Company Report: ONIS, FHRX, AET, ING, COST, ANF, BBY, MSFT, More

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M&A Earnings/revenue Analyst actions Offerings/stock actions Miscellany

ONI Systems (ONIS Quote) flexed and kicked sand in the face of the other IPO issue today, soaring 57 9/16, or 230.2%, to 82 9/16 after Goldman Sachs priced 8 million shares above its expected $21-to-$23-a-share range at $25 each. The San Jose, Calif.-based company develops and sells all-optical networking equipment designed to reduce bandwidth and service bottlenecks.

Meanwhile, First Horizon Pharmaceutical (FHRX Quote) was looking like a 98-pound weakling with a scrawny gain of 1/16 to end at 8 1/16. Chase Hambrecht & Quist priced 3.8 million shares at $8 each, the low end of the estimated $8-to-$10 range. The company markets and sells brand-name prescription drugs largely focused on chronic conditions. Earlier today, the range was lowered from $12 to $14 a share.

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Mergers, acquisitions and joint ventures

Aetna (AET Quote) climbed 1 13/16 to 68 9/16 after it confirmed it resumed talks with Dutch financial services company ING Groep (ING Quote) about a sale of Aetna's profitable financial services and international units. ING Groep added 3/4 to 61 1/16. Aetna's statement came after a report on CNBC, which said ING could pay as much as $9 billion for the units.

Canada-based Alcan Aluminum(AL Quote) slipped 15/16 to 32 after it upped its bid to acquire Swiss aluminum-maker Algroup, which locked in support from a major Algroup shareholder. If the deal is completed, it would form a company with annual sales of about $12.5 billion. The terms call for Alcan to exchange 17.1 of its common shares for each share of Algroup. In addition, Algroup shareholders would receive a repayment of capital of 90 Swiss francs and a special dividend of 135 Swiss francs for each of the Algroup shares they own. BZ Group Holdings, one of Algroup's biggest holders, and its affiliates favored tendering 34% of their Algroup shares for the revised offer. Alcan initially offered 20.1745 Alcan shares for each Algroup share. ...