Daily Stock Catalyst Cheat Sheet: SunPower, Sears, IDT
SunPower Corporation (NASDAQ:SPWR): Solar Firms in Taiwan write off losses that originate in long-term material supply contracts which have high procurement prices, says a report by Digitimes.
Sears Holdings Corporation’s (NASDAQ:SHLD) first quarter revenue misses consensus with net revenues of $155 million compared to consensus of $195 million.
Integrated Device Technology, Inc. (NASDAQ:IDTI) and PLX Technology (NASDAQ:PLXT) said Monday evening that they have inked a definitive agreement in which the former will purchase the latter. IDT will buy all outstanding shares of PLX common stock, followed by a second step merger. PLX stockholders will receive $3.50 in cash, plus 0.525 shares of IDT common stock for each PLX common share outstanding. The deal is valued, when based upon IDT’s April 27 closing price, at about $7 per PLX share, and amounts to a total of around $330 million. For its part, IDT projects that it will obtain total run-rate cost synergies, excluding transaction related charges, of more than $35 million by its fiscal year 2014, while it believes that the acquisition will be accretive to non-GAAP earnings by the third quarter of 2013 with more significant accretion by fiscal year 2014. The sale is expected to close as early as IDT’s first quarter, which is the second quarter of calendar year 2012.
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