Market Roundup
Shares of PDL BioPharma Inc (NASDAQ: PDLI) dropped about 1% after the company issued downbeat revenue forecast for its fourth quarter and fiscal year. PDL BioPharma estimated Q4 revenue of $72 million, versus analysts' estimates of $82 million. PDL BioPharma projected 2011 revenue of $361 million, versus analysts' estimates of $372 million.
Shares of ePlus Inc (NASDAQ: PLUS) gained about 0.4% after the company reported that its shares of common stock will be upgraded to the NASDAQ Global Select Market.
Shares of HudBay Minerals Inc (NYSE: HBM) fell about 0.4% after the company projected a drop in copper production in the next year. HudBay Minerals backed its copper production forecast for 2011 of 40,000 to 55,000 tonnes. However, it projected 2012 output to decline to 35,000 to 40,000 tonnes. HudBay Minerals lifted its capital budget to $391 million for the next year, versus $289 million in 2011.
Shares of Apache Corp (NYSE: APA) dropped about 0.9% after the company bought 65% stake in Burrup Holdings Ltd. from Australia & New Zealand Banking Corp (OTC: ANZBY) for an undisclosed amount.
Shares of Eldorado Gold Corp (NYSE: EGO) dipped about 11.2% after the company agreed to acquire European Goldfields Ltd for C$2.5 billion (US$2.4 billion) in a cash and shares deal. European Goldfields' shareholders will receive 0.85 Eldorado shares and C$0.0001 in cash for each share of European Goldfields. The offer values shares of European Goldfields at C$13.08 per share.
