Nabi Retains Banc of America Securities
Drug developer Nabi Pharmaceuticals said Wednesday that Banc of America Securities LLC will advise it on future strategy, including licensing agreements, joint ventures and the possible sale of the company.
The move came a day after Third Point LLC, which owns 9.5 percent of the company, said it planned to conduct a consent solicitation to remove Thomas H. McLain, Nabi chairman, chief executive and president. The Third Point announcement also said it might seek removal of other board members and would ask shareholders to fill the spots with its choices.
In Nabis statement Wednesday, it said the company has been reviewing a range of strategic options since StaphVAX failed in a Phase III clinical trial last November. The drug was intended to treat kidney infections.
Source : chron.com
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Banc of America Securities ended its coverage of Canadian drug company Biovail Corp. (BVF.TO: Quote, Profile, Research) (BVF.N: Quote, Profile, Research) on Friday after the securities firm was named, with several other parties, in a class-action lawsuit brought by a group of Biovail shareholders.
"We decided to terminate coverage because of the lawsuit, which now names Banc of America Securities," Shirley Norton, Banc of America spokeswoman, told Reuters in an interview from San Francisco. "We think it is prudent to terminate our coverage so that we can concentrate on the litigation and defending
Tektronix rises on Banc of America upgrade
LONGVIEW, Wash. -- Tektronix Inc. stock rose Monday after a Banc of America analyst upgraded his ratings on the company to "buy" from "neutral."
Shares of Tektronix rose $2.39, or 8.8 percent, to $29.57 in afternoon trading on the New York Stock Exchange. The shares set a 52-week high of $30.98 last Dec. 20.
The Beaverton, Ore.-based company makes test and measurement equipment used in the communications, semiconductor and electronics industries.
Banc of America Securities analyst Mark FitzGerald upgraded Tektronix citing improving business conditions, as well as upcoming new products in the signal source, analyzer, oscilloscope, video
Banc of America Cuts Take-Two Interactive Software to Sell
Cites earnings and a potential SEC investigation into the company's accounting
Banc of America downgraded Take-Two Interactive Software (TTWO ) to sell from neutral, citing near term factors such as earnings and a potential Securities and Exchange Commission investigation into the company's accounting.
Analyst Gary Cooper says intermediate risks include cash burn, the likelihood to raise additional capital, key employee departures, and governance issues. Long term issues include overdependence on one brand (Grand Theft Auto, or GTA,) the deterioration of that brand, an unprofitable diversification strategy, and other things. Cooper cut his $17 stock
Banc of America Cuts UnumProvident to Neutral from Buy
Says the company's costs were disappointing for the fourth quarter in a row Banc of America downgraded UnumProvident (UNM ) to neutral from buy, explaining that the company's costs were disappointing for the fourth quarter in a row.
Analyst Tamra Kravec sees this pointing to a recurring event that could take 12 to 18 months to fix, vs. her prior view that the company would be able to address the issue. The analyst cut a $1.95 2006 earnings per share (EPS) estimate to $1.85 and a $27 stock price target to $24.
Appeals court rejects eviction of Bank of America securities unit
NEW YORK A New York appeals court has refused to permit the eviction of the Bank of Americas securities unit from its Manhattan offices.
The ruling comes in a case in which landlord Solow Building Company tried to evict Bank of America because former broker Theodore Sihpol had been charged with illegal activity.
Bank of America is based in North Carolina.
A spokesman for Solow said he had no comment.
Source : wwaytv3.com
