This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks to Watch: Opnext, Ista (Update 1)

NEW YORK -- Optical network components company Oclaro (OCLR) agreed to acquire peer Opnext (OPXT) for stock.

The deal calls for Oclaro to swap 0.42 of a share for each Opnext share.

Opnext shares were soaring 54% to $1.74 in premarket trading Tuesday.

Eye care company Bausch & Lomb agreed to acquire Ista Pharmaceuticals (ISTA) for roughly $500 million in cash to expand its eye health portfolio.

The acquisition price of $9.10 a share represents a 9% premium to Ista's closing price on Monday.

Ista shares were surging 8.4% to $9.08.

Apollo Group (APOL), the for-profit education company, trounced Wall Street's fiscal second-quarter expectations.

Apollo reported earnings from continuing operations excluding items of $73.8 million, or 58 cents a share, for the three months ended Feb. 29 on revenue of $969.6 million. Analysts expected profit of 37 cents a share on revenue of $933.3 million.

Apollo, the operator of the University of Phoenix, said new degreed enrollment rose 1% in the quarter from a year earlier.

Apollo shares were losing 6% to $40.60.

Homebuilder Lennar (LEN) reported first-quarter earnings of $15 million, or 8 cents a share, down from $27.4 million, or 14 cents a share. a year earlier.

Still, the company's per-share earnings beat the average estimate of 4 cents a share, according to a Thomson Reuters survey of analysts.

Shares were gaining 2.7% to $27.10.

Walgreen (WAG) reported fiscal second-quarter earnings Tuesday of 78 cents a share on sales of $18.7 billion.

Analysts were expecting profit of 77 cents a share on sales of $18.58 billion.

The company said the effect of no longer being part of the Express Scripts (ESRX) pharmacy provider network as of Jan. 1, 2012, impacted earnings by 7 cents a share.

"We invested in store-level staffing in the second quarter to help our pharmacy customers under Express Scripts plans sign up for our Prescription Savings Club, change to a different Medicare prescription drug plan that includes Walgreens in the network or find other ways to continue using our pharmacies," the company said in a press release.

Shares were up 0.4% to $34.51.

United Technologies' (UTX - Get Report) proposed $18.4 billion acquisition of Goodrich (GR) is receiving an in-depth investigation from the European Commission because of competition concerns.

Both companies make aviation equipment.

"The Commission's preliminary investigation indicated potential competition concerns regarding the markets for engine controls and AC power generators, where the parties would have very high combined market shares," said the European commission, in a statement.

Jefferies (JEF) is looking to set up a corporate lending business in Europe to expand its fast-growing operations in the region, The Financial Times reported.

The mid-size U.S. investment bank seeks to grab market share from retrenching rivals, the newspaper said.

"We are working actively to develop corporate lending capacity [in Europe] and have underwritings in process," Brian Friedman, chairman of Jefferies' executive committee, told The Financial Times.

-- Written by Joseph Woelfel and Andrea Tse

>To contact the writer of this article, click here: Joseph Woelfel

Related links:
5 Cheap Small Bank Stocks

18 Dividend Stocks That Will Outlive the Hype

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
WAG $81.65 2.05%
UTX $101.13 0.84%
AAPL $92.69 -0.59%
FB $119.49 1.43%
GOOG $711.11 1.40%


Chart of I:DJI
DOW 17,740.63 +79.92 0.45%
S&P 500 2,057.14 +6.51 0.32%
NASDAQ 4,736.1550 +19.0610 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs