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Real-time equity news
U.S. stock market report
0822 EST 2March2010
Xerium may restructure debt through bankruptcy
Troubled industrial textiles manufacturer Xerium Technologies Inc said it began soliciting votes from lenders on a restructuring plan that would cut its debt by $150 million through a prearranged Chapter 11 bankruptcy filing.
Under the proposed plan, about $620 million of existing debt would be exchanged for $10 million in cash, $410 million in new term loans maturing in 2015 and about 82.6 percent of the company's common stock, Xerium said.
For details, see
Shares of Xerium fell 6 cents to 65 cents in premarket trading on light volume.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0811 EST 2March2010
Covidien, CombinatoRx painkiller gets FDA OK
Covidien Plc and CombinatoRx Inc said U.S. health regulators approved their once-a-day painkiller tablet Exalgo, triggering a $40 million milestone payment to CombinatoRx from Covidien.
CombinatoRx, which gained access to the drug through its merger with privately held Neuromed Pharmaceuticals Inc late last year, is also eligible to get tiered royalties on Exalgo net sales.
For details, see
Shares of Covidien closed Monday at $49.53 while CombinatoRx surged 49 percent to $1.65 before the bell.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0805 EST 2March2010
CF makes new bid for Terra
CF Industries Holdings Inc said it made a new bid to buy rival Terra Industries Inc, topping an offer by Norway's Yara International.
CF, which called off a year-long effort to buy Terra in January, said it was now offering $47.40 per share in cash and stock for the company.
Last month, Terra agreed to be bought by Yara for $4.1 billion, or about $41.10 per share.
For details, see
Shares of CF sank 7.2 percent to $99.78 in premarket trading while Terra advanced 12 percent to $46.09.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0802 EST 02March2010
Qualcomm launches share buyback, ups dividend
Shares in chipmaker Qualcomm Inc rose 3 percent to $36.63 in premarket trading on Tuesday, a day after it said it was raising its quarterly dividend by 2 cents to 19 cents and launching a share buyback. For details see.
The moves come as Qualcomm struggles with sluggish demand for cellphone chips and increasing competition.
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
0751 EST 2March2010
Hyundai Feb sales jump on Toyota woes
Hyundai Motor Co announced a sharp rise in February sales, as it benefited from recall woes at rival Toyota Motor Co, which is planning aggressive incentives to win back U.S. customers.
Toyota's recalls have totaled some 8.5 million vehicles globally due to uncontrolled acceleration and braking glitches, hurting its reputation for quality and shone a spotlight on vehicle safety issues.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0746 EST 2March2010
Possible Intel CEO heir Maloney suffers stroke
The co-head of Intel Corp's core products group, regarded as a potential successor to Chief Executive Paul Otellini, suffered a stroke at his home and will take a medical leave for several months.
Intel said on Monday that Sean Maloney is expected to resume his regular duties after a recuperation period expected to last several months. The prognosis for a full recovery is 'excellent,' the company added.
Analysts say the company is grooming Maloney, 53, executive vice president and general manager of the Intel architecture group, as one of several possible heirs to the 59-year-old Otellini.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Real-time equity news
U.S. stock market report
0822 EST 2March2010
Xerium may restructure debt through bankruptcy
Troubled industrial textiles manufacturer Xerium Technologies Inc said it began soliciting votes from lenders on a restructuring plan that would cut its debt by $150 million through a prearranged Chapter 11 bankruptcy filing.
Under the proposed plan, about $620 million of existing debt would be exchanged for $10 million in cash, $410 million in new term loans maturing in 2015 and about 82.6 percent of the company's common stock, Xerium said.
For details, see
Shares of Xerium fell 6 cents to 65 cents in premarket trading on light volume.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0811 EST 2March2010
Covidien, CombinatoRx painkiller gets FDA OK
Covidien Plc and CombinatoRx Inc said U.S. health regulators approved their once-a-day painkiller tablet Exalgo, triggering a $40 million milestone payment to CombinatoRx from Covidien.
CombinatoRx, which gained access to the drug through its merger with privately held Neuromed Pharmaceuticals Inc late last year, is also eligible to get tiered royalties on Exalgo net sales.
For details, see
Shares of Covidien closed Monday at $49.53 while CombinatoRx surged 49 percent to $1.65 before the bell.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0805 EST 2March2010
CF makes new bid for Terra
CF Industries Holdings Inc said it made a new bid to buy rival Terra Industries Inc, topping an offer by Norway's Yara International.
CF, which called off a year-long effort to buy Terra in January, said it was now offering $47.40 per share in cash and stock for the company.
Last month, Terra agreed to be bought by Yara for $4.1 billion, or about $41.10 per share.
For details, see
Shares of CF sank 7.2 percent to $99.78 in premarket trading while Terra advanced 12 percent to $46.09.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0802 EST 02March2010
Qualcomm launches share buyback, ups dividend
Shares in chipmaker Qualcomm Inc rose 3 percent to $36.63 in premarket trading on Tuesday, a day after it said it was raising its quarterly dividend by 2 cents to 19 cents and launching a share buyback. For details see.
The moves come as Qualcomm struggles with sluggish demand for cellphone chips and increasing competition.
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
0751 EST 2March2010
Hyundai Feb sales jump on Toyota woes
Hyundai Motor Co announced a sharp rise in February sales, as it benefited from recall woes at rival Toyota Motor Co, which is planning aggressive incentives to win back U.S. customers.
Toyota's recalls have totaled some 8.5 million vehicles globally due to uncontrolled acceleration and braking glitches, hurting its reputation for quality and shone a spotlight on vehicle safety issues.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0746 EST 2March2010
Possible Intel CEO heir Maloney suffers stroke
The co-head of Intel Corp's core products group, regarded as a potential successor to Chief Executive Paul Otellini, suffered a stroke at his home and will take a medical leave for several months.
Intel said on Monday that Sean Maloney is expected to resume his regular duties after a recuperation period expected to last several months. The prognosis for a full recovery is 'excellent,' the company added.
Analysts say the company is grooming Maloney, 53, executive vice president and general manager of the Intel architecture group, as one of several possible heirs to the 59-year-old Otellini.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.