Technology Sector Review: Illumina’s Pop, Corning Earnings

Illumina, Inc. (NASDAQ:ILMN): Roche (RHHBY) announced that it is proposing to acquire all outstanding shares of Illumina (NASDAQ:ILMN) for $44.50 per share in cash, or an aggregate of approximately $5.7 billion on a fully diluted basis. This offer represents a 64% premium over Illumina’s stock price on Dec. 21, 2011 the day before market rumors about a potential transaction between Roche and Illumina drove Illumina’s stock price significantly higher a 61% premium over the one-month historical average and a 43% premium over the three-month historical average of Illumina’s share price, both as of December 21. It also represents a 30.1x multiple of Illumina’s projected forward earnings based upon analysts’ current consensus estimates for 2012.

The shares closed at $55.15, up $17.47, or 46.34%, on the day. Its market capitalization is $6.70 billion.

iGATE Corporation (NASDAQ:IGTE): CEO Phaneesh Murthy said, “We are seeing that our differentiated outcomes-based business model is getting increased traction. I am also happy to report that it looks like almost all our top customers will be expanding work and programs with us.”

The shares closed at $17.75, up $1.19, or 7.19%, on the day. Its market capitalization is $1.00 billion.

LeCROY Corporation (NASDAQ:LCRY) cuts FY12 revenue view to $200M vs. consensus $202.58M. Prior view was $1.16-$1.21 on $200M-$205M in revenue.

The shares closed at $10.11, down $1.38, or 12.01%, on the day. Its market capitalization is $166.97 million.

Corning Incorporated (NYSE:GLW): James B. Flaws, vice chairman and CFO, remarked. We are working closely with our customers to reduce glass prices to help them with their immediate financial strains. To that end, price declines will be significant in the first quarter of 2012, as they were in last year’s fourth quarter. We expect significant double-digit price declines over the cumulative two-quarter period. We are hopeful that our pricing actions, combined with our capacity decisions, will help us get back to more stable price declines in the coming quarters.” Corning is not anticipating much sequential change in the overall glass market in the first quarter. Volume at its wholly owned business should be in line with the glass market. In the company’s Telecommunications segment, Corning is forecasting that demand for its fiber-to-the-home, enterprise networks, and wireless products will remain strong worldwide.

The shares closed at $13.05, down $1.57, or 10.74%, on the day. Its market capitalization is $20.51 billion.

Xerox Corporation (NYSE:XRX) reported Q4 revenue $6B vs. consensus $6.07B.

The shares closed at $7.81, down $0.86, or 9.92%, on the day. Its market capitalization is $10.83 billion.

Microsoft Corporation (NASDAQ:MSFT): The shareholders of Facebook, which is preparing an IPO, are looking at a three day suspension of trading on secondary markets this week, sources say, reports Bloomberg. Buy and sell orders can still be made, but transactions won’t be processed by Facebook’s attorneys beginningtoday until January 27. The halt only pertains to trading of Facebook shares.

The shares closed at $29.56, up $0.22, or 0.75%, on the day. Its market capitalization is $248.03 billion.

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