Kellogg, BE Aerospace, Ardea Biosciences, Brinker, Check Point Attract Trading Demand April 23rd
Kellogg Company (NYSE:K): The company’s Q1 reported net sales declined by 1.3%. Internal net sales, which exclude the impact of foreign exchange translation and the impact of acquisitions and divestitures, were approximately unchanged from the level posted in Q1 of 2011. Earnings per share in Q1 of 2012 benefited by 5c from hedges related to the pending acquisition of the Pringles business. Shares of Kellogg Company are trading 4.48% lower today.
BE Aerospace, Inc. (NASDAQ:BEAV): Reports Q1 revenue $747.3M versus consensus $702.06M. Shares of BE Aerospace, Inc. are trading 3.1% higher today.
Ardea Biosciences, Inc. (NASDAQ:RDEA): AstraZeneca (NYSE:AZN) and Ardea Biosciences announced that they have entered into a definitive merger agreement, pursuant to which AstraZeneca will acquire Ardea, a San Diego, California-based biotechnology company focused on the development of small-molecule therapeutics. Ardea’s clinically most advanced product candidate, lesinurad, formerly known as RDEA594, is currently in Phase III development as a potential treatment for the chronic management of hyperuricaemia in patients with gout. Under the terms of the agreement, AstraZeneca will acquire Ardea for $32 per share which represents a total cash value of approximately $1.26B. This represents a premium on the value of Ardea’s stock of 50% based on the one month volume-weighted average price, or VWAP, and 54% based on the closing price on April 20. Through this acquisition, AstraZeneca would also add to its pipeline RDEA3170, a next-generation selective URAT1 inhibitor currently in Phase I development. The Boards of Directors of AstraZeneca and Ardea have unanimously approved the terms of the agreement, and Ardea’s Board has recommended that its shareholders approve the transaction. Subject to the approval of Ardea’s shareholders as well as other conditions including customary regulatory approvals, the transaction will close in Q2 or Q3 of 2012. Shares of Ardea Biosciences, Inc. are trading 51.44% higher today.
Brinker International, Inc. (NYSE:EAT): Brinker says sees commodity inflation decreasing in 2012. Says sees commodity inflation approx. 3% for the year. Says 45% hedged for commodities for CY12. Shares of Brinker International, Inc. are trading 7.2% higher today.
Check Point Software Technologies Ltd. (NASDAQ:CHKP): Sees FY12 adjusted EPS $3.10-$3.20 versus consensus $3.17, sees FY12 revenue $1.35B-$1.4B versus conesnsus $1.38B. Shares of Check Point Software Technologies Ltd. are trading 9.29% lower today.
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