Mirage Resorts (MIR) rejected MGM Grand's (MGG) $3.4 billion takeover offer as inadequate but said it was willing to discuss a transaction recognizing the company's real value. Mirage said it adopted a shareholder purchase rights plan to assure that its board was in a position to best represent the interests of all its stockholders.
said it will create a new company to expand its service to Australia and New Zealand. The new firm, which will be called
will be led by two top executives of Australia's biggest telecommunications company
In other postclose news (
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
Earnings/revenue reports and previews
American Eagle Outfitters
reported fourth-quarter earnings of 76 cents a share including depreciation and amortization, above the 14-analyst estimate of 70 cents and the year-ago 52 cents which also included items.
warned it sees first-quarter revenues and profits below analysts' expectations. The company said it sees revenues between $19.5 million and $21 million, a 15% to 20% decline from the record $24.3 million it registered in the fourth-quarter. Galileo also said it would take a onetime charge of $2.5 million to increase inventory and write off investments.
posted fourth-quarter earnings of 20 cents a share, beating the seven-analyst estimate of 17 cents and the year-ago 14 cents.
posted fourth-quarter funds from operations of 37 cents, a penny better than the seven-analyst estimate, but down from the year-ago 43 cents.
reported fourth-quarter earnings of 36 cents a share, ahead of the 18-analyst estimate of 34 cents, and the year-ago 24 cents. The company said the figures were adjusted to reflect a 3-for-2 stock split in June.
reported a loss of 68 cents a share, narrower than the two-analyst expected loss of 78 cents. The year-ago loss of 79 cents a share includes a charge.
reported fourth-quarter earnings of 38 cents a share, in line with the nine-analyst estimate but lower than the year-ago adjusted 46 cents.
posted fourth-quarter pro forma earnings of 15 cents a share, a penny ahead of the six-analyst estimate, but lower than the year-ago 20 cents.
Mergers, acquisitions and joint ventures
said it plans to acquire wireless networker
. Terms were not disclosed.
said it plans to acquire privately held
for about $590 million in stock.
said it would acquire the long-distance telephone network assets from
in a move to expand the reach of its fiber optic communications network.
Offerings and stock actions
said it had raised $8.6 million through the private placement of 2.15 million shares.
approved a 2-for-1 stock split.
priced a 5 million-share IPO for
at $25 a share, above the expected $20-$22 range.
approved a 3-for-1 stock split.
Oxford Health Plans
said it repurchased preferred stock for a total of $130 million. The company said the repurchase would add 14 cents a share to its annual earnings.
set a 2-for-1 stock split.
Warburg Dillon Read
to hold from buy. Analyst Saul Rubin cited concerns about the company's small-car strategy.
said it will open coffee shops in Hong Kong by the end of June as part of a massive push to build its overseas presence to some 12,000 sites over time from 359 now.