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Medtronic (NYSE:MDT) acquires orthopaedic implants supplier China Kanghui for $816 million which pays $ 30.75/ADR or a premium of 22.5% to the Chinese company’s yesterday close. The deal will enable Medtronic to enhance its market penetration in one of the fastest growing orthopaedic markets in the world.
Canadian smartphone maker Research In Motion (NASDAQ:RIMM) is sharply higher following hectic short-covering after the company beat estimates for its FQ2, riding mostly on strong sales across emerging markets.
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Motorcar Parts of America (NASDAQ:MPAA) reports a fourth-quarter EPS of -$0.32 that is short of expectations by $0.24, while revenues beat by $ 9 million, rising 137 percent to $101.5 million.
Says Bank of America (NYSE:BAC) CEO Brian Moynihan, regarding the class action settlement of $2.43 billion: “Resolving this litigation removes uncertainty and risk and is in the best interests of our shareholders. As we work to put these long-standing issues behind us, our primary focus is on the future and serving our customers and clients.” The bank also clarified that it denied all allegations yet entered the settlement to avoid protracted litigation.
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