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American International Group, Inc. (NYSE:AIG): American International Group announced that the U.S. Department of the Treasury has priced an offering of 163,934,426 shares of its AIG common stock at the public offering price of $30.50 per share. Treasury has also granted an option to the underwriters for the offering to purchase up to an additional 24,590,163 shares to cover over-allotments, if any. In connection with Treasury’s offering and as permitted by the previously announced authorization by the AIG Board of Directors, AIG has agreed to purchase 65,573,770 shares of AIG common stock in the offering at the public offering price for an aggregate purchase amount of approximately $2B.
Bank of America Corp (NYSE:BAC): The Securities and Exchange Commission has implemented some interim measures to prevent the sort of “flash crash” witnessed on Wall Street two year ago, but some of the key measures, such as the consolidated audit trail that is meant to be a detailed record of millisecond-by-millisecond trading, still are not in place as disagreement remains on details of further proposals, according to Financial Times.
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX): Vertex announced an interim analysis of data from an ongoing Phase 2 study of VX-809 and KALYDECO that showed significant improvements in lung function among adults with cystic fibrosis who have two copies of the most common mutation in the cystic fibrosis transmembrane conductance regulator gene, F508del. A planned interim analysis was conducted after approximately half of the study patients had completed 56 days of treatment. Today’s results are based on data from 37 homozygous F508del patients who completed treatment in the 56-day study and 11 patients with one or two copies of the F508del mutation who received placebo. There was a statistically significant improvement in lung function across the combined treatment groups relative to baseline compared to placebo. Of those who received VX-809 and KALYDECO, approximately 46 percent experienced an absolute improvement from baseline to Day 56 in lung function of 5 percentage points or more, and approximately 30 percent experienced an absolute improvement from baseline to Day 56 of 10 percentage points or more. None of the patients treated with placebo achieved a 5-percentage point or more improvement from baseline to Day 56 in lung function. Most adverse events were mild or moderate in severity and comparable between treatment and placebo groups.
Cognizant Technology Solutions Corp (NASDAQ:CTSH): Indian IT outsourcing company Cognizant (NASDAQ:CTSH) reported Q1 EPS of 86c, versus analysts’ consensus estimate of 79c. The company reported Q1 revenue that was in-line with consensus expectations. However, Cognizant lowered its FY12 adjusted EPS guidance to at least $3.36, from its previous FY12 adjusted EPS guidance of at least $3.69. Analysts’ consensus estimate was $3.45. Cognizant also reduced its FY12 revenue guidance to at least $7.34B from its previous estimate of at least $7.53B. The consensus estimate was $7.54B. Adjusted EPS excludes stock-based compensation. On a positive note, Cognizant increased its existing share repurchase program by $400M. Cognizant lowered its guidance largely because of weak demand from its banking and pharmaceutical customers, Cognizant CEO Francisco D’Souza told CNBC. However, the company is still growing faster than its peers and taking market share, D’Souza added. In early trading, Cognizant dropped $10.60, or 15.22%, to $59.06. Other Indian outsourcing companies also fell, with Wirpo (NYSE:WIT), and Infosys (NASDAQ:INFY) both declining.
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