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July 10, 2008 - Wave Uranium (OTCBB: WAVU | Quote | Chart | News | PowerRating) announced it has identified additional potential target zones on its Utah properties. The primary focus of uranium exploration efforts targeted at the Chinle Formation has historically been sandstones at or just above its base. However, field studies and borehole log analyses conducted by Wave Uranium geologists have identified uranium occurrences and significant radiometric anomalies in several higher units that occur 50 to 75 meters above the base of the Chinle Formation on its Grand County properties. On the surface, some of these upper sands exhibit scintillometer readings up to 14 times the local background. Analyses of gamma ray logs obtained from Wave's properties indicate ore-grade material in several of these upper units. Wave continues to analyze its field mapping and borehole data to define the location and extent of these mineralized zones, thereby providing sound targeting criteria for an upcoming drilling program.
July 11, 2008 -- Furniture Brands International (NYSE: FBN | Quote | Chart | News | PowerRating) issued an open letter to the company's stockholders. Dear Fellow Furniture Brands Stockholders, Our Board of Directors recently extended the company's stockholder rights agreement for three years, and I'd like to take this opportunity to discuss how this action benefits all stockholders. From its inception in 1998, the stockholder rights agreement has been designed to ensure that any party seeking to acquire Furniture Brands offers a price that provides maximum value to all stockholders. The plan effectively prevents a single stockholder from capturing the future value of Furniture Brands at the expense of all other stockholders. The rights plan is not intended to prevent a takeover or any other acquisition proposal that is fair and equitable for all stockholders. The primary aim of the rights plan is to encourage anyone seeking to acquire the company to negotiate with the Board prior to attempting a takeover so that all Furniture Brands stockholders might realize the long-term value of their investment in the company. The Board amended the agreement primarily to extend the final expiration date of the rights for three years to July 30, 2011 as the current plan reaches the end of its 10-year term on July 30, 2008. The new amendment also adjusted the purchase price and redemption price for the rights. A summary of the stockholder rights agreement accompanies this letter. More than 1,300 U.S. public companies maintain stockholder rights agreements, and our Board agrees that the Furniture Brands rights plan provides adequate protection to all of our stockholders as well. In conclusion, the Board believes that by extending the rights plan it is extending the opportunity for all stockholders to achieve the full value for their investment in Furniture Brands. The company is aggressively executing a solid strategic plan and has the financial resources to achieve its completion. The Board and management appreciate the trust placed in them and are constantly seeking to deliver maximum long-term stockholder value.
July 11, 2008 -- Electronic Data System (NYSE: EDS | Quote | Chart | News | PowerRating) announced that ISS Governance Services (ISS) has published its report recommending that EDS stockholders vote FOR the proposal to approve the Agreement and Plan of Merger under which EDS would be acquired by Hewlett-Packard Company. The company's special stockholders meeting regarding the vote is scheduled for July 31, 2008. ISS, a unit of RiskMetrics Group, is a leading independent proxy advisory firm whose voting analyses are relied upon by hundreds of institutional investment funds, mutual funds and fiduciaries. EDS is a leading global technology services company delivering business solutions to its clients. EDS founded the information technology outsourcing industry more than 46 years ago. Today, EDS delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world.
July 11, 2008 -- Illinois Tool Works Inc. (NYSE: ITW | Quote | Chart | News | PowerRating) announced that it has acquired the assets of TRYMER(TM) polyisocyanurate (PIR) rigid foam business. The TRYMER plant is based in LaPorte, Texas and manufactures PIR foam used in pipe and mechanical insulation, panel insulation, and floral and craft among other applications. The agreement also includes a provision for Dow to exclusively supply ITW with extruded polystyrene (XPS) pipe insulation billets for the mechanical insulation market. Terms of the transaction were not disclosed. TRYMER will be a wholly owned business unit of ITW and part of the company's industrial packaging group. In accordance with ITW's decentralized business structure, TRYMER will maintain its brand name and operate as a separate business. "TRYMER is an ideal strategic fit in our growing global insulation business," said Larry Keiner, vice president and general manager of ITW Insulation Systems. "The acquisition of TRYMER and the opportunity to supply XPS will broaden our mechanical insulation segment and enable us to offer customers a wide range of high quality products and solutions."
July 11, 2008 -- Edwards Lifesciences Corporation (NYSE: EW), a world leader in products and technologies to treat advanced cardiovascular disease, announced that its board of directors has authorized a new share repurchase program to acquire up to $250 million of the company's outstanding common shares. Edwards recently completed a $250 million share repurchase program that its board of directors approved in September 2007. "This new program reaffirms the confidence we have in our future growth prospects, and provides us with an opportunity to continue to increase shareholder value," said Michael A. Mussallem, Edwards Lifesciences' chairman and CEO. Approximately 2.7 million shares were issued in June 2008 in response to the call for redemption by the company of its $150 million convertible debenture. During the second quarter of 2008, the company repurchased 2.3 million shares for approximately $135 million, partially offsetting the issuance of these shares.
July 11, 2008 -- PartnerRe Ltd. (NYSE: PRE | Quote | Chart | News | PowerRating) announced that its subsidiary, Partner Reinsurance Europe Limited, has received approval from the Brazilian reinsurance authority SUSEP as an admitted reinsurer. The announcement follows PartnerRe's decision in April to establish a representative office in Sao Paulo, underlining PartnerRe's commitment to the growing Latin American Market. PartnerRe President and CEO Patrick Thiele said, "We are very pleased to have this final approval from the Brazil reinsurance authority. As an admitted reinsurer we will be in an even better position to serve our Brazil-based clients with our capacity and expertise." PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers alternative risk products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines, life/annuity and health, and alternative risk products. For the year ended December 31, 2007, total revenues were $4.2 billion. At March 31, 2008, total assets were $17.3 billion, total capital was $5.3 billion and total shareholders' equity was $4.5 billion.
Wall Street's angst over the ongoing fallout from the credit crisis made for a turbulent end to a volatile week Friday -- stocks tumbled, soared and then turned south again as investors tried to assess the dangers faced by the country's biggest mortgage financiers, Fannie Mae and Freddie Mac. The Dow Jones industrial average, which traded down more than 250 points in the session, briefly moved into positive territory Friday before ending down more than 125 points. The blue chips also traded below 11,000 for the first time in two years. A new high for oil prices above $147 a barrel also weighed on stocks. Investors' focus was on the fate of the government-chartered companies. Shares of Fannie Mae and Freddie Mac fell sharply during the week on concerns about their stability. Wall Street is worried that a collapse of the two financiers would cause further shock to the financial system, and trigger more losses to banks and brokerages with significant holdings of mortgage-backed securities. The well-being of Fannie Mae and Freddie Mac is crucial because they hold or guarantee about $5 trillion worth of mortgages. Their troubles are just the latest depressing turn in a year-old credit crisis that shows no sign of ending, disappointing some stock traders who thought just months ago that the worst was perhaps over. Stocks fluctuated late in the session amid varying reports that the Federal Reserve could aid Freddie Mac and Fannie Mae. Sen. Christopher Dodd, D-Conn., the Senate Banking Committee chairman, raised the prospect that the companies could be given access to emergency Federal Reserve lending. Dodd, who spoke Friday to Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson, said the two are "looking at various options" for propping up the firms if they ultimately need help. Those include giving them access to the Fed's emergency lending "discount window," Dodd said. Earlier this year, the Federal Reserve took the unprecedented step of offering direct loans to investment banks from that window. However, some observers noted that Freddie Mac and Fannie Mae weren't short of cash, but of access to capital. "It started with housing but it's now turning into this issue of availability of capital, said Jerry Webman, chief economist at Oppenheimer Funds Inc. in New York, referring to the problems in the financial sector. "The issue is who is going to make good on the long-term debt, not who is going to provide them with short-term cash." According to preliminary calculations, the Dow fell 128.48, or 1.14 percent, to 11,100.54 after having fallen to 10,977.68. It last traded below 11,000 on July 25, 2006. Broader stock indicators also logged declines. The Standard & Poor's 500 index fell 13.90, or 1.11 percent, to 1,239.49, and the Nasdaq composite index fell 18.77, or 0.83 percent, to 2,239.08. Friday's drop meant Wall Street moved squarely into a bear market, which is defined as a 20 percent drop from a recent peak. The Dow is down 21.6 percent from the record closing high of 14,164.53 it reached in October. The S&P 500 is down 20.8 percent and the Nasdaq is off 21.7 percent. The market's other trouble spot, oil, continued its ascent, rising to a trading record of $147.27 amid tensions between the West and Iran. Light, sweet crude for August delivery settled up $3.43 at $145.08, slightly below a record close of $145.29 a barrel set more than a week earlier.
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