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Marsh & McLennan

(MMC) - Get Free Report

fell after saying Brian M. Storms is stepping down from his position as chief executive officer of Marsh Inc., the company's insurance broking subsidiary, effective immediately.

The search for a successor is already underway. In the interim, Michael G. Cherkasky, president and chief executive of Marsh & McLennan, will serve as acting CEO of Marsh. Marsh & McLennan was down 5.7% at $24.69.


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set plans to acquire


( EDO), an aerospace and defense company, for $56 a share in cash.

Including approximately $120 million of net debt and the anticipated conversion of convertible notes, the transaction values EDO at $1.7 billion. Shares of ITT were down 76 cents at $63.53. EDO was up 6.6% at $54.90.

AnnTaylor Stores


named Michael J. Nicholson as executive vice president and chief financial officer, effective immediately. Nicholson, 41, joins AnnTaylor after seven years at



, most recently as an executive with Victoria's Secret.

Shares of the retailer were down 6 cents at $32.30.


Standard Pacific


said it has amended its revolving credit facility, $100 million term loan and $250 million term loan. Standard Pacific was up 5 cents at $8.08.

The amendments, among other things, provide the company with additional operating flexibility under the facilities' borrowing base, consolidated tangible net worth and minimum interest coverage covenants, tighten the leverage covenant over time and modestly revise pricing. In addition, the company reduced the total commitment available under the revolver from $1.1 billion to $900 million and the outstanding principal amount of the larger term loan from $250 million to $225 million.

Obagi Medical Products

( OMPI) was lower by 1.6% to $16.62 after it said it has filed a registration statement with the

Securities and Exchange Commission

covering a proposed offering of up to $100 million of common stock.

Most shares will be sold by selling stockholders, the specialty pharmaceutical company said.

Newfield Exploration


agreed to sell all of its interests in the U.K. North Sea to Centrica, the owner of British Gas, for $486.4 million. The sale, which requires U.K. government approvals, is expected to close in the fourth quarter.

The sale marks a complete exit by Newfield from the North Sea. The company's shares were up 1% at $46.97.


( GOT) was gaining 4.6% to $4.54 on news that its board has approved the repurchase of up to 2 million shares over the next 12 months. Purchases may be made in the open market and in privately negotiated transactions as market and business conditions warrant.