Shares of Office Depot Inc. (NYSE: ODP) dropped more than 10% in Friday's premarket trading, a day after the company said that it is restating full year 2010 financial results to a loss, from a profit. It said it is restating results because the Internal Revenue Service has, "denied its claim to carry back certain tax losses to prior tax years under economic stimulus-based tax legislation enacted in 2009, which claim was made after the company consulted with its tax advisors." Office Depot said that the decision, "reduces full-year tax benefits by about $80 million, changes net earnings for 2010 from $33 million to a net loss of $46 million and increases the net loss attributable to common shareholders from $2 million or $0.01 per share to $82 million or $0.30 per share. "
NASDAQ OMX (NASDAQ:NDAQ) and IntercontinentalExchange (NYSE: ICE) announced Friday that they have made a joint proposal to acquire NYSE Euronext (NYSE: NYX) for $42.50 in cash and stock per NYSE Euronext share, or approximately $11.3 billion. The proposal represents a 19% premium over the price proposed by Deutsche Boerse AG, according to NASDAQ OMX and IntercontinentalExchange. Shares of NYSE Euronext surged more than 12% in pre-market trading.
Logitech International (NASDAQ: LOGI) on Friday announced that it has lowered its full-year outlook for Fiscal Year 2011, ending March 31, 2011. The company now expects FY 2011 sales in the range of $2.35 to $2.37 billion, down from the previous range of $2.4 to $2.42 billion. FY 2011 operating income is now expected to be in the range of $140 to $150 million, down from the previous range of $170 to $180 million.The projected shortfalls in both sales and profitability are primarily due to weakness in the company's EMEA retail sales region. Logitech has experienced lower than expected demand for its retail products in EMEA from both distribution partners and consumers
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