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Molex Cuts Outlook on Lower Demand

Molex (MOLX), manufacturer and seller of electronic components worldwide, cut its first-quarter outlook -- citing lower demand in its telecom, data infrastructure and automotive markets.

Management says the industrial and consumer electronic markets are below the company's original outlook -- as customers remain cautious in their procurement and forecasting -- given the significant uncertainty in the global economy.

For the first quarter, Molex sees earnings of 25 cents to 29 cents a share -- below Reuters consensus estimates of 38 cents a share.

We have avoided the shares since our early June coverage began, when Molex shares were trading in the $27-$28 range. We recommend looking elsewhere for better investment opportunities. The company has a 2.75% dividend yield, based on last night's closing stock price of $22.19.

Molex is not a recommended dividend stock at this time, holding a Rating of 3.2 out of 5 stars.

Eli Lilly Reportedly Offering $70 per Share for ImClone

According to various news reports, Eli Lilly (LLY - Get Report) is in advanced talks to acquire ImClone Systems (IMCL) for $70 per share in cash in a $6.1 billion deal.

Eli Lilly's offer significantly trumps the latest offer from Bristol Myers (BMY - Get Report) of $62 per share. Bristol Myers already owns a 17% stake in ImClone Systems.

Eli Lilly is looking to add to its current slate of Oncology products -- which presently include Alimta and Gemzar. ImClone's cancer treatment Erbitux -- which is used to combat colorectal, head and neck, and lung cancers -- had sales of about $1.3 billion in 2007.
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MOLX $0.00 0.00%
IMCL $0.13 -3.95%
BMY $71.15 0.52%
MAR $69.27 0.06%
LLY $75.27 0.53%


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