Human Genome Sciences ( HGSI) received an unsolicited buyout proposal of $13 a share in cash, or about $2.6 billion, from GlaxoSmithKline ( GSK) but rejected the offer saying the bid "does not reflect the value inherent" in the company. The GlaxoSmithKline bid represents an 81% premium to Human Genome's closing price Wednesday of $7.17. Human Genome, in a press release Thursday, said its board has authorized the exploration of strategic alternatives, "including, but not limited to, a potential sale of the company."
Bank of America is expected by analysts Thursday to post first-quarter earnings of 12 cents a share on revenue of $22.51 billion. Microsoft, the giant software maker, is seen by analysts Thursday posting fiscal third-quarter earnings of 57 cents a share on revenue of $17.18 billion.
Nokia ( NOK), the handset maker, early Thursday posted a first-quarter loss of €929 million ($1.2 billion), hit by strong competition as revenue fell 29%.
India announced the successful test launch Thursday of a new nuclear-capable missile. The missile would give India the ability to strike the major Chinese cities of Beijing and Shanghai for the first time, according to the AP.
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