In a letter to Yahoo! CEO Jerry Yang that was made public, Microsoft's CEO Steve Ballmer said he was willing to offer $33 a share for the Internet company but Yahoo!'s board held out for $37.
On the advancing side, Discovery Labs (DSCO - Get Report) shares gained 31.7% to $1.91 Monday, recovering some of the ground lost Friday when news of regulatory delays hit the stock hard. The company said Monday it believes it will not need more clinical trials to gain Food and Drug Administration approval for its thrice-brushed off infant lung drug Surfaxin.In earnings, Albany Molecular (AMRI - Get Report) said first-quarter revenue increased 11% to $53.6 million. The research services firm reported adjusted profit of $4.7 million, or 15 cents a share, up from $3.1 million, or 10 cents a share, a year ago. Analysts surveyed by Thomson Financial were looking for earnings of 3 cents a share on revenue of $47.6 million. Shares added $1.83, or 16%, to $13.30. Among the losers, HMS Holdings (HMSY - Get Report), a provider of cost containment and payment accuracy services, slid 23.4% to $20.06. The New York company announced first-quarter income of $3.2 million, or 12 cents a share, vs. $3 million, or 11 cents a share, a year ago. Analysts polled by Thomson Financial were expecting 13 cents a share. HMS Holdings also reaffirmed 2008 revenue guidance for $170 million, slightly below the Street's estimate of $170.5 million.