Shares of Advanced Digital Information (ADIC) skyrocketed in after-hours trading Tuesday on news that the data storage company agreed to be acquired by Quantum (DSS - Get Report) for about $770 million.
Advanced Digital shareholders will receive either $12.25 a share in cash or 3.461 shares of Quantum stock for each share they own. The $12.25 price represents a 48% premium over Tuesday's regular-session closing price of $8.27. Quantum anticipates that the deal will add up to 15 cents to its adjusted earnings in the first full year after closing, which is expected within three to four months. Shares of Advanced Digital jumped $3.63, or 44%, to $11.90 in late trading. Quantum slipped 8 cents, or 2.3%, to $3.40.
PDL BioPharma (PDLI - Get Report) shares tumbled after the biopharmaceutical company's first-quarter results came in well below Wall Street's forecasts. The company's loss narrowed to $26.2 million, or 23 cents a share, from $83.9 million, or 87 cents a share, a year ago. Excluding items, earnings were $2.5 million, or 2 cents a share, compared with roughly break-even adjusted results last year. Revenue rose to $90.5 million from $38.8 million a year ago. Analysts polled by Thomson First Call expected earnings of 14 cents a share, on revenue of $103.3 million.
For the full year, PDL forecast earnings of 7 cents to 19 cents a share. The company anticipates 2006 revenue of $400 million to $430 million. Analysts project earnings of 44 cents a share and revenue of $429.1 million. Shares dropped $3.34, or 12%, to $24.25 in late trading.Shares of Genesis Microchip (GNSS) sank after the company's adjusted earnings, as well as its revenue guidance, fell short of Wall Street's expectations. The company, which makes chips used in flat-panel displays, posted a fourth-quarter loss of $3170,000, or 1 cent a share, narrowed from a loss of $6.8 million, or 20 cents a share, a year earlier. Excluding amortization and stock-option charges, earnings were $1.6 million, or 4 cents a share, a penny below analysts' mean estimate. Revenue for the March quarter rose to $60.9 million from $52.9 million last year, topping Wall Street's projection of $60.5 million.