SAN FRANCISCO – Among the companies whose shares are expected to see active trade in Tuesday's session are Chesapeake Energy Corp., Sun Microsystems Inc. and CMGI Inc.
After Monday's closing bell, Chesapeake Energy Corp. (CHK) said it has agreed to buy Columbia Natural Resources from Triana Energy Holdings for $2.2 billion in cash and $75 million in debt, a deal that will amass the third-largest natural gas reserves in the U.S. after Exxon Mobil (XOM) and ConocoPhillips (COP) .
AmSurg Corp. (AMSG) estimated third-quarter earnings from continuing operations of 30 cents a share, excluding property losses from Hurricane Katrina, which are estimated to be in the range of 2 cents to 5 cents a share. The Nashville, Tenn.-based ambulatory surgery center operator also revised its 2005 forecast for earnings from continuing operations to $1.18 to $1.21 a share, and its revenue forecast to $390 million to $395 million.
BancorpSouth Inc. (BXS) said the impact of Hurricane Katrina may decrease its third-quarter after-tax earnings by $9 million, or 11.5 cents a share.
CancerVax Corp. (CNVX) and Serono SA (SRA) said they will discontinue the Phase III clinical trial of Canvaxin for patients with Stage III melanoma based upon the recommendation of an independent data and safety monitoring board. The board found that the data are unlikely to provide significant evidence of an overall survival benefit for patients with who were treated with Canvaxin vs. those who received placebo.
CMGI Inc. (CMGI) reported fourth-quarter net earnings of $300,000, or breakeven on a per-share basis. In the same period a year ago, the company reported a net loss of $6.8 million, or 2 cents a share. Revenue at the Waltham, Mass.-based technology products company soared to $251.2 million from $96.5 million last year. CMGI said the revenue increase was primarily attributable to its acquisition of Modus Media.
Culp Inc. (CFI) said it will close its finishing plant in Burlington, N.C., cutting 100 jobs, due to a strategic alliance with Synthetics Finishing, a unit of TSG Inc. The closure is expected to be complete in January 2006. The High Point, N.C.-based mattress fabrics marketer expects to record total pre-tax charges of $2.7 million in the second and third quarters due to the closure.
Goodyear Tire & Rubber Co. (GT) said it has temporarily reduced production by 30% at its North American tire facilities due to disruptions in the supply of raw materials resulting from Hurricane Rita. Goodyear also said it has resumed production at its chemical plants in Bayport and Houston, Texas, following Rita. Its Beaumont, Texas, facility has resumed only partial production.
Lowe's Companies Inc. (LOW) said it has agreed to sell $500 million of 5% notes due 2015 and $500 million of 5.5% notes due 2035. The Charlotte, N.C.-based home improvement retailer said the proceeds will be used to pay down debt, and to finance repurchases of stock, among other things.
PartnerRe Ltd. (PRE) estimated that the total net impact of Hurricane Katrina and Rita and the flooding in Central Europe, adjusted for reinstatement premiums, will be between $560 million and $590 million on a pre-tax basis. This includes estimated claims of $470 million and $490 million related to Katrina; estimated claims of between $30 million and $35 million related to Rita; and estimated claims of between $60 million and $65 million for the flooding in Europe, the Bermuda-based global reinsurer said.
PPD Inc. (PPDI) declared a one-time special cash dividend of $1 a share, payable on Nov. 11 to shareholders as of Oct. 17. The company also said plans to pay an annual cash dividend of 20 cents a share, or 5 cents a share in each quarter.
Sun Microsystems Inc. (SUNW) Chief Executive Scott McNealy and Google Inc. (GOOG) Chief Executive Eric Schmidt will host a press conference on Tuesday in Mountain View, Calif., to outline what Sun called a "collaborative effort" between the Silicon Valley icons.
SupportSoft Inc. (SPRT) said it expects revenue for the third quarter to be $13 million vs. $12.2 million for the same period last year.