Omnicom Group Inc. (NYSE:OMC): Chevrolet (NYSE:GM) announced that it has selected a newly formed company, Commonwealth, as its new global advertising agency, responsible for the development of creative campaigns across all platforms for Chevrolet global advertising. Detroit-based Commonwealth is a 50-50 joint venture, combining San Francisco-based Goodby, Silverstein & Partners, an Omnicom Group (NYSE:OMC) company, and New York-based McCann Erickson Worldwide, an Interpublic Group (NYSE:IPG) company. Chevrolet previously used 70 global agencies. This agency appointment, combined with the recent selection of Carat as GM’s agency for its media planning and buying operations, is part of GM’s ongoing effort to drive efficiencies in its marketing operations and more effectively build its brands around the world, the company said. “These agency consolidations are expected to create about $2B in savings over the next five years, with a portion used to take advantage of key global marketing opportunities and strengthen the focus on our global Chevrolet brand, and a portion hitting the bottom line,” GM VP and Global Chief Marketing Officer Joel Ewanick said. The shares closed at $50.93, down $0.07 or 0.14% on the day. They have traded in a 52-week range of $35.27 to $51.00.
Pharmacyclics (NASDAQ:PCYC): Orphan designation granted for treatment of chronic lymphocytic leukemia. The shares closed at $28.63, down $0.05 or 0.17% on the day. They have traded in a 52-week range of $5.62 to $28.76.
Procera Networks (AMEX:PKT): Procera Networks announced it has secured a $2.5M follow-on order from a Tier-1 US MSO. This order is the fourth follow-on from this operator, and supports a continued rollout of the PacketLogic solutions across their deployment footprint and expansion in sites where bandwidth has increased over the past six months. Procera will recognize revenue from this follow-on order in the Q1 of FY12. The shares closed at $22.66, up $0.45 or 2.03% on the day. They have traded in a 52-week range of $7.12 to $22.50.
Protective Life Corp (NYSE:PL): John Sawyer has been promoted to Senior Vice President and Chief Distribution Officer. The shares closed at $30.25, up $0.01 or 0.03% on the day. They have traded in a 52-week range of $13.71 to $30.24.
Southern Community (NASDAQ:SCMF): Capital Bank Financial announced that it has signed a definitive agreement to acquire 100% of the stock of Southern Community Financial for $2.875 per share. SCMF shareholders may elect to receive their payment in cash or stock, with total consideration consisting of 40% cash and 60% newly issued shares of CBF, which will be exchanged at a fixed ratio of 0.131 based on a value for CBF of $22 per share, subject to certain adjustments. Additionally, SCMF shareholders will receive non-transferable contingent value rights entitling them to receive up to $1.30 per share in cash five years after the effective date of the transaction based on 75% of the savings to the extent that legacy loan and foreclosed asset losses are less than a prescribed dollar amount. The transaction is expected to close in Q2. The shares closed at $2.65, up $0.69 or 35.2% on the day. They have traded in a 52-week range of $1.00 to $2.27.
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