repeatedly rejected Sanofi’s $18.5 billion, or $69 per share, hostile offer launched in early October.
Jan 31 (Reuters) – Noble Holding Intl Ltd on Monday sold $1.1 billion of three-part senior unsecured notes, said IFR, a Thomson Reuters service. The notes are guaranteed by Noble Corp (Cayman Islands). Barclays, SunTrust Robinson Humphrey and Wells Fargo Securities were the joint bookrunning managers for the sale
* New disclosure made on Monday following financial crisis * JPMorgan, Fidelity, Vanguard funds meet $1.0000 target * More rules under review (Adds details on funds) By Ross Kerber and Sarah N. Lynch BOSTON/WASHINGTON, Jan 31 (Reuters) – The largest U.S. money-market funds reported “shadow prices” at $1 per share or more on the first day of a new federal reporting requirement, an outcome that analysts said should reassure investors shaken by the ride some funds took during the financial crisis.
* Q4 EPS 2 cents vs. Street forecast 5 cents * $34.2 mln environmental charge * Revenue up 10 percent to $385.4 million NEW YORK, Jan 31 (Reuters) – Chemical and ammunition maker Olin Corp’s (OLN.N: Quote , Profile , Research ) quarterly profit plunged due in part to a $34.2 million restructuring charge, though sales jumped on strong volumes. The company posted net income of $2 million, or 2 cents per share, compared with $21.8 million, or 28 cents per share, in the year-ago period.
(Corrects consensus estimates in para 5 to 28 cents a share) * Q1 adj EPS $0.30 vs est $0.28 * Q1 revenue $432.6 mln vs est $427.4 mln * Sees Q2 adj EPS $0.28 vs est $0.30 * Backs 2011 rev view Jan 31 (Reuters) – Medical devices maker Hologic Inc (HOLX.O: Quote , Profile , Research ) posted quarterly results that beat analysts’ estimates primarily on higher service revenue from its breast health segment, and reaffirmed its 2011 revenue view. October-December net income was $10.9 million, or $0.04 a share, compared with $26.1 million, or 10 cents a share, a year ago. Excluding items, the company earned 30 cents a share
* Cuts 2011 EPS view to $1.17-$1.23 from $1.23-$1.31 * Cuts rev view to $1.22-$1.24 bln from $1.27-$1.31 bln * Q2 adj EPS $0.29, beats Street by a cent * Revenue rises 7 pct to $304.4 mln * Shares down 5 pct Jan 31 (Reuters) – Parexel International Corp (PRXL.O: Quote , Profile , Research ), a clinical research service provider, cut its 2011 outlook, sending its shares down 5 percent in after-market trade. The company forecast fiscal 2011 earnings of $1.17-$1.23 a share, on sales of $1.22-$1.24 billion
* Estimates loss of $25-$35 mln from Australia floods * Expects another Q4 charge of $45 mln Jan 31 (Reuters) – Reinsurer PartnerRe (PRE.N: Quote , Profile , Research ) said it expects to record a pre-tax loss of $25-$35 million in the fourth quarter from the recent flooding in Australia. The company also expects to incur a charge of $45 million on an aggregate cover it wrote due to the significant number of losses that occurred in Australia and New Zealand during 2010. The company said it is still assessing its exposure to the floods in January and will give its estimates later.
WASHINGTON, Jan 31 (Reuters) – A judge in Florida on Monday invalidated President Barack Obama’s healthcare reform law after finding the requirement that Americans buy health insurance was unconstitutional, in the biggest legal challenge yet to federal authority to enact the law. U.S. District Judge Roger Vinson ruled that the reform law’s “individual mandate” went too far in requiring that Americans buy health insurance or pay a penalty and was inextricably linked to the rest of the law