Sprint Battles Dish Over Clearwire
In an effort to block Dish Network Corp. (DISH) tender offer for Clearwire Corp.
(CLWR), Sprint Nextel Corp. (S) has filed a lawsuit against Dish's offer which
violates corporate law in the state of Delaware, where Clearwire is
incorporated. Sprint said in the complaint that Dish's tender offer cannot be
completed without the approval of at least 75% of Clearwire's outstanding voting
securities nor without the approval of Comcast Corp. Additionally, Sprint said
the offer by DISH IS "unlawfully coercive because it threatens to leave
non-tendering shareholders holding shares in a company subject to governance
deadlocks or substantial damage awards to Dish." Initially in December,
Clearwire agreed to sell its remaining shares to Sprint for $2.97 a share until
Dish came around with a higher bid.
FOMC Holds Investors on Sidelines
Range bound trading plagued the U.S. markets Monday as investors shuffle on the
sidelines ahead of the FOMC statement on Wednesday afternoon at 2:00pm ET. For
the first time in five trading sessions the U.S. dollar rose against the
Japanese yet. A selloff in global equities has been the leader on Wall Street
after speculation that the Fed will begin to unwind the stimulus program.
Investors are likely to maintain their appetite for riskier assets should the
Fed remain accommodative. A dovish stance by the Fed could see the dollar
struggle to make meaningful gains on the yen.
ICE Buy of NYSE Euronext
Anti-trust regulators have found no competition concerns for an $8.2 billion
deal where Intercontinental Exchange (ICE) will likely win approval from the
European Union to acquire the NYSE Euronext (NYX). EU is expected to issue
ruling on the deal by June 24 of this year. As part of the deal, ICE will have
control of Liffe, Europe's second-biggest derivatives market. Anti-competition
concerns from regulators in March were eased by ICE including capping trading
fees for soft commodities for five years.
Netflix Teams with Dreamworks
Netflix, Inc. (NFLX: NASDAQ) shares were higher by 7% during regular market
session on Monday but lower by less than 1% in after hour trading. For the day,
Netflix was best performing on both the S&P 500 and the NASDAQ 100. A deal with
Dreamworks Animation in what Netflix described as its biggest transaction ever
for original first-run content. Netflix said the agreement includes more than
300 hours of new TV episodes in a multi-year deal starting in 2014. The deal is
beneficial to both companies as it also provides Dreamworks a potentially
lucrative outlet for its shows as it tries to shed its reliance on two or three
big-budget movies each year. The global deal will allow Netflix to debut the
original series in the 40 countries where they operates. Netflix doubled down on
original children's programming, hoping to strengthen its push to become a
family entertainment brand. Potentially, DreamWorks will significantly ramp up
its production of TV shows of which it only produces "Dragons: Riders of Berk"
for Cartoon Network, a run of 20 episodes at 23 minutes each completed in
March. A second season of "Dragons" is set for release in the fall of 2013. New
series will be based on characters from either future film hits, past series of
"Shrek" or "Casper the Friendly Ghost" for example, which DreamWorks acquired
when it bought Classic Media July 2012 for $155 million.
JNJ to Enhance Prostate Cancer Drug Development
In a deal potentially valued at as much as $1 billion, Johnson & Johnson (JNJ)
on Monday agreed to acquire privately held drug developer Aragon Pharmaceuticals
Inc. The agreement is expected to close in Q3 2013. JNJ will pay $650 million
upfront to Aragon and potential milestone payments of up to $350 million to the
Pharmaceutical which focuses on hormonally-driven cancers. JNJ expects to
enhance its prostate cancer drug-development business. Aragon's androgen
receptor antagonist program is included in the deal. JNJ will pick up Aragon's
lead candidate, ARN-509 for prostate cancer which is in Phase 2 development.
Peter F. Lebowitz, global therapeutic area head, oncology for J&J's Janssen
research and development unit said, "ARN-509 complements Zytiga and provides the
potential for exciting, novel approaches to treat prostate cancer patients.
Prostate cancer is one of our main areas of focus."
GenMark Diagnostics, Inc. (GNMK: NASDAQ) - molecular diagnostics company -
shares were lower by at least 10% during aftermarket trading on Monday. GenMark
warned that 2013 sales would be lower from prior view of $35 million, at $30
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