(Corrects deal value in Allied Waste item.)
SAN FRANCISCO (MarketWatch) - Shares of the following companies were among those that made notable moves in the U.S. stock market Monday.
CME Group Inc. (NAS:CME) announced plans Monday for a share buyback and special dividend that effectively sweetens its agreed bid for Nymex Holdings Inc. (NYX). See related story.
Citigroup and Goldman Sachs plan to lay off 10% of their investment banking groups; while Walgreen reports higher profit. (June 23)
Comtech Telecommunications (NAS:CMTL) on Monday extended the expiration for its $11.50 a share offer for Radyne Corp. to midnight eastern on July 15. Based on a preliminary count about 88% of the shares have been tendered.
Credence Systems Corp. and LTX Corp. said late Sunday that they have entered a definitive agreement to combine the companies in an all-stock merger of equals. Under the terms of the agreement, Credence shareholders will receive shares of LTX based on an exchange ratio that will be determined at the closing of the merger to cause Credence shareholders to own 50.02% of the outstanding shares and LTX shareholders to own 49.98%.
Credence Systems Corp.: The two producers of automated test equipment for the semiconductor industry agreed to merge as equals. LTX will issue shares at a rate that gives Credence holders 50.02% and LTX holders 49.98% of the combined company. They expect to generate $25 million of annual cost savings.
Corn Products agreed to be acquired for $56 a share by Bunge. (NYS:BG) The deal value is $4.8 billion, including Bunge's assumption of $414 million of CPO's debt. Separately, Bunge lifted its estimate of its 2008 earnings.
Digimarc: (NAS:DMRC) French aerospace and telecoms firm Safran (OTC:SAFRF) on Monday said it's made a $300 million unsolicited cash offer for Digimarc after DMRC spins off its digital-watermarking business. Digimarc, a supplier of secure identity and media-management solutions, said its board would evaluate the proposal enable Safran to review its books. Digimarc said that for now, its deal to sell its ID systems business to L-1 (ASE:ID) remains in effect. That deal, Digimarc said, has received U.S. antitrust clearance.
Expro International Group (LON:UK:EXR) said Monday that it rejected a last-minute takeover offer from Halliburton Co. (NYS:HAL) because the premium over its agreed deal wasn't enough to balance the delay in holders receiving their money. Halliburton proposed to pay 1,625 pence a share, or 1.82 billion pounds ($3.59 billion), on Friday, but then withdrew its interest after Expro declined to extend a deadline of midnight Friday.
Hercules Offshore Inc. (NAS:HERO) said Monday that the board of directors has appointed John Rynd as the company's chief executive officer and president, succeeding Randall Stilley. Mr. Rynd also has been appointed as a director. Previously, Mr. Rynd spent 15 years at Noble Drilling Services Inc. Hercules shares fell 1.5% Friday to $35.46.
Medco Health Solutions Inc. is in line to provide Medicare pharmacy services for Coventry Health Care Inc. starting Jan. 1, the companies said. Coventry Health's Medicare programs cover some 1 million managed-care members, with their drug spending exceeding $2 billion a year. Terms of their preliminary pact were not disclosed.
J.C. Penney: Deutsche Bank upgraded the department store to buy from hold, saying recent sales trends have improved, as indicated by checks with customers and suppliers and a recent survey. The broker told clients, however, that it was not clear whether the improvement was driven by stimulus checks or warmer temperatures.
Total: ABN Amro upgraded the French oil giant to buy from hold, saying the group offers upside potential even if oil prices remain very high. It said the stock's chief attractions include the company's unusually strong pipeline of upstream projects and therefore stronger-than-peer growth prospects to 2017.
Wimm-Bill-Dann Foods: (NAS:WBD) The Russian dairy group was upped to outperform from neutral at Credit Suisse on the back of the recent share-price performance. Though the broker is cautious about milk prices, it said concerns are reflected in the stock.
Allied Waste Industries Inc.: Republic Services Inc. (NYS:RSG) agreed to acquire Allied for stock, creating a major environmental-services provider, the companies said on Monday. Under the terms, Republic will pay 0.45 share for each Allied share. That's a deal value of more than $6 billion.
Pacific Crest Securities analyst Andy Hargreaves on Monday raised his price target on Apple Inc.'s (NAS:AAPL) stock to $235 a share from $225, saying that Apple could see increased iPhone sales due to "elasticity" around the mobile phone's price point. Apple will begin selling the new version of the iPhone starting at $199 and $299 on July 11, and Hargreaves estimates Apple will receive an initial $350 subsidy for each iPhone from its wireless carrier partners.
Citi (NYS:C) plans to dismiss as much as 10% of its investment-banking division, with the first round of cuts to come as early as Monday, The Wall Street Journal reported. And the Financial Times reported that investment bankers generally are preparing themselves for an acceleration in job cuts after Goldman Sachs (NYS:GS) made further cuts at its investment banking division, despite being the best performer in the sector. See full story.
Emerson (NYS:EMR) said in a Securities and Exchange Commission filing that orders for the three months ended in May rose 10% on an underlying basis, compared with the 10% to 15% range in April. Favorable currency exchange rates contributed about five percentage points to the growth, it said. Process automation, industrial automation and network power were the areas that saw slowing growth. In process automation, the slowing growth came on fluctuations in the timing of project bookings, it noted.
Expro International Group (LON:UK:EXR) said Monday that it rejected a last-minute takeover offer from Halliburton Co. (NYS:HAL) because the small premium over its agreed private equity deal wasn't enough to balance the delay in shareholders receiving their money. Halliburton proposed a bid of 1,625 pence a share, or 1.82 billion pounds ($3.59 billion), on Friday, but then withdrew its interest after Expro declined to extend a deadline of midnight Friday.
General Motors Corp. (NYS:GM) will extend summer shutdowns at at least six plants, according to media reports Monday, pressuring the automaker's shares. Shares of GM fell 6.3% to $12.92 in afternoon trading. GM said it will extend a previously announced two-week shutdown at six of its plants by one week, according to reports.
Huntsman Corp. (NYS:HUN) on Monday filed suit against Apollo Management, seeking $3 billion in damages after the private-equity giant moved to derail its buyout offer of the chemicals company. See full story.
Logitech: (NAS:LOGI) Goldman Sachs on Monday cut its rating on the U.S.-Swiss computer-peripherals maker to sell from neutral, saying the company's guidance continues to be at risk and that recent checks suggest a material slowdown of computer-peripheral categories, especially among European retailers.
MBIA (NYS:MBI) estimated that it may need $2.9 billion to meet potential termination payments under guaranteed investment contracts after Moody's downgraded MBIA Insurance Corp. to A2 from Aaa late Thursday. MBIA also expects it will be required to post about $4.5 billion in eligible collateral to satisfy potential collateral-posting requirements under contracts.
Mining: Rio Tinto (LON:UK:RIO) and BHP Billiton (NYS:BHP) (ASX:AU:BHP) have asked their Chinese-steelmaker customers to accept the largest ever increase in iron-ore prices or take the risk that their supplies from Australia will be interrupted, the Financial Times reported.
Motorola Inc. fell as much as 7% in Monday trades after the brokerage Piper downgraded the stock, saying the maker of wireless phones is losing market share in the U.S. Motorola [was the top decliner as most industry stocks tacked lower. Nortel Networks Corp. dropped more than 2.5% and Sprint Nextel Corp. (NYS:S) slid 1%. On the upside, Verizon Communications Inc. (NYS:VZ) and AT&T Inc. (NYS:T) rose slightly.
Sonus Networks Inc. and its largest holder, a Dubai investment firm, are in talks to address a number of disputes, among them the company's concern about the investor's ownership structure. See full story.
Walgreen Co.'s third-quarter profit rose 2%, helped by higher sales of generic prescription drugs as well as tight control over expenses, financial results for the No. 1 drugstore chain showed Monday. See full story.