SAN FRANCISCO (MarketWatch) -- Amgen Inc. shares raced to the top of
Wednesday evening's most actives list after the company announced it is buying
Abgenix Inc., whose shares nearly doubled on the news.
The Nasdaq-100 After Hours Indicator, which tracks the evening action of
the index's leading shares, was last up 1.08 points to 1,700.06.
Amgen Inc. shares rose more than 3% to $79.26 and were the second most
actively traded, according to iNet Data Services, after the company said it
has agreed to acquire Abgenix (ABGX: news, chart, profile) for $2.2 billion
plus debt.
Under the terms of the agreement, Abgenix shareholders will receive $22.50
in cash per common share. The deal is expected to close by the end of the
first quarter of 2006.
Abgenix shares, the session's fifth most actively traded, surged more than
49% to $21.89 after coming out of trading halt.
Activision Inc. shares tumbled more than 11% to $12.70 after the company
said it expects earnings and revenue for the third and fourth quarters and
fiscal year 2006 to be lower than the forecast it issued on Nov 2.
Shares of PowerDsine Ltd. plummeted 27% to $6.60 after the company lowered
its outlook for fourth-quarter revenue to a range of $7 million to $7.5
million, compared with previous guidance of $11.2 million to $11.4 million.
Analysts polled by Thomson First Call are looking for $11 million in revenue.
OSI Pharmaceuticals shares slipped more than 2% to $23.60 after the
company said it plans to sell $100 million of convertible senior subordinated
notes due 2025 in a private placement.
OSI plans to use up to $25 million of the proceeds to purchase shares of
its common stock and to enter into call spread transactions with respect to
its common stock.
Jasmina Kelemen is a MarketWatch reporter based in San Francisco.
This MarketWatch news update is provided to you courtesy of Thomson
Financial. The information herein is believed to be true and accurate. We take
no responsibility for inaccurate information and reserve the right to update
our reports. If you have any questions please e-mail James Sang at
james.sang@thomson.com or call 646.822.6233. For more information about
Thomson Financial visit us at http://www.thomson.com/financial.
SOURCE Thomson Financial Corporate Group
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