Company News: LVLT, GLBC, ENDP, AMMD, AA, MCP, JPM, BHP, FLO, TSTY, BIIB, THC, CYH

By Apr 12, 2011, 8:27 AM Author's Blog  

• Level 3 Communications (NASDAQ:LVLT) and Global Crossing Limited (NASDAQ:GLBC) have entered into a agreement under which Level 3 will acquire Global Crossing in a stock-for-stock transaction

• Endo Pharmaceuticals’ (NASDAQ:ENDP) said that it would buy urological medical device supplier American Medical Systems (NASDAQ:AMMD) for about $2.6 billion

• Alcoa (NYSE:AA) reported Q1 EPS of $0.28, ex-items, ahead of the Zacks Consensus Estimate of $0.27 per share. Revenues for the quarter rose 22% year-over-year to $6.0 billion, lower than the Zacks Consensus Estimate of $6.112 billion

• Share prices of Molycorp, Inc. (NYSE:MCP) increased 5% after JP Morgan (NYSE:JPM) raised its target price to $90 from $74

• Credit Suisse upgraded BHP Billiton (NYSE:BHP) to ‘Outperform’ from ‘Neutral’ rating. Share prices of BHP Billiton gained 1.34% to close at $102.68

• Flowers Food Inc. (NYSE:FLO) said it would pay $4 a share, or $34.4 million, for the packaged-sweets manufacturer Tasty Baking Co (NASDAQ:TSTY)

• Biotechnology company Biogen Idec Inc. (NASDAQ:BIIB) reported that its experimental multiple-sclerosis drug showed promising results in two late stage studies

• Tenet Healthcare Corp.(NYSE:THC) has filed a lawsuit against Community Health Systems Inc. (NYSE:CYH) claiming its rival hospital operator had improperly admitted patients to benefit financially.

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