(Pre-market story updated with stock price changes and Tyson Foods fourth-quarter earnings)
NEW YORK (TheStreet) -- Tyson Foods stock was volatile in pre-market trading Monday, falling 2.8% to $15.20 Monday after the company said it expected higher raw-material costs, including those of grain in fiscal 2011, which it plans to offset with operational and pricing improvements. Shortly afterwards, the stock bounced back, rising 2.3% to $16.
The company swung to profit in the fourth quarter, reporting net income of $213 million, or 57 cents a share, from a loss of $457 million, or $1.23 the previous year, partly driven by higher pricing in the pork and prepared foods segments. Excluding an impairment charge of 7 cents related to its Brazil poultry operations, earnings were 64 cents a share, beating the Wall Street consensus estimate of 56 cents a share.
Sales rose by about 3% to $7.44 billion from $7.21 billion the previous year, below the consensus $7.75 billion target.
announced on Monday that their VEGF Trap-Eye drug for patients with age-related eye degeneration problems successfully met requirements in two advanced studies of the drug.
Regeneron Pharmaceuticals fell 1.2% to $24.67 at the closing bell Friday.
According to the Wall Street Journal,
has been having difficulty tracking down
new CEO Leo Apotheker to testify in Oracle's copyright infringement lawsuit against
, of which Apotheker was the former CEO.
SAP stock fell by 0.7% to $49.64 in premarket trading, and **Hewlett-Packard shares were rising by 0.5% to $42.70. Oracle finished Friday's trading session down 0.6% to $28.15.
is mulling over a new deal structure as it tries to break an acquisition deadlock with
, according to the
Wall Street Journal
is reporting that the new deal structure would reward shareholders with additional benefits depending on whether the acquired company reaches certain milestones.
Shares of Sanofi-Aventis are up 1.3% to $34.57 in premarket trading. Genzyme stock finished Friday's closing session up 1.5% at $71.31.
Last Thursday, court documents unsealed amid a three-year old lawsuit against Dell raised questions about how the company dealt with a record number of problematic computers sold to governments, schools and companies between 2003 and 2005, according to the
New York Times
. The documents were connected to a lawsuit filed by
Advanced Internet Technologies
alleging Dell of covering up the defects in its desktop computer, the
reported. Shares of Dell are down 0.5% to $13.83 in pre-market trading.
-- Written by Andrea Tse in New York.
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