SAN FRANCISCO – Among the companies whose shares are likely to see active trade in Tuesday's session are Micron Technology Inc., Palm Inc., and PDL BioPharma Inc.
Micron Technology Inc. (MU) is expected to report a fiscal fourth-quarter loss of 22 cents, according to a poll of analysts surveyed by Thomson Financial.
Pepsi Bottling (PBG) is forecast to report earnings of 89 cents a share for its fiscal third quarter.
After Monday's closing bell, Palm Inc. (PALM) said it swung to a fiscal first-quarter net loss of $841,000, or 1 cent a share. The company also issued a disappointing forecast for the current period as sales of its line of smartphones fail to keep paced with rivals. See full story.
AngioDynamics Inc.'s (ANGO) fiscal first-quarter net income rose 25% to $2.38 million from $1.9 million a year earlier. On a per-share basis, the company's earnings fell to 10 cents from 12 cents a year earlier. The company's average outstanding share count increased from a year earlier. Sales jumped 85% to $38.5 million. Analysts polled by Thomson Financial expected earnings of 10 cents a share on sales of $38 million. The company reaffirmed its fiscal 2008 forecast for earnings of 56 cents to 60 cents a share, pro forma earnings of at least $30 million, and sales of $170 million to $175 million.
Goodrich Inc. (GR) has agreed to sell its airframe heavy maintenance business, Goodrich Aviation Technical Services Inc., to Macquarie Bank Ltd. Financial terms of the deal, which is expected to close in the fourth quarter, were not disclosed.
Hershey Co. (HSY) said that Chairman and Chief Executive Richard Lenny plans to retire at the end of the year. Lenny was named to the positions in 2001. The chocolate maker said it has begun searching for Lenny's successor.
PDL BioPharma Inc.'s (PDLI) board will seek offers for the sale of the company as a whole or of its key assets. The biopharmaceutical company also said Mark McDade stepped down as chief executive and a director. The company said it will continue the process concerning the potential sale of its commercial products. PDL's board elected L. Patrick Gage as interim chief executive and Karen Dawes as chairman to replace Gage.
PerkinElmer Inc. (PKI) said it's buying ViaCell (VIAC) in a cash tender offer of $7.25 a share, or roughly $300 million. ViaCell's primary product, ViaCord, makes use of umbilical cord blood stem cells. Cord blood has proven effective in treating more than 40 diseases, PerkinElmer said in a press release.
Ikanos Communications Inc. (IKAN) expects to record a third-quarter charge of $3.6 million to $4 million related to severance packages and design tool write-offs. The maker of chips for broadband services forecast adjusted operating expenses to range from $17 million to $18.5 million. The company is reducing its management team and outsourcing its back-end physical semiconductor design to save about $3.5 million in 2008.
Steel Dynamics Inc. (STLD) plans to buy OmniSource Corp., a scrap recycling company based in Fort Wayne, Ind., for slightly more than $1 billion. The transaction value includes the assumption by Steel Dynamics of certain liabilities, including net debt, which is expected to be about $210 million at closing. The deal is expected to close in November.
Valspar Corp. (VAL) lowered its forecast for adjusted quarterly and yearly earnings because of weakness in the housing market.