Company News for June 21, 2011 - Corporate Summary

• Manufacturer and distributors of stainless steel and titanium products, Carpenter Technology (NYSE:CRS) has concluded a merger agreement with Latrobe Specialty Metals as per which the former will acquire the latter in a deal worth around $558 million

• Shares of PNC Financial Services (NYSE:PNC) fell marginally, by 1.96% after the company announced it was acquiring the U.S. retail banking operations of the Royal Bank of Canada for $3.45 billion

• Chinese electric-motor manufacturer Harbin Electric (NASDAQ:HRBN) has entered into a definitive agreement as per which it will be acquired by a company owned by Chairman and Chief Executive Tianfu Yang for $744 million

• Share prices of Agrium Inc. (NYSE:AGU) jumped 4.05% to close at $82.98 after the company increased its outlook for second quarter earnings. Agrium said strong retail sales and higher nutrients prices were the factors behind this revision

• PetSmart, Inc. (NASDAQ:PETM) share prices increased marginally, by 2.19%, to close at $44.34 after the provider of specialty pet products increased its dividend payout and initiated a share buyback program

• Early on Monday, Acura Pharmaceuticals, Inc. (NASDAQ:ACUR) announced that its pain treatment which is owned jointly by Acura and Pfizer Inc (NYSE:PFE) has received approval from the FDA. Reacting to the news, share prices of the pharma company rose 16.28% to close at $4.50

• ISI Group upgraded shares of Biogen Idec Inc. (NASDAQ:BIIB) from “Hold” rating to “Buy” rating after the company’s multiple sclerosis drug BG-12’s showed promising results

• Analysts at Deutsche Bank (NYSE:DB) upgraded Ashland Inc. (NYSE:ASH) to “Buy” rating from “Hold” rating with a target price of $75.00

• Analysts at Goldman Sachs (NYSE:GS) upgraded the coal sector to “Attractive” rating from “Neutral” rating

• Analysts at Robert W. Baird downgraded Almost Family, Inc. (NASDAQ:AFAM) to “Underperform” rating from “Neutral” rating and lowered the target price from $32.00 to $21.00

Company News for June 21, 2011 – Corporate Summary

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