Tyson Foods ( TSN) reported second-quarter earnings Monday of $166 million, or 44 cents a share, up from year-earlier earnings of $159 million, or 42 cents. Sales were $8.3 billion, up from $8 billion last year. On average, analysts expected the company to post a quarterly profit of 38 cents a share on $8.47 billion. The Five Dumbest Things on Wall Street This Week: April 4
Micron Technology ( MU) won the right to negotiate exclusively to buy Elpida Memory after offering more than 200 billion yen ($2.5 billion) for the Japanese chipmaker, Reuters reported, citing a source with direct knowledge of the deal. The acquisition would lift Micron's global market share of memory chips used in personal computers to 25%, making it the second largest behind Samsung Electronics. Elpida filed for bankruptcy protection in February. Shares of Micron Technology rose 2.29% in premarket trading Monday to $6.70.
Dish Network ( DISH), the satellite-TV provider, posted first-quarter profit of $360.3 million, or 80 cents a share, down from year-earlier earnings of $549.4 million, or $1.22 a share. The 2011 quarter included a $340.7 million gain related to a settlement with TiVo. Revenue rose 11% to $3.58 billion. Analysts expected earnings of 70 cents a share in the first quarter on revenue of $3.62 billion. Will Apple's Stock Become Dead Money?
Sysco ( SYY), the food distributor, will report fiscal third-quarter earnings of 43 cents a share on revenue of $10.45 billion, according to analysts. Biotech Stock Mailbag: Exelixis, Protalix, Arena
DigitalGlobe ( DGI) on Sunday rejected a $792 million takeover offer from satellite imagery rival GeoEye ( GEOY), saying the hostile bid undervalued the company. The bid would have been for about $17 a share. "DigitalGlobe has consistently demonstrated superior operating performance compared to GeoEye, including the stronger relative performance on the EnhancedView program," said DigitalGlobe CEO Jeffrey R. Tarr in a statement. "DigitalGlobe is the only provider in the industry with a constellation of three healthy on-orbit high resolution satellites, which allows us to deliver vastly more imagery to NGA than GeoEye, both in total and per-taxpayer dollar, generating significant value for the government and taxpayers. We are enthusiastic about our prospects and the opportunities before us, and our ability to successfully execute on our strategic plan to create value for our customers and shareowners." -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.