BOSTON (TheStreet) -- Here are the top stock market headlines for the morning of Monday, August 30, 2010.
Monday's Early Headlines
- Cisco Looking to Buy Skype -- Cisco Systems (CSCO) - Get Report has made an offer to acquire Skype before the Internet phone company completes its IPO process, a source tells TechCrunch. Skype insiders expect a valuation of $5 billion for the initial public offering, so Cisco would have to bid in that range, the report adds. Earlier this month, Skype filed to go public on the Nasdaq stock exchange with a goal of raising up to $100 million.
- Genzyme Rejects $18.5 Billion Offer From Sanofi-Aventis -- Genzyme( GENZ) confirmed Monday that it has received an unsolicited acquisition bid from Sanofi-Aventis (SNY) - Get Report to purchase all outstanding shares at $69 per share. In a response letter, Genzyme's board said the offer was "an opportunistic proposal with an unrealistic starting price that dramatically undervalues our company."
- Bank of Japan Eases Monetary Policy -- The Bank of Japan's board voted unanimously to keep the bank's key interest rate at 0.1%, which it says "will encourage a decline in market interest rates and further enhance easy monetary conditions." The central bank also announced a new six-month low-interest loan program available to financial institutions. Combined with an existing three-month funds-supplying operation worth 20 trillion yen ($236.4 billion), banks will now have access to a total of 30 trillion yen ($355 billion), The Associated Press reports.
- Intel Buying Infineon Unit For $1.4 Billion -- Intel (INTC) - Get Report is buying the wireless solutions business of Germany's Infineon for about $1.4 billion cash. The acquisition is expected to close in the first quarter of 2011. Infineon's WLS, a provider of cellular platforms global phone makers, will operate as a standalone business.
- 3M to Buy Cogent for $943 Million -- 3M (MMM) - Get Report said Monday it agreed to acquire Cogent (COGT) for $10.50 a share, or $943 million. Shares of Cogent, which closed Friday at $8.91, were rallying nearly 20% to $10.65 in the premarket session.
Monday's Earnings Roundup
- Winn-Dixie Stores( WINN) will report fiscal fourth-quarter results before the start of trading Monday. Analysts expect a profit of 15 cents a share, down from 17 cents a share in the year-ago quarter, on revenue of $1.77 billion.
- Origin Agritech (SEED) - Get Report will post fiscal third-quarter financial results Monday, with analysts forecasting a profit of 61 cents a share on revenue of $68.2 million.
-- Written by Robert Holmes in Boston
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