Avon Products, Inc. (AVP) is rising 3 percent to $22.19. The company disclosed that it has received a letter from Coty Inc. about boosting its acquisition proposal to $24.75 per share from the previous $23.25 per share offer. Coty has urged the company to respond to its revised proposal by close of business on May 14. Avon said its Board will consider the letter in due course.
Cisco Systems, Inc. (CSCO) is falling 8 percent to $17.28. The company's third quarter profit increased from the previous year and topped Wall Street view. Net sales rose 6.6 percent and were also above the consensus estimate. However, the company guided fourth quarter non-GAAP earnings per share below analysts' expectation.
Kohl's Corp. (KSS) is declining more than 2 percent to $49.70. The company's first quarter profit declined from the year-ago quarter, yet topped analysts' estimate. Net sales improved 1.9 percent, but were slightly below consensus. Additionally, the company expects second quarter earnings below Wall Street view.
Human Genome Sciences (HGSI) is down 0.62 percent to $14.50. GlaxoSmithKline plc (GSK, GSK.L) has initiated its previously announced tender offer to acquire all of the company's outstanding shares for $13.00 per share in cash. GSK went hostile after Human Genome rejected its offer last month.
Trading in shares of Beacon Roofing Supply Inc. (BECN) was halted. The company swung to a profit in its second quarter. Sales rose 33 percent, and were notable above Wall Street view.
Trading in shares of Arena Pharmaceuticals, Inc. (ARNA) was halted, pending news.
by RTT Staff Writer
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