Monday Morning, July 2nd

Dow Stock News

• The New York Times reports that the Microsoft (MSFT) Xbox Live is being used to market movie and TV show downloads.
• The Wall Street Journal writes that Altria (MO) is creating cigarettes aimed at Indonesia, the world's firth largest cigarette market.

Breaking News

• Nice Systems Ltd. (NICE) said that it has agreed to buy Actimize, a provider of transactional risk management software for the financial services industry, for $280 million. Assuming the deal closes towards the end of the third quarter, Nice expects a contribution of $10 million to 12 million in non-GAAP revenue from the acquisition and a dilution of between 4 cents and 5 cents to adjusted earnings per share in the fourth quarter. Nice is raising its full year non-GAAP revenue guidance for 2007 to a range of $497 million to $514 million and now expects adjusted earnings per share of between $1.31 and $1.42 in 2007. In 2008, Nice expects the deal to contribute between $55 million and $60 million to non-GAAP revenues. The deal is expected to become accretive in the third quarter of 2008. - MarketWatch

• Chinese Internet and online gaming services provider NetEase Com, Inc. (NTES) on Monday said its board of directors has approved a new share repurchase program of up to $120 million of the company's outstanding American Depositary Shares for a period not to exceed 12 months. - MarketWatch

• Worldwide semiconductor sales rose 2.4% to $20.3 billion in May, according to the Semiconductor Industry Association. "Sales of microprocessors and NAND flash memory saw the largest sales increases, indicating continued strength in end markets for personal computers and cell phones," the SIA said.  - MarketWatch

• Virgin Media (VMED), the British cable-television operator, is reportedly in talks to be bought by private-equity powerhouse Carlyle Group and could get a separate offer from a team of private-equity houses that earlier had failed to buy it, according to a number of Monday media reports. - MarketWatch

• BCE's $32.6 billion buyout reflects mounting interest from private equity in national telecom companies burdened by debt and competition from start-ups. - WSJ

• Economic growth is likely to recover but could fuel inflation, according to a Wall Street Journal survey of economists. - WSJ

• Chesapeake Energy Corporation (CHK) said that it has acquired or has agreed to acquire approximately 8,500 net undeveloped leasehold acres in the heart of the Barnett Shale play in Tarrant County, Texas, from Four Sevens Resources Co., Ltd., Sinclair Oil & Gas Company and several of their affiliates and partners. Chesapeake's Fort Worth Barnett Shale leasehold position now totals approximately 220,000 net acres, including approximately 180,000 net acres in the Core and Tier 1 area "sweet spot" of Johnson, Tarrant and western Dallas counties. On this acreage, Chesapeake is now producing approximately 335 gross million cubic feet of natural gas equivalent per day from approximately 400 gross wells, of which Chesapeake has drilled approximately 265 and has acquired 135. - MarketWatch

Media Summary:

• According to Reuters, Australian conglomerate Wesfarmers bought retailer Coles for $18.8 billion, the largest buy-out in Australian history.

• Reuters writes that Virgin Media (VMED) is seeking a buyer, and Carlyle Group is considering a $20 billion offer.

• Reuters writes that some Apple (AAPL) iPhone buyers have had activation problems getting onto the AT&T (T) network.

• The Wall Street Journal writes that Bear Stearns (BSC) may take until July 16 to add up all of the loses from its hedge funds because some of the securities they own are so thinly traded.

• The Wall Street Journal says Universal Music may not renew its deal with Apple (AAPL) for a long contract term. It may opt for s shorter deal. Music publishers have been upset about their royalties from the music store.

• The Wall Street Journal writes that surveys show the teenagers are more likely to accept ads on social networks if the come in the form of widgets, small interactive software downloads.

• The Wall Street Journal writes that Gap (GPS) is launching a credit card that can earn point for Gap products even if the card is used for charges outside the company's stores.

• The Wall Street Journal writes that music publisher EMI and tech company Snocap have reached a deal so that music artists can sell their albums directly from their own websites.

• The New York Times writes that Asia consumer electronics markets are trying to keep from being hurt by the Apple iPhone the way that they were the iPod.

• The New York Times writes that Yahoo! (YHOO) is introducing ads targeted by behavior in an attempt to offer a product that its rivals do not have.

• FT reports that Kraft (KFT) is in talks with Danone about buying its biscuit unit.

• Barron's writes that Earthlink (ELNK) will probably go through a restructuring to make the company more attractive to investors.

M&A Activity:

• Healthcare real estate investment trust Ventas Inc. (VTR) said that it has has sold 22 properties to Kindred Healthcare Inc. (KND) for $171.5 million. Kindred leased the properties from Ventas prior to the transactions. Ventas expects to record a gain on the sales of the assets of around $129.0 million in the second quarter. It has also received from a $3.5 million lease termination fee on the sold properties. The assets are located in 15 states and include 21 skilled nursing facilities and one long-term acute care hospital, located in Detroit. - MarketWatch

• Airgas (ARG) said it's agreed to take over a joint venture by swapping 2.47 million shares for National Welders Supply Co. preferred stock. Airgas will recognize a one-time after-tax charge of approximately $3 million in its quarter ended Sept. 30. - MarketWatch

• Consolidated Communications Holdings (CNSL) said it's agreed to buy North Pittsburgh Systems (NPSI) for $375 million, or $25 a share, an 18% premium over Friday's closing price. North Pittsburgh shareholders may elect to exchange each share of North Pittsburgh common stock for either $25 in cash or 1.1061947 shares of Consolidated shares. "North Pittsburgh delivers an attractive market, a strong network, and a history of success, providing a solid foundation on which we can build," the company said. North Pittsburgh will pay its regular July dividend and expects to pay its regular dividend in October, but has agreed not to pay further dividends. Consolidated estimates the deal will lift free cash flow in its first year. - MarketWatch

• Reddy Ice Holdings Inc. (FRZ) has agreed to be acquired by GSO Capital Partners in a transaction with a total value of about $1.1 billion, the manufacturer and distributor of packaged ice said Monday.  - MarketWatch

IPOs for this coming week:

• AuthenTec (AUTH). The company is a Fabless designer of fingerprint authentication sensors for PC and mobile markets. The company is selling 7.5M shares at the initial range between $9-$11. The company announced Revenues for the last 12 months of $33M and Net Income of $0M. The Lead Manager is Lehman and Bear is Co. Manager. AuthenTec (AUTH) is headquartered in Melbourne, FL and their website is www.authentec.com.
  [SEC S-1 filing]  |  [View the company's online roadshow]
  
  
• ComScore (SCOR). The company is a digital marketing intelligence firm that tracks web activity. The company is selling 5M shares at the initial range between $14-$16. The company announced Revenues for the last 12 months of $66M and Net Income of $6M. The Lead Managers are Credit Suisse and Deutsche Bank. ComScore (SCOR) is headquartered in Reston, VA and their website is www.comscore.com.
  [SEC S-1 filing]  |  [View the company's online roadshow]
  
  
• Data Domain (DDUP). The company is a Provider of storage appliances for disk-based backup and disaster recovery. The company is selling 7.4M shares at the initial range between $11.50-$13.50. The company announced Revenues for the last 12 months of $46M and Net Income of $(-4)M. The Lead Managers are Goldman Sachs and Morgan. Data Domain (DDUP) is headquartered in Santa Clara, CA and their website is www.datadomain.com.
  [SEC S-1 filing]  |  [View the company's online roadshow]
  
  
• Polypore International (PPO). Manufactures microporous membranes used in batteries and for medical processes. The company is selling 15M shares at the initial range between $20-$22. The company announced Revenues for the last 12 months of $480M and Net Income of $(-27)M. The Lead Manager is J.P. Morgan and Credit Suisse is Co. Manager. Polypore International (PPO) is headquartered in Charlotte, NC and their website is www.polypore.net.
  [SEC S-1 filing]  |  [View the company's online roadshow]
  
  
• PROS Holdings (PRO). The company provides pricing and revenue optimization software for large businesses. The company is selling 6.8M shares at the initial range between $10-$12. The company announced Revenues for the last 12 months of $46M and Net Income of $7M. The Lead Managers are J.P. Morgan and Deutsche Bank. PROS Holdings (PRO) is headquartered in Houston, TX and their website is www.prospricing.com.
  [SEC S-1 filing]  |  [View the company's online roadshow]

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