latest news releases from the newsroom
First Horizon National Corporation
First Horizon Capital Position Improves, Earnings Reflect Significant Progress in Business Repositioning, Reserves Build to Address Credit Risk
MEMPHIS, Tenn., July 14, 2008 (PRIME NEWSWIRE) -- First Horizon National Corporation (NYSE:FHN) took several significant actions in the second quarter of 2008 to address the current market environment affecting financial institutions while also positioning the company for improved future operating performance. The issuance of $690 million in common equity provides a cushion against additional economic deterioration. The pending sale of the national mortgage banking business while also continuing to proactively address asset quality issues, including the wind down of the national lending portfolios, is reducing balance sheet risk which will permit improved capital utilization in the future. Additionally, FHN announced earnings for the quarter ended June 30, 2008, and other matters, including the following:
FLIR Systems, Inc. to Join the NASDAQ-100 Index Beginning July 21, 2008
NEW YORK, July 14, 2008 (PRIME NEWSWIRE) -- FLIR Systems, Inc. (Nasdaq:FLIR) of Wilsonville, Oregon, will become a component of the NASDAQ-100 Index(r) (Nasdaq:NDX), the NASDAQ-100 Equal Weighted Index (Nasdaq:NDXE), and the NASDAQ-100 Ex-Tech Sector Index (Nasdaq:NDXX) prior to market open on Monday, July 21, 2008. FLIR Systems, Inc. will replace UAL Corporation (Nasdaq:UAUA).
Levi & Korsinsky, LLP
Levi & Korsinsky Announces Class Action Lawsuit Against CAM Commerce Solutions, Inc.
NEW YORK, July 14, 2008 (PRIME NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been filed in the Court of Chancery of the State of Delaware challenging the proposed acquisition of CAM Commerce Solutions, Inc. ("CAM Commerce" or the "Company") (Nasdaq:CADA). On June 10, 2008, CAM Commerce announced that it had entered into a definitive merger agreement with Great Hill Partners, a private equity investment firm. Under the terms of the proposal, CAM Commerce shareholders would receive $40.50 a share, or $180 million. CAM Commerce shares closed at $37.54 the day before the announcement of the proposed transaction, so the deal price reflects a 7.9% premium over the prior day's closing price, but approximately a 10% discount to the 52 week closing high for the stock of $45.25 per share. CAM Commerce's board of directors has approved the deal, which is subject to conditions including antitrust clearance and a vote of the Company's shareholders. The proposed transaction is expected to close in the fourth quarter of CAM Commerce's fiscal year ending September 30, 2008. Upon closing, CAM Commerce will no longer be publicly traded and the surviving corporation in the merger will be privately owned by an affiliate of Great Hill Partners.
First Horizon National Corporation
First Horizon National Corp. Accelerates Second Quarter 2008 Financial Results Announcement and Conference Call to Occur by July 15
MEMPHIS, Tenn., July 14, 2008 (PRIME NEWSWIRE) -- Due to increased market speculation, First Horizon National Corp. (NYSE:FHN) will release second quarter 2008 financial results earlier than previously announced. The company will announce results in a news release prior to the market opening on July 15, 2008, followed by a conference call at 8 a.m. Central Time on July 15 where management will review earnings and performance trends. There will also be a live webcast accompanied by a slide presentation. The news release, call and slide presentation may involve forward-looking information, including guidance.
Stewart Enterprises, Inc.
Stewart Enterprises Rejects Proposal From Service Corporation International
JEFFERSON, La., July 14, 2008 (PRIME NEWSWIRE) -- Stewart Enterprises, Inc. (Nasdaq:STEI) has rejected a proposal from Service Corporation International to acquire all of the outstanding shares of Stewart for $9.50 in cash. In a letter dated June 25, 2008, SCI invited Stewart Enterprises to enter into negotiations regarding the possible combination of the two companies. In the letter, SCI stated that were it to be given access to certain non-public, non-competitively-sensitive information about Stewart's overhead and trust management structure, it might be able to improve its offer, suggesting a potential range of $10.25 to $11.25 per share.
Q.E.P. Co., Inc.
Q.E.P. Co., Inc. Initiates a Common Stock Repurchase Program
BOCA RATON, Fla., July 14, 2008 (PRIME NEWSWIRE) -- Q.E.P. Co., Inc. (Nasdaq:QEPC) (the "Company" or "QEP") entered into a Rule 10b5-1 Purchase Plan (the "Plan") in order to purchase up to $2,000,000 of the Company's common stock pursuant to the requirements of and in conformity with Rule 10b5-1 and 10b-18 of the Securities Exchange Act of 1934. On May 29, 2008, the Company announced that its Board of Directors approved a stock repurchase program authorizing the Company to repurchase a maximum of $4,000,000 of the Company's common stock, subject to approval by its lenders. Subsequently, the Company's lenders approved the repurchase of up to $2,000,000 of the Company's common stock subject to there being credit availability of not less than $2,000,000 after giving effect to any repurchases. The stock repurchases may be made pursuant to the Plan from time to time on the open market or in privately negotiated transactions. The Company intends to fund the repurchases through the use of existing sources of liquidity, borrowings under the current credit facility or new borrowings. The Board of Directors took the action based on their determination that the stock repurchase program presents an attractive opportunity for the Company at this time.
Infinity Pharmaceuticals, Inc.
Infinity Provides Update On Phase 2 Signal-Finding Clinical Study of IPI-504 in Advanced Prostate Cancer
CAMBRIDGE, Ma., July 14, 2008 (PRIME NEWSWIRE) -- Infinity Pharmaceuticals, Inc. (Nasdaq:INFI) today announced that it has decided to discontinue further enrollment in its Phase 2 single agent, signal-finding study of IPI-504 (retaspimycin hydrochloride) in advanced hormone-refractory prostate cancer. Infinity has not observed evidence of biologic activity in the trial and has, therefore, concluded that the overall risk-benefit ratio does not justify continuing a signal-finding study as a single agent in this indication. Biologic activity was not observed in either the fully enrolled group of patients having previously been treated with a docetaxel-based chemotherapy (n=15) or in the group of patients who had not been previously treated with a docetaxel-based chemotherapy (n=4). Patients currently enrolled in this trial may continue receiving IPI-504 after consultation with their physician.