SAN FRANCISCO – Among the companies whose shares are expected to see active trade in Monday's session are Delphi Corp., Lehman Brothers Holdings Inc. and Sanmina-SCI Corp.
Texas Regional Bancshares (TRBS) , a McAllen, Texas bank with a nearly $2 billion market capitalization, is a possible takeover target by Madrid's Banco Bilbao Vizcaya Argentaria SA, according to the online Wall Street Journal, which quoted people familiar with the matter. Representatives of both banks declined comment, according to the report.
Suzuki Motor Corp. (SZKMF) will end its sales agreement in Japan with General Motors Corp. (GM) , dropping distribution of the Chevrolet Trailblazer sports utility vehicle and Optra wagon, and quit manufacturing a jointly developed SUV, according to media reports. GM sold almost all of its 20% stake in Suzuki in April for about $2 billion.
After Friday's closing bell, auto parts maker Delphi (DPHIQ) said it has reached a broad employee buyout program that takes the company a step closer to emerging from bankruptcy and reduces the risk of a strike that could cripple former parent and top customer, GM. The buyouts cover not only retirement-age workers, but also unionized hourly employees represented by the United Auto Workers who have had less time at Delphi.
Herley Industries (HRLY) is expected to report earnings per share for the third quarter of 11 cents, according to analysts polled by Thomson First Call.
Lehman Brothers (LEH) is seen posting second-quarter per-share income of $1.60.
Enzo Biochem Inc. (ENZ) reported a third-quarter net loss of $3.44 million, or 11 cents a share, compared with a net loss of $1.5 million, or 5 cents a share, during the year-ago period. The Farmingdale, N.Y.-based biotechnology company posted revenue of $9.63 million vs. $11 million a year ago.
HEI Inc. (HEII) said Chief Financial Officer Timothy Clayton plans to resign as of June 30. Clayton plans to pursue other opportunities through his firm Emerging Capital LLC, the Minneapolis-based technology and diversified electronics company said.
InfoUSA Inc. (IUSA) said its Chairman and Chief Executive Vinod Gupta, as well as George Haddix and Vasant Raval, have been re-elected to the board, according to certified results. The directors will serve on the board until the 2009 annual meeting, the Omaha, Neb.-based consumer information provider said. Additionally, the shareholder proposal to amend the company's bylaws was defeated, the company said.
Interline Brands Inc. (IBI) said its operating unit has priced $200 million of senior subordinated notes due 2014. Among other moves, the company sees using the proceeds for its planned acquisition of American Sanitary and repaying its credit facility.
Intuit Inc. (INTU) said it has begun reviewing its historical stock-option grants, and has received an informal inquiry from the Securities and Exchange Commission. The Mountain View, Calif.-based provider of software such as TurboTax, indicated in an SEC filing that its directors have formed a special committee to conduct an internal review.
LAN Airlines S.A. (LFL) said traffic in May rose 3.3%, as capacity increased 6.3%. Monthly load factor, or the percentage of a plane filled with passengers, decreased 1.9 percentage points to 65.7%.
McAfee Inc. (MFE) said it received a document subpoena on Wednesday as part of a formal investigation by the Securities and Exchange Commission of the company's stock option practices. McAfee, a Santa Clara, Calif.-based provider of security software, plans to cooperate, according to a filing with the SEC.
Sanmina-SCI (SANM) said the Securities and Exchange Commission has requested information regarding the company's stock-option grants since 1997. The company plans to fully cooperate with the SEC's request.
Semtech Corp. (SMTC) said it has filed to extend the deadline for its first-quarter results to June 14 instead of submitting its 10-Q. Management was unable to complete the 10-Q because of an internal review and the Securities and Exchange Commission's inquiry into stock-option grants since 1997, according to the Camarillo, Calif.-based chip supplier.
Trinity Industries Inc. (TRN) said it has completed selling Hackney Ladish Inc., formerly known as Trinity Fittings Group, to the units management team and the investment firm Levine Leichtman Capital Partners Inc.
Vonage Holdings Corp. (VG) said it has not received a closure letter from the Federal Trade Commission on its investigation into Vonage's 911 disclosures and compliance. Until the company receives such a letter, the FTC's inquiry into this matter remains open, Vonage said.
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