Among the companies with shares expected to actively trade in
Monday's session are Titanium Metals Corp. (TIE), Myrexis Inc.
(MYRX) and Celgene Corp. (CELG).
Precision Castparts Corp. (PCP) has agreed to acquire Titanium
Metals for about $2.9 billion, a deal that expands the cast-metal
parts manufacturer's titanium capabilities. Precision will buy
Titanium Metals, or Timet, for $16.50 a share in cash, a 43%
premium to the metal products company's Friday closing price. Timet
shares surged 42% to $16.47 after hours.
Biopharmaceutical company Myrexis said its board has approved a
plan of complete liquidation and dissolution, a move that comes
after the company suspended all of its clinical programs earlier
this year. Shares soared 23% to $2.87 after hours as the company
said it plans to distribute all available cash to shareholders.
Celgene said a late-stage study of its drug Abraxane
significantly improved the lifespans of patients with pancreatic
cancer, one of the deadliest and hardest-to-treat diseases. The
combination therapy showed a statistically significant improvement
in overall survival, meeting the study's primary endpoint, the
company said, although it didn't report the specific number. Shares
jumped 5.7% to $75.57 after hours.
Exide Technologies (XIDE) reported its fiscal second-quarter
loss widened as currency-related costs and lead-related pricing
hurt revenue. Results missed analyst expectations, sending shares
down 6.1% to $2.96 after hours.
Watchlist:
Lockheed Martin Corp. (LMT) on Friday said its incoming chief
executive had resigned after it was revealed he had a relationship
with a subordinate that broke its internal code of conduct,
appointing Marillyn Hewson to take over the position in
January.
Standard & Poor's Ratings Services has downgraded its credit
ratings on Western Union Co. (WU) by one notch, on expectations of
sliding profits for the world's largest provider of remittances
over the next year.
Write to Nathalie Tadena at nathalie.tadena@dowjones.com
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