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PROACTIVE US NEWS SUMMARY: Informatica, Facebook, Yahoo, Seagate and others

6th Jul 2012, 2:25 pm by Proactiveinvestors
PROACTIVE US NEWS SUMMARY: Informatica, Facebook, Yahoo, Seagate and others

Business software company Informatica Corp's (NASDAQ:INFA) warning that its second quarter won't live up to prior projections of management or analysts hit the rest of the US software sector hard on Friday.

Citrix Systems (NASDAQ:CTXS) dropped over 8% while F5 (NASDAQ:FFIV)  and Red Hat (NYSE:RHT) lost 7.8% and 6.9% respectively. Teradata Corp. (NYSE:TDC)  shed more than 10%, and Tibco (NASDAQ:TIBX) also slipped 6.6%.

Social network giants Facebook (NASADAQ:FB) and Yahoo (NASDAQ:YHOO) have reportedly settled a legal dispute over patent infringement allegations in a deal that does not involve a cash payout.

The lawsuit was initially started by Yahoo's former CEO Scott Thompson, who was ousted last month. The settlement, which is expected to be announced later today, follows a prior agreement by Facebook, which in that case, involved the social network company paying $550 million to Microsoft (NASDAQ:MSFT) in a deal related to AOL patents.

Also in the tech sector, hard-drive maker Seagate (NASDAQ:STX) late Thursday warned that fiscal fourth-quarter revenues will come in well below expectations, revising its estimate to about $4.5 billion from the prior $5 billion target.

Retailers were also down Friday after the weak June jobs numbers, which came out a day after a host of retailers reported worse-than-expected sales last month. The jobs data Friday prompted further fears that consumers would be tightening their spending belts ahead of the back-to-school season. Abercrombie & Fitch (NYSE:ANF), among other retails, was down more than 4%.

Staying with retail, Japan-based athletic retailer ABC-Mart (TYO:2670) said Friday it has struck a deal to buy U.S.-based footwear maker LaCrosse (NASDAQ:BOOT) for $138 million in cash.

The $20 per share purchase price is an 82 per cent premium to LaCrosse’s Thursday closing stock price. The company saw its stock skyrocket by more than 81 per cent to hit $19.88 on the Nasdaq.

Christopher & Banks Corp. (NYSE:CBK) said it has rejected a $64.2 million unsolicited takeover offer, citing the deal is not in the best interest of stakeholders, sending shares down over 6%. Aria Partners' unsolicited proposal to acquire the specialty women’s clothing retailer was set at about $1.75 per share.

Heading to financials, Britain's Serious Fraud Office announced Friday it would formally begin a criminal investigation into allegations that banks attempted to rig Libor, an important interest rate benchmark.

UK bank Barclays (LON:BARC) (NYSE:BCS) last week paid around $450 million in fines to settle a probe by U.S. and British regulators for attempting to rig interbank lending rates, a scandal that has seen three senior officials of the bank resign, including CEO Bob Diamond.

Shares of Deutsche Bank (NYSE:DB) also fell more than 5 per cent in New York Friday after Reuters reported the bank is being investigated by Germany's markets regulator BaFin for the alleged fixing of interbank lending rates.

And in the biotech sector, Sucampo Pharmaceuticals (NASDAQ:SCMP) saw its shares drop over 20 per cent Friday, after announcing that the International Court of Arbitration, International Chamber of Commerce (ICC) did not agree with the company’s claims in its dispute with partner Takeda Pharmaceutical (TYO:4502) about the commercialization of one of its drugs.

Drug company Pfizer (NYSE:PFE) and India's Ranbaxy Laboratories have been sued by five U.S. retailers, accused of conspiring to delay sales of generic versions of its best-selling cholesterol drug Lipitor.

ShangPharma Corp. (NYSE:SHP) has set up a special committee to review chief executive Michael Xin Hui’s proposal to take the company private, the company said Friday, with shares lately up more than 16%.

China-based ShangPharma is a pharmaceutical and biotech research and development outsourcing company.

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