Stocks to Watch: Level 3 to Buy Global Crossing
NEW YORK (TheStreet) -- Fiber networking company Level 3 Communications (LVLT) was rising 10.4% to $1.59 after saying it will acquire data networker Global Crossing (GLBC) in a deal worth about $3 billion. Global Crossing was surging 53.7% to $22.75.
Endo Pharmaceuticals (ENDP) was rising 7.7% to $44 in premarket trading Monday after agreeing to acquire American Medical Systems (AMMD) for $30 a share, or $2.9 billion in cash, in a bid to gain scale in devices and health care services and diversify sales and profits. American Medical Systems was surging 32.6% to $29.60.
Warner Music Group (WMG) was popping 7.5% to $8.01 as Reuters, citing a source close to the situation, reported that the music content company's board is expected to review second-round bids for the company at a meeting.
Drug company Biogen (BIIB) was popping 6.4% to $78 after saying that its trial multiple sclerosis treatment has achieved positive results in the first of two crucial late-stage experiments.
Iron ore pellet and coal producer Cliffs Natural Resources (CLF) was rising 2% to $100.68 after saying it will receive a cash payment of about $250 million to $270 million after reaching an agreement over price reopener entitlements for 2009 and 2010 and pellet nominations for 2010 and 2011 with steel producer ArcelorMittal USA.
Aluminum producer Alcoa (AA) , after the closing bell Monday, is expected by analysts to post a profit of 27 cents a share for the three months ended in March on revenue of $6.1 billion. Alcoa was rising 0.9% to $18.08 in premarket trading.
Exchange operator NYSE Euronext (NYX) was falling 0.4% to $38.56 after saying Sunday that its board had rejected the $11.3 billion hostile takeover bid from Nasdaq OMX (NDAQ) and IntercontinentalExchange (ICE).
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