Roche, the Swiss drugmaker, plans to offer $5.7 billion in cash to buy Illumina ( ILMN - Get Report), the U.S. DNA company. Roche said it would offer to buy Illumina for $44.50 a share in cash, an 18% premium to Illumina's closing price of $37.68 on Tuesday. Roche said it's making the hostile bid after it tried to negotiate a deal with Illumina but the U.S. company declined to participate. Illumina urged shareholders not to take any action on Roche's offer until the board makes a recommendation. Illumina said its board will review the offer. Illumina was surging 39.8% to $52.69 before the bell.
U.S. Airways ( LCC)
General Dynamics ( GD - Get Report) reported a decline in fourth-quarter earnings to $603 million, or $1.68 a share, missing analysts' expectations for $1.99 a share. Earnings took a hit from the company's Switzerland-based aircraft completions business with a charge that totaled $189 million. Revenue rose to $9.14 billion, down from $8.6 billion in the quarter a year earlier and coming in light of the forecast for $9.29 billion. The stock was losing 1.5% to $71.34.
The maker of glass and ceramic products, Corning ( GLW - Get Report), reported profit in line with estimates as sales rose. Fourth- quarter net income fell to $491 million, or 31 cents a share, from $1.04 billion in the quarter a year earlier. Excluding some items, profit came in at 33 cents a share. Corning is the world's largest maker of glass for flat panel televisions. Earlier, the company had lowered its forecast because of price declines for liquid crystal display glass and a lost contract in Korea. Shares were down 5.3% to $14.62.
U.S> health insurer Well Point ( WLP) missed estimates for fourth-quarter earnings and for 2012 profit. The company said that profit came in at 99 cents a share in the last quarter, excluding investment gains and losses. Analysts expected earnings of $1.12 a share. Shares were down 6.3% to $69.40.
Boeing ( BA - Get Report), the aerospace giant,
United Technologies ( UTX - Get Report), a component of the Dow, saw its profit rise 11% in the fourth quarter as demand increased for aerospace parts from Boeing and Airbus. The company reported net income of $1.47 a share on sales of $15 billion. Analysts forecast a profit of $1.46 a share on revenue of $15.07 billion. United Technologies also projected a profit ranging from $5.80 to $6 a share for 2012 on sales of as much as $60 billion, while analysts forecast a profit of $5.72 for the year on sales of $62.9 billion. The stock was trading sideways at $77.70 a share in premarket hours.
Yahoo! ( YHOO) said Tuesday thatadjusted revenue fell 3% during the fourth quarter on weak display ad sales. The struggling Internet company reported adjusted earnings of 24 cents a share, flat with a year earlier. Revenue excluding traffic acquisition costs, or TAC, came in at $1.17 billion. Analysts were expecting earnings of 24 cents a share on revenue of $1.19 billion in the period. Shares were slipping by 0.9% to $15.55.
Netflix ( NFLX - Get Report) is expected to earn 55 cents a share in the fourth quarter on revenue of $857.9 million. -- Written by Joseph Woelfel and Chao Deng >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.