11:30 AM New York – Citigroup second quarter net declined 12% to $2.9 billion and Gannett net plunged 21%. Glaxo offered $3.6 billion for Human Genome. Thermo Fisher agreed to buy One Lambda for $925 million in cash. Visa and MasterCard settle class action lawsuits.
) increased 1.9% or 51 cents to $27.16 after the holding company reported total revenue in the second quarter ending in June slumped 10% to $18.6 billion compared to $20.6 billion in the same period last year. Net income in the quarter declined 12% to $2.9 billion or 95 cents per diluted share compared to $3.3 billion or $1.09 per share a year ago.
The bank said second quarter results included net loss of $424 million from the previously announced sale of a 10.1% stake in Akbank T.A.S.
Gannett Co., Inc.
) gained 3.9% or 56 cents to $14.89 after the media and marketing company reported total revenue in the second quarter ending on June 24 fell 2.1% to $1.31 billion compared to $1.33 billion in the same period last year. Net income in the quarter plunged 20.9% to $120.0 million or 51 cents per diluted share compared to $151.5 million or 62 cents per share a year ago earlier.
) rose 20 cents to $45.20 after the UK based healthcare group revised offer for Human Genome Sciences and will pay $14.25 per share from its previous offer of $13 per share and will gains full ownership for some dugs that use for atherosclerosis.
Total transaction valued at about $3.6 billion in cash which represents premium of 99% of HGS’s closing price of $7.17 per share on April 18.
J2 Global Inc.
) advanced 8.3% or $2.20 to $28.43 after the cloud services provider estimated second quarter earnings per share between 66 cents and 68 cents on revenues between $88.8 million and $89.5 million.
Par Pharmaceutical Companies, Inc.
) surged 37.2% or $13.62 to $50.20 after the holding company agreed to be acquired by an affiliate of TPG in a transaction with an equity value of $1.9 billion.
Under the deal shareholders of Par will receive $50 in cash for each share of Par common stock, representing a premium of approximately 37% over the closing share price on July 13.
Thermo Fisher Scientific Inc
) fell 16 cents to $51.88 after the medical equipments maker agreed to buy transplant diagnostics company One Lambda for $925 million in cash. The transaction is expected to be completed in fourth quarter of this year. Thermo Fisher also announced today to repurchase of additional $500 million of shares of its own common stock.
United Parcel Service, Inc
) slid 41 cents to $79.03 after the courier company proposed acquisition of TNT Express N.V. is expected to move to a Phase II to review certain areas that require more time to analyze and the deal is expected to be completed in the fourth quarter of 2012.
) gained 3.4% or $4.28 to $128.36 after the payment processor and the U.S. have enter into a settlement agreement to resolve the class plaintiffs'' claims in the multi-district interchange litigation and also reached an agreement in principle to resolve the claims brought against Visa by a group of individual retailers.
For the quarter ending June 30, Visa intends to record litigation charge of about $4.1 billion that will increase total FAS 5 reserve for litigation covered by retrospective responsibility plan from $285 million to approx $4.4 billion.
) increased 3% or $12.85 to $442.45.
) plunged 8.5% or $3.08 to $32.98 after the control solutions manufacturer in its preliminary results for the third quarter stated net sales are expected to be approximately $460 million and fully diluted earnings per share approximately 40 cents per share.