Stocks in the news: Adobe, Omniture, Anadarko Petroleum
Adobe Systems (ADBE) announced late Tuesday it is acquiring Omniture (OMTR) for $1.8 billion in cash. This is seen "as a very positive sign -- not just for tech, but for the broader mergers and acquisitions market, as well as the economy as a whole." OMTR shares jumped 25 percent in pre-market trading; ADBE shares fell over 5 percent.
Anadarko Petroleum (APC) and Tullow Oil PLC said Wednesday they have discovered oil off the coast of Sierra Leone, a find that analysts say signals huge potential for further discoveries. The deepwater discovery is at the Venus exploration well and is the first in an area. Shares gained over 5 percent ahead of the bell.
Oracle (ORCL) has ended a computer-building partnership with Hewlett-Packard Co. (HPQ) as it prepares to acquire Sun Microsystems Inc (JAVA), a rival of HP. The software giant also reports results after the close today. Preview here.
Rogers Corp. (ROG) raised its third-quarter outlook, citing strong performance in its printed circuit materials and high performance foams segments. ROG shares jumped over 7 percent in pre-market action.
Corning Inc. (GLW) said Wednesday that it has bought all shares of Axygen BioScience Inc. and its subsidiaries from American Capital Ltd. (ACAS) for about $400 million in cash. ACAS shares soared nearly 20 percent.
Select analyst calls:
- UBS downgraded Verizon Communications Inc. (VZ) to Neutral from Buy and cut its 2009 EPS forecast.
- Bank of America-Merrill Lynch upgraded Amazon (AMZN) to Buy from Neutral.
- UBS upgraded eBay (EBAY) from Neutral to Buy and upped the target price from $24 to $28.
- Jefferies & Co upgraded Novartis (NVS) from Hold to Buy.
- Bernstein upgraded Yahoo! (YHOO) from Market Perform to Outperform and upped target from $18 to $21.