Yahoo! Gets a Clean Slate and 2 Stocks Leaping to 52-Week Highs
Williams Controls (NASDAQ:WMCO) and Curtiss-Wright Corporation (NYSE:CW) have jointly announced that they have reached a definitive agreement that permits the merger of the former with a wholly-owned subsidiary of the latter. Williams Controls is a leading designer and maker of highly-engineered electronic sensors and electronic throttle controls employed in off-road equipment, heavy trucks, and military vehicles. The acquired unit will operate inside Curtiss-Wright’s Motion Control segment. For its part Curtiss-Wright will purchase Williams Controls in a cash tender bid of $15.42 per share, representing a total acquisition price of around $119 million. The Wednesday close of Williams Controls’ common stock was $10.91 per share, and the firm’s Board of Directors unanimously okayed the transaction on that same day. Shares closed up 40.79 percent on the day at $15.36, while having been traded in a 52-week range of $10.25 to $12.95.
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Watson Pharmaceuticals (NYSE:WPI) ups its 2012 revenue estimate to $5.9 billion, with a consensus of $5.54 billion. The previous forecast was earnings between $5.65 and $5.95 on $5.5 billion in revenue. Shares closed up 2.05 percent on the day at $87.71, and have traded in a 52-week range of $55.00 to $89.90.
Yahoo! (NASDAQ:YHOO) former interim Chief Executive Ross Levinsohn has told Bloomberg in an interview, that he exited the firm because he wanted to give new Chief Executive Marissa Mayer a “clean slate.” Shares closed up 0.71 percent on the day at $16.95, having been traded in a 52-week range of $14.35 to $16.89.
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