11:00 AM New York – Cisco lowered its annual sales growth between 5% and 7% annually for next three years. ConAgra reiterated its $94 a share all-cash proposal to acquire Ralcorp. Solutia lowered earnings per share outlook for 2011.
Cisco Systems Inc.
) rose 0.8% or 13 cents to $16.48 after the networking equipment maker estimates sales to grow 5% to 7% annually for the next three years, lower than the 12% to 17% growth that had been previously forecast. Earnings are estimated to grow about 7% to 9% percent per year.
ConAgra Foods, Inc.
) decreased 2.8% or 69 cents to $23.37 after the food company reiterated its $94 per share all-cash proposal to acquire Ralcorp Holdings, Inc. (RAH
). Earlier Ralcorp has rejected the proposal without dialogue with ConAgra Foods, on August 12.
ConAgra again requests Ralcorp to enter into constructive dialogue on September 19, if no constructive dialogue satisfactory to ConAgra, the company will withdraw the proposal.
ConAgra will report fiscal 2012 first-quarter results on Tuesday, Sept 20.
Jakks Pacific, Inc.
) soared 22.9% or $3.67 to $19.67 after the toy maker refused proposal to acquire from Oaktree Capital Management, L.P.
) fell 0.7% or 39 cents to $52.33 after the rare earth minerals miner outside China made a significant investment in Boulder Wind Power''s Series B Convertible Preferred Stock as part of a $35 million.
Philip Morris International Inc.
) increased 2.8% or $1.87 to $67.84 after the tobacco company increased the company''s regular quarterly dividend by 20.3% to $3.08 a common share.
) slipped 4.5% or 73 cents to $15.35 after the manufacturer of performance materials and specialty chemicals lowered its adjusted earnings per share outlook for 2011 to a range of $1.95 to $2.05 from the range of $2.10 to $2.25 per share expected earlier.
) rose 0.5% or 28 cents to $51.25 and the general merchandise store operator website crashed after it displayed Italian designer Missoni’s dresses.