Among the companies with shares expected to actively trade in
Monday's session are Jefferies Group Inc. (JEF), Titanium Metals
Corp. (TIE) and Clovis Oncology Inc. (CLVS).
Jefferies Group Inc. (JEF) confirmed it will merge with Leucadia
National Corp. (LUK), giving the securities firm a new owner with
deep pockets at a time of rising investor concern over the funding
sources and business model of investment banks. The deal, offering
Jefferies shareholders $17.66 in stock, sent shares up 17% to
$16.74 in premarket trade.
Precision Castparts Corp. (PCP) has agreed to acquire Titanium
Metals Corp. (TIE) 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 43% to $16.56 premarket.
Clovis Oncology Inc. (CLVS) said it will suspend development of
its CO-101 drug candidate after a study showed it was ineffective
in improving the survival rate for patients with metastatic
pancreatic cancer. Shares tumbled 41% to $12.75 premarket after
Chief Executive Patrick J. Mahaffy expressed disappointment with
the study's results, which he called "unambiguous."
Celgene Corp. (CELG) 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 8.5% to $77.58 premarket.
Annaly Capital Management Inc. (NLY) has offered to buy all the
shares in Crexus Investment Corp. (CXS) it doesn't already own in a
cash deal that values the commercial real-estate investor at about
$958 million. Crexus shares jumped 14% to $12.70 premarket.
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.
Biopharmaceutical company Myrexis Inc. (MYRX) 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. The company said it plans to distribute all
available cash to shareholders.
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 Mia Lamar at mia.lamar@dowjones.com
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