Best Buy, Annie’s, Merrimack, Red Hat, Illumina Highly Active Stocks Thursday
Best Buy Co., Inc. (NYSE:BBY): The company said it is taking significant actions to lower its cost base, planning $800M in cost reductions by fiscal 2015, including approximately $250M in fiscal 2013. The planned Domestic segment reductions include, retail stores at $300M, Corporate and support structure at $300M, and cost of goods sold at $200M. Specific actions intended to lower costs are expected to include the closure of 50 U.S. Best Buy big box stores in fiscal 2013; cost savings in corporate and support structure from IT services savings, procurement savings on non merchandise purchases, a reduction in outside consultant services and reduction of approximately 400 positions in its corporate and support areas; and savings in cost of goods sold driven by reduction of product transition costs, lower product return and exchange expenses and supply chain efficiencies. Shares of Best Buy Co., Inc. are trading 6.42% lower today.
Annies Inc (NYSE:BNNY): Annie’s 5M share IPO priced at $19.00. The deal priced above the $16.00-$18.00 range. Credit Suisse and JPMorgan acted as joint book running managers for the offering. Shares of Annies Inc are trading 7.63% higher today.
Merrimack Pharmaceuticals Inc (NASDAQ:MACK): Merrimack IPO opens for trade at $7. Merrimack Pharmaceuticals (MACK) priced 14.3M shares at $7.00. Shares of Merrimack Pharmaceuticals Inc are trading 7.86% lower today.
Red Hat, Inc. (NYSE:RHT): Sees Q1 revenue $307M-$311M, consensus $306.21M. Sees Q1 adjusted operating margin 24%-24.2%. Shares of Red Hat, Inc. are trading 13.19% higher today.
Illumina, Inc. (NASDAQ:ILMN): Roche (RHHBY) announced that it has increased its offer price for all outstanding publicly-held shares of Illumina (NASDAQ:ILMN) to $ 51.00 per share in cash. All other terms and conditions of the tender offer remain unchanged. Severin Schwan, Chief Executive Officer of Roche, said: Based on our discussions with Illumina shareholders we have seen interest to accelerate the takeover process. As a result, we are increasing our offer price to US$ 51.00 per share. Roche’s preference continues to be a negotiated transaction. We look forward to the possibility of a swift completion that offers immediate value to Illumina’s shareholders.” Shares of Illumina, Inc. are trading 4.27% higher today.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.
To contact the reporter on this story: Derek Hoffman at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com