American Medical Systems Holdings Inc. (AMMD) shares fell 17.8% after the company agreed to acquire Laserscope Inc. (LSCP) for about $715 million. The deal values shares of Laserscope, a San Jose, Calif., provider of a surgical treatment for obstructive benign prostatic hyperplasia, at $31 per share in cash, a significant premium to Friday's closing price for the stock of $21.41. American Medical expects the transaction to close in the third quarter, and it believes the deal will add to earnings in 2008 and beyond. Laserscope shares soared 43.2% on the news.
Shares of Elan Corp. Plc (ELN) fell 13% and Biogen Idec Inc. (BIIB) stock gave back 4.9% after the companies said that while the Food and Drug Administration has ruled to allow their recalled multiple sclerosis drug Tysabri back on the back, the drug's use will be significantly restricted. See full story.
Books-A-Million Inc. (BAMM) stock lost 7.9% after the company said it has named Douglas Markham as chief financial officer, effective July 5. Markham will succeed CFO Richard Wallington, the Birmingham, Ala.-based book retailer said.
Shares of Chattem Inc. (CHTT) fell 8.6% after Brean Murray Carrett & Co. lowered its rating on the Chattanooga, Tenn., maker of healthcare and toiletry products to sell from hold. The firm also brought its financial estimates for the
company down below the outlook Chattem offered in April.
Freeport-McMoRan Copper & Gold Inc. (FCX) shares closed 8.5% to the downside after the company said it expects second-quarter copper sales at its PT Freeport Indonesia unit to fall 16% below forecast to about 235 million pounds.
Heartland Financial USA Inc. (HTLF) shares gave back 9.2% after the company was downgraded to neutral from buy at Sidoti & Co.
Shares of Herley Industries Inc. (HRLY) fell 9.7% after the Lancaster, Pa., maker of microwave technology products said it expects third-quarter earnings to come in below both its own outlook and Wall Street's consensus estimate. The company cited losses at two of its domestic divisions that it had expected to produce moderate profits.
Hovnanian Enterprises Inc. (HOV) stock slumped 5.1% after the company filed with the Securities and Exchange Commission earlier for the sale of up to $350 million in senior notes.
Shares of Level 3 Communications Inc. (LVLT) ended Monday's session down 6.6% after the company said it will buy Looking Glass Networks, a closely held provider of metropolitan data-transport services. Level 3 will pay $87 million of stock and $9 million in cash for Looking Glass and pay its $69 million of liabilities, primarily senior secured debt.
Standard Pacific Corp. (SPF) shares gave back 8.6% after the company said April and May new home orders were 41% lower than they were in the year-earlier period. The home builder said it expects to lower its earnings and delivery guidance for the full year."
This summary is from Marketwatch.com. The original article can be found here.