said it was breaking ties with
, ending two industrial equipment joint ventures. Ingersoll offered its stake in the ventures' operations to Dresser, and said it would sell its interest to a third party if Dresser declines the offer. The company told
that if Dresser purchases Ingersoll's interest, the ventures would be initially worth $1.85 billion, reflecting governing agreements.
Outflows from equity funds slowed to $579 million for the week ended Aug. 12. International funds, including Latin American and all Asian markets, reported outflows. Taxable bond funds also reported outflows, with the majority coming from high-yield corporate bond funds.
In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
Advanced Tissue Science
reported a second-quarter loss of 11 cents a share including extraordinary items. The three-analyst estimate was for a loss of 19 cents a share. The year-ago loss was 30 cents a share.
reported second-quarter earnings of 16 cents a share excluding extraordinary items. The two-analyst estimate had been for 15 cents a share. Year-ago earnings per share were 16 cents.
which announced in June it would take a fourth-quarter charge to cut jobs and close stores, said it expects to report fourth-quarter earnings about a week late. The company said the change will allow it to present more details on its strategic initiative.
a funeral-service provider in Metairie, La., said intense price competition and an accelerating trend towards cremation is killing its business. The company warned it expects to earn 25 cents to 27 cents a share in the third quarter, lower than the current three-analyst estimate of 29 cents a share; and 17 to 19 cents a share in the fourth quarter, below the current nine-analyst estimate of 25 cents a share.
reported fourth-quarter earnings of 20 cents a share, including a charge of 4 cents for a common stock adjustment. The three-analyst estimate called for 12 cents a share. The company had a year-ago loss of 4 cents a share.
Mergers, acquisitions and joint ventures
will take hold of
Intelliquest Information Group
for $42.5 million in cash and a sum equivalent to Intelliquest cash value upon completion of the acquisition. Intelliquest said in
it expects the merger, which involves the $46.5 million sale of the company's IQ2.net to
Naviant Technology Solution
, to close in the fourth quarter.
a maker of personal finance software, said it bought closely held
in an effort to boost its presence in online tax preparation.
Financial services company
said it inked an agreement to sell its discount brokerage,
Ziegler Thrift Trading
Strong Capital Management
. Ziegler said the decision to sell the business was part of an effort to narrow its strategic focus and said it expects to record an after tax-gain of $3.6 million when the deal is completed.
Offerings and stock actions
priced its 3.5 million-share IPO after the close at $11 a share.
Burlington Northern Santa Fe
said it would buy back 4.34 million common shares from
as part of a previously announced repurchase program. Burlington will pay $29.585 per share. Afterwards Allegheny will own about 18 million shares, or about 4% of Burlington's outstanding diluted shares.
board of directors said yes to a share buyback for $100 million worth of common stock, giving the company 5.4% of its common stock back if all share are bought at current prices.
has decided not to make further strides to improve its drug, Alond, for late-stage diabetic treatment, after disappointing clinical trial performance. The company said it will continue to test the drug as a remedy for kidney disease and cardiomyopathy.