From Briefing.com: 7:41AM GSI Lumonics acquires MicroE Systems Corp (GSLI) 12.42: Company announces closing of its acquisition of MicroE Systems Corp, a maker of position encoders for precision motion control apps in data storage, semiconductor and electronics, industrial automation and medical markets, for an all-cash purchase price of $55.0 mln, excluding expenses.
7:22AM AMAT qtr preview at WR Hambrecht; Hold reiterated 18.54: WR Hambrecht reiterates its Hold rating on Applied Materials with a $22 target assuming that the stock should sell at 8x estimated 2005 gross profits of $2.72 per share. The co is scheduled to report its AprQ results tomorrow afternoon. The firm looks for orders of $2.20 bln, up from $1.68 bln and expects FQ3 guidance to call for a 5%-10% increase in orders, 15%-20% revenue growth, and EPS of $0.22. However, the firm believes that Applied's size and large market share will limit its future growth to a rate nearer the equipment industry average of 10%-12% as opposed to its 25% annual growth rate from 1980 to 2000.
7:18AM Eastman Kodak forms long-term agreement with Lexar Media (LEXR) 8.68: Company forms long-term agreement with Lexar Media, Inc. to gain a larger share of mkt for removable digital memory products, driven by surging demand from the mass-market adoption of digital cameras, mobile phone cameras, portable music players and other consumer electronics devices. Consumers can expect to see a full suite of KODAK branded memory cards on store shelves in Q404... LEXR will host a call this morning at 11 ET to discuss the EK pact.
6:58AM Transmeta Announces C.F.O Transition Plan (TMTA) 2.11: Co today announced that Svend-Olav Carlsen, the company's chief financial officer, plans to resign in June 2004 in order to accept a new opportunity with a privately held company. The company has initiated a search for a new CFO and is defining its transition plan. The transition date has not yet been established.
6:47AM PeopleSoft Comments on Oracle's Revised Offer (PSFT) 17.30: "Given the significant antitrust obstacles in both the United States and Europe, we do not believe Oracle's bid can be completed at any price. We note that Oracle has timed this announcement on the eve of our annual Leadership Conference, our most significant customer event for senior executives with more than 2,500 attendees. This is one more instance of what we firmly believe is Oracle's ongoing effort to damage our business. Consistent with its fiduciary responsibility, the Board will evaluate the reduced offer at a regularly scheduled board meeting later this month."
6:47AM Oracle Revises PeopleSoft Bid to $21.00 Per Share (ORCL) 11.60: Late Friday ORCL announced that it has revised its cash tender offer to purchase all of the outstanding shares of PeopleSoft to $21 per share, or approximately $7.7 billion. The previous offer was for $26 per share, or approximately $9.4 billion. ORCL also announced that it has extended its previously announced tender offer to midnight EDT on Friday, July 16, 2004.
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