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Today's Market Activity Highlights Notable M&A announcements and other Developments. |
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Friday, 16 May 2008 |
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This
week’s market movers include the conception of the world’s largest supplier of
optical components to the communications industry; other market news spans the financial,
publication, drilling and healthcare industries.
Today,
Finisar Corporation (NASDAQ: FNSR) and Optium Corporation (NASDAQ: OPTM)
announced a strategic combination through an all-stock merger. The definitive agreement will create the
world's largest supplier of optical components, modules and subsystems to the
communications industry with the broadest product. The board of directors of both companies
approved Optium stockholders to receive 6.262 Finisar shares for each Optium
share they own. Upon completion of the
combination, Finisar shareholders will own approximately 65 percent of the
combined company and Optium shareholders will own approximately 35 percent of
the combined company.
OAO
Severstal has reached a binding agreement to purchase WCI Steel (OTC: WCIS). WCI
Steel is a value-added steel products company based in Warren, Ohio. It has been agreed that Severstal will
acquire all outstanding equity of WCI for a total cash consideration of $140
million.
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Tasmanian Government Recognizes Empire Energy's (EEGC) Oil Exploration Operations |
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Friday, 16 May 2008 |
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World
oil prices are expected to remain at high levels; with some experts predicting
figures to exceed $127 or even $150 per barrel in the foreseeable future. Far from becoming a saturated market, world
oil demand has rapidly exceeded supply.
According to the U.S. Energy Information Administration (EIA), global
oil consumption will rise by 1.6 million barrels per day both in 2008 and
2009.
Empire
Energy Corporation International is an international oil and gas exploration
company, focusing on developing assets in one of the world's last virgin basins
and becoming a leading low-cost finder of hydrocarbons. It is strategically exploring for oil and
natural gas in onshore areas of Tasmania, the southern island state of
Australia.
Empire
Energy recently announced that the Tasmanian Government acknowledges the
commencement of the company's oil and gas drilling operations on its onshore
Tasmanian Basin license area by August this year.
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China Wind Systems Inc. (CWSI) Announces 105 Percent Increase in Q1 2008 Revenues at $8.4 Million |
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Friday, 16 May 2008 |
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The
bottleneck of manufacturing and industrial operations is the requirement of
efficiency in the functions of equipment and machineries to effectively operate
businesses. With research and
development (R&D) efforts exposing means to improve products and services,
machineries execute operational programs and enhance the R&D efforts, which
aid companies to strategically position themselves in the market.
China
Wind Systems Inc., through its affiliates, Huayang Dye Machine and Huayang
Electrical Power Equipment, manufactures and sells industrial equipment for use
in the textile and energy related industries in China. Since August 2007, the company has shifted
its strategy to focus on the growing wind energy industry in China, and has
begun to supply high precision rolled rings to companies in the wind power
energy industry.
China
Wind Systems shares climbed 32 percent in today's trading following the announcement
that total revenue for the first quarter of 2008 reached $8.4 million, up 104.6
percent from $4.1 million in the three month period ended March 31, 2007. This was driven by increases from both
segments: dyeing and finishing equipment and electric power equipment.
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CNET Networks Inc. (CNET) Shares Rose 44 Percent on CBS' Buyout Plan for $1.8 Billion |
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Friday, 16 May 2008 |
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Internet information
providers are at the forefront of industrial progress and technological
advancement. Serving an essential function
in nearly every business, information services technology organizes and
mobilizes operational structures of corporate and industrial entities to
efficiently meet their specific objectives.
About 4,000 companies comprise the U.S. Internet services industry, and combined
annual revenue has reached $30 billion.
CNET
Networks Inc., an interactive media company, builds and operates branded media
properties in the technology, entertainment, business and food areas through
its online information services facilities.
The company has operations in the United States, Asia, and Europe.
Recently,
CNET shares rose $3.46, or 44 percent, to $11.41 following news that media
giant CBS Corp. plans on a $1.8 billion, or $11.50 a share, acquisition of CNET. This planned acquisition is a major step to
boost CBS' Web footprint and recover from a recent slowdown in its core
television and radio business by staking a high-profile bet that such a move
will provide the company with an online platform it can build on.
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