Abbott to Buy Perclose; Qualcomm to Replace Transamerica in S&P 500

Author:
Publish date:

Abbott Laboratories

(ABT) - Get Report

agreed to acquire

Perclose

(PERC)

in a stock swap valued at $680 million. According to the deal, Abbott will issue $54 in shares for each Perclose share.

Qualcomm

(QCOM) - Get Report

will replace

Transamerica

(TA) - Get Report

in the

S&P 500

on a date yet to be announced.

Aegon

(AEG) - Get Report

, a Dutch firm, is acquiring Transamerica.

Compass Bancshares

(CBSS)

will replace Qualcomm in the

S&P MidCap 400 Index

.

Ouflow from U.S. equity funds for the week ended yesterday totaled $186 million, with the majority coming from small-cap funds, according to

AMG Data Services

. International equity funds reported outflow, while emerging market sectors recorded inflow. Among other categories, $1.74 billion flowed into taxable bond funds, the largest amount since February. Municipal bond funds posted inflow of $183 million and money markets posted inflow of $30.12 billion.

In other postclose news (earnings estimates from

First Call

; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

Albany International

(AIN) - Get Report

said it sees second-quarter earnings of 30 cents a share because of weak sales in Asia and Europe. The four-analyst estimate called for 39 cents vs. the year-earlier 34 cents.

Cerner

(CERN) - Get Report

said it expects to post second-quarter results of break-even to earnings of 2 cents a share, below the 20-analyst prediction of 10 cents and the year-ago 16 cents. The company blamed a shortfall in systems revenue.

HMT Technology

(HMTT)

said it sees a first-quarter loss wider than its fourth-quarter loss of 23 cents a share, citing weak market conditions for hard disks. The four-analyst view called for a loss of 22 cents vs. the year-ago earnings of 3 cents.

Jones Lang LaSalle

(JLL) - Get Report

said it sees a second-quarter loss, blaming in part the performance of its U.S. management services businesses. The two-analyst estimate called for earnings of 19 cents a share vs. the year-ago 45 cents.

Lance

(LNCE)

said it will post second-quarter earnings 3 cents to 4 cents a share below the single-analyst forecast of 27 cents due to weaker-than-expected sales and an unplanned expense of $1.5 million to implement an information system. The company made 27 cents a share in the year-ago period.

Visio

(VSIO)

said it expects to report third-quarter earnings of 29 cents to 30 cents a share due to a continued slowdown in sales and delays in completing several licensing agreements. The eight-analyst forecast called for 35 cents vs. the year-ago 29 cents.

In other earnings news:

Offerings and stock actions

Ford's

(F) - Get Report

Ford Motor Credit

increased the size of its bond offering to $7.5 billion from $6.5 billion.

Lehman Brothers

priced

Liquid Audio's

(LQID:Nasdaq) 4.2 million-share IPO above range at $15. The software company's products enable digital delivery of music over the Internet.

Miscellany

Disney

(DIS) - Get Report

said it will merge its TV production unit with its

ABC

network's prime time broadcast group into a single unit, ABC Entertainment Television Group.

Honda

(HMC) - Get Report

said it's recalling about 935,000 1996-98 Civic small cars to fix sliding driver-side floor mats that could interfere with the accelerator pedal.

Business Week's Inside Wall Street

column talks up

Cabletron

(CS) - Get Report

as a potential takeover target, with a global telecom giant playing the role of acquirer in Gene Marcial's world. The rumor man also works his bullish voodoo on

24/7 Media

(TFSM)

, arguing it's ripe for

DoubleClick's

(DCLK)

taking, and

Manpower

(MAN) - Get Report

, saying it's a good global-recovery play.