Among the companies whose shares are expected to actively trade
in Thursday's session are Lam Research Corp. (LRCX), Novellus
Systems Inc. (NVLS) and BioSante Pharmaceuticals Inc. (BPAX).
Semiconductor-equipment maker Lam Research Corp. unveiled plans
to buy peer Novellus Systems Inc. in an all-stock deal valued at
about $3.3 billion, continuing the industry's consolidation.
Novellus shares jumped 20% to $41.68, compared with an offer price
that valued the shares at $44.42 apiece. Shares of Lam slid 4% to
$37.90 after hours, though the company also announced a $1.6
billion stock buyback program.
BioSante Pharmaceuticals said its LibiGel testosterone gel --
dubbed by some as the "female Viagra" -- failed to meet efficacy
goals in two late-stage clinical trials. Results showed no
statistically significant differences between LibiGel and a placebo
gel in increasing satisfying sexual events among women. Shares
tumbled 72% to 60 cents in after-hours trading. Also falling was
Antares Pharma Inc. (AIS), which has a partnership with BioSante.
Its stock traded down 24% to $1.83 in late trading.
Nordson Corp.'s (NDSN) fiscal fourth-quarter earnings rose 2.1%
as higher overhead expenses and costlier taxes diminished the power
of higher revenue. Shares in the maker of dispensing equipment were
down 5.3% at $42.15 after hours, as it again issued downbeat
guidance.
Watch List:
Industrial-glass maker Apogee Enterprises Inc. (APOG) swung to a
stronger-than-expected profit in its fiscal third quarter, breaking
a six-quarter string of losses, as its main architectural glass
segment benefited from higher prices and volume.
Boston Properties Inc. (BXP) raised its quarterly dividend 10%,
joining a growing list of companies looking to increase value for
shareholders.
Conmed Healthcare Management Inc. (CONM) said its board has
approved the repurchase of up to $5 million of the company's common
stock, joining a growing list of companies looking to boost
shareholder value.
Energy Conversion Devices Inc. (ENER) said it will defer payment
on some debt interest due Thursday to give it more time to continue
talks with creditors.
Oilfield-services company FMC Technologies Inc. (FTI) added 15
million shares to its stock-buyback program, joining a growing list
of companies that have stepped up payouts to shareholders in recent
months.
Nabors Industries Ltd. (NBR) said a subsidiary has sold some of
its oil and gas properties in California for $72 million in cash,
part of a broader effort to shake up some of the energy company's
exploration-and-production portfolio.
Orexigen Therapeutics Inc. (OREX) proposed an offering of units
consisting of a share of stock and warrant to purchase more shares,
one of several companies unveiling offerings Wednesday evening.
Packaging Corp. of America (PKG) said it will add $150 million
to its share-repurchase program, as the company looks to build
shareholder value.
PartnerRe Ltd. (PRE) said it would record an $88 million charge
to put money in reserve that should cover the full limit of its
exposure from March's Japan earthquake related to its largest
cedant there.
Facebook Inc. Chief Operating Officer Sheryl Sandberg said she
won't stand for reelection as a Starbucks Corp. (SBUX) director
next year, while the coffeehouse chain named another executive with
similar social-media experience to its board.
Standard & Poor's said it will move online travel research
company TripAdvisor Inc. (TRIPV) into its S&P 500 index,
replacing telecommunications-equipment maker Tellabs Inc.
(TLAB).
VeriFone Systems Inc.'s (PAY) fiscal fourth-quarter earnings
more than quadrupled as the electronic-payment company's sales in
Europe continued to surge.
-Edited by Ian Thomson and Corrie Driebusch; write to
ian.thomson@dowjones.com and corrie.driebusch@dowjones.com
