Agrium Inc. (NYSE: AGU) late Friday raised its second-quarter guidance. The company said that it expects to earn between $4.10 to $4.40 diluted earnings per share on continuing operations in the second quarter of 2011, or $5.12 to $5.42 for the first half of 2011. The significant increase from the previous guidance of $3.38 to $3.88 diluted earnings per share from continuing operations for the second quarter is due to very strong Retail performance and increasing nutrient pricing supported by continued strong crop fundamentals. The guidance excludes any additional impact from second quarter share-based payment expense or mark-to-market gains or losses on natural gas or other commodity hedge positions. "The strength in our earnings outlook is due to excellent performance from all three of our business units, which is particularly impressive given that the North American spring planting season has been hampered by excessively cold and wet weather this year. Record global crop prices are driving demand for all crop inputs, and Agrium's strategic investment across the global agricultural value chain is capturing the benefits from the strength in these underlying fundamentals," said Mike Wilson, Agrium President and CEO.
Nabors Industries Ltd. (NYSE: NBR) announced Monday that it expects its second quarter operating income to be in the range of $165 to $170 million. This is primarily due to lower than expected results from its Pressure Pumping, US Offshore, and International businesses, partially offset by better results in its US Lower 48 and Canadian operations. The company also indicated its current estimate for full-year operating income results approaches $900 million.
Sprint Nextel Corp. (NYSE: S) reached a 15-year deal with billionaire Philip Falcone’s LightSquared Inc. to share network expansion costs and equipment, and to provide high-speed wireless service. LightSquared plans to build a national, high-speed 4G LTE network, which it will then lease to other wireless providers that want to offer high-speed Internet to customers. The deal, valued at about $20 billion, will share expansion costs with Sprint. LightSquared will install its equipment on towers owned by Sprint. Falcone has planned to offer coverage for 92 percent of the U.S. by 2015.
Harbin Electric, Inc. (NASDAQ: HRBN) on Monday agreed to be acquired by Tech Full Electric Company Limited, a Cayman Islands company wholly owned indirectly by Mr. Tianfu Yang, the Company's Chairman and Chief Executive Officer, and Tech Full Electric Acquisition, Inc., a Nevada corporation wholly owned by Parent. Under the terms of the Merger Agreement, each of the company's shares (the "Shares") of common stock issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive $24.00 in cash without interest, except for Shares owned by Parent and Merger Sub and certain of the Company's employees and officers prior to the effective time of the merger pursuant to a contribution agreement between Parent, each member of the Purchasing Group and Tianfu Investments Limited, a Cayman Islands company directly owning 100% of the equity interest in Parent). Collectively, the Purchasing Group beneficially owns approximately 40.6% of the outstanding Shares.
Acura Pharmaceuticals Inc. (NASDAQ: ACUR) and Pfizer Inc. (NYSE: PFE) on Monday announced the marketing approval from the U.S. Food and Drug Administration of OXECTA Tablets CII. OXECTA is indicated for the management of acute and chronic moderate to severe pain where the use of an opioid analgesic is appropriate.
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