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Market Update : 
Verizon Buys Alltel; TPG, Goldman Gain $1.9 B
Author: 123jump.com Staff
123jump.com
Last Update: 10:45 AM EDT June 05 2008


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Verizon Wireless agreed to acquire Alltel Corporation, a rural telecom operator with 13 million customers. Verizon will pay $5.9 billion in cash and $22.2 billion of estimated debt. TPG and Goldman Sachs controlled fund have agreed to sell the company that they purchased for $24.2 billion less than thirteen months ago with only $4 billion in equity.

 
FuelCell Energy, Inc, a manufacturer of high efficiency ultra-clean power plants using renewable biogas said second quarter revenues increased 64% to $31.6 million from $11.4 million a year ago. Net loss in the quarter was $25.8 million or 38 cents per diluted share compared to net loss of $18.8 million or 32 cents per share, a year ago.

FuelCell Energy, Inc stock (FCEL: chart) fell 9 cents to $9.40.

Greif, Inc, industrial packaging company said second quarter sales rose 13% to $918 million from $815 million a year ago. Net income in the quarter rose 62% to $48.7 million or 82 cents per diluted share compared to net income of $18.6 million or 32 cents per share, a year ago.

Greif, Inc stock (GEF: chart) added $2.13 to $71.05.

IDT Corporation, a diversified holding company active in telecommunications and energy said third quarter revenues declined 7% to $453.2 million from $485.4 million a year ago. Net loss in the quarter was $82.2 million or $1.10 per diluted share compared to net loss of $15.9 million or 20 cents per share, a year ago.

IDT Corporation stock (IDT: chart) fell 46 cents to $2.91

Jos. A. Bank Clothiers, Inc, apparel retailer said first quarter revenues rose 12% to $145.4 million from $129.5 million a year ago. Net income in the quarter climbed 18% to $9.8 million or 53 cents per diluted share compared to net income of $8.4 million or 45 cents per share, a year ago. Same-store sales rose 6.4%.

Jos. A. Bank Clothiers, Inc stock (JOSB: chart) rose 68 cents to $31.04.

Martek Biosciences Corporation, which sells nutritional oils and dietary supplements, said second quarter revenues rose 18% to $90.7 million from $76.7 million a year ago. Net income in the quarter rose 89% to $9.2 million or 28 cents per diluted share compared to net income of $4.9 million or 15 cents per share, a year ago.

Martek Biosciences Corporation stock (MATK: chart) fell $2.26 to $35.27.

Star Bulk Carriers Corp, Greek drybulk shipper said first quarter revenues were $42.5 million compared with none in the year ago period. Net income in the quarter was $17.8 million or 36 cents per diluted share compared to net income of $275,000 million or 1 cent per share, a year ago.

Star Bulk Carriers Corp stock (SBLK: chart) rose 17 cents to $14.47.

Ulta Salon, Cosmetics & Fragrance, Inc, Specialty retailer said first quarter sales increased 23% to $293.3 million from $194.1 million a year ago. Net income in the quarter jumped 62.79% to $4.3 million or 7 cents per diluted share compared to net income of $ 1.6 million or 10 cents per share, a year ago.

Comparable store sales (sales for stores open at least 14 months) increased 3.9%, compared to an increase of 9.2% in the first quarter of fiscal 2007.

Ulta Salon, Cosmetics & Fragrance, Inc stock (ULTA: chart) rose 99 cents to $14.36.


Asian markets review

In Tokyo Nikkei 225 Index closed lower 94.45 or 0.65% to 14,341.12, in Hong Kong Hang Seng index increased 132.04 or 0.55% closed to 24,255.29. In Australia ASX 200 index lower 54.40 or 0.97% to close 5,530.10. In Malaysia KL Composite index decreased 29.56 or 2.36% closed to 1,223.56.

In South Korea Kospi Index decreased 1.50 or 0.08% to close at 1,832.31, in Thailand SET index closed higher 0.90 or 0.11% to 809.82 and Indonesia JSE Index edged increased 37.09 or 1.57% to 2,399.68. Sensex index in India increased 254.93 or 1.64% to 15,769.72.
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