After-Hours Update: ZGEN, ALTR, CPII
Tuesday, September 07, 2021 7:25 PM

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Shares of ZymoGenetics, Inc. (NASDAQ: ZGEN) soared more than 80% in extended trading after it agreed to be acquired by Bristol-Myers Squibb Co. (NYSE: BMY) in a deal valued at $885 million. The $9.75-a-share bid represents a premium of about 84 percent to the Tuesday's closing share price.

Altera Corporation (NASDAQ: ALTR) late Tuesday announced that third quarter revenue is now expected to be 10 to 14 percent above second quarter levels. The company's prior guidance was for sequential growth of 4 to 8 percent. The company said that telecom and wireless vertical market is on track to be the fastest growing portion of the business, driven in large part by 3G wireless deployments and needs for additional wireless backhaul capacity. The company will announce third quarter results after the market close on October 19, 2010. Altera shares surged more than 4% in after-hours trading.

Comtech Telecommunications Corp. (NASDAQ: CMTL) said late Tuesday that it has terminated its agreement to buy CPI International, Inc. (NASDAQ: CPII) for $472.3 million. As part of the termination, Comtech has received a termination fee of $15.0 million from CPI, and Comtech and CPI exchanged mutual general releases. Comtech and CPI will remain independent, publicly-held companies. Shares of CPI International plunged more than 8% in evening trading.

Disclosure: Author doesn't own any of the stocks discussed here.

 

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Market news:

  • Myanmar democracy leader Aung San Suu Kyi released Nov 13, 2021 01:22 PM

    • YANGON, Myanmar - Pro-democracy hero Aung San Suu Kyi walked free Saturday after more than seven years under house arrest, welcomed by thousands of cheering supporters outside the decaying lakefront villa that has been her prison.
    • It is also unlikely the ruling generals will allow Suu Kyi, who drew huge crowds of supporters during her few periods of freedom, to actively and publicly pursue her goal of bringing democracy to Myanmar.
    • Suu Kyi could have left Myanmar to see her family but decided not to, fearing the junta would not allow her to return.
      • Insurgents attack NATO base in eastern Afghanistan Nov 13, 2021 12:56 PM

        • KABUL, Afghanistan - Insurgents wearing suicide vests tried to storm a major NATO base in eastern Afghanistan but were repelled before they could enter on Saturday - the latest in a series of attacks on coalition targets that appear designed to show the Taliban remain strong despite U.S.-led offensives and an influx of troops.
        • The assault on the base, which occurred a day after a suicide car bomber targeted a U.S. convoy outside Kabul, illustrated the ability of the insurgents to stage attacks throughout Afghanistan as the U.S.-led alliance steps up pressure against the Taliban in its southern stronghold of Kandahar.
        • Separately, NATO reported that insurgents killed three coalition service members Saturday in southern Afghanistan, but it did not provide further details or nationalities.
          • Government sells spoils of Madoff's lavish life Nov 13, 2021 12:41 PM

            • NEW YORK - Anyone who literally wants to walk in the shoes of fallen financier Bernard Madoff is in luck.
            • Thousands of belongings from his New York City penthouse are on the auction block Saturday, including used shoes.
            • A Steinway grand piano from Madoff's living room went for $42,000 - six times the minimum estimate of $7,000.
              • Emanuel formally announces run for Chicago mayor Nov 13, 2021 12:31 PM

                • CHICAGO - Rahm Emanuel officially announced Saturday what everyone has known since he quit his job as White House chief of staff, hugged President Barack Obama and returned to Chicago: He's in.
                • To the surprise of no one, Emanuel, who has long talked about his desire to be mayor, told a packed auditorium at a school on Chicago's North Side that he is running to succeed retiring Mayor Richard Daley.
                • Emanuel represented the city's North Side in Congress before he went to the White House.
                  • Shani Davis wins 2nd straight speedskating race Nov 13, 2021 12:10 PM

                    • HEERENVEEN, Netherlands - Two-time Olympic speedskating champion Shani Davis has won his second straight World Cup race, edging rival Simon Kuipers of the Netherlands in the 1,500 meters.
                    • German sprint specialist Jenny Wolf also won her second straight race.
                    • She beat Margot Boer of the Netherlands and Nao Kodaira of Japan in the 500.

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