ADTRAN, Inc. (NDAQ:ADTN) guides are below street estimates. The Q4 revenue is expected to range from $108 million to $112 million. GAAP earnings per share for the quarter, assuming dilution, are expected to range from $0.22 to $0.24. Non-GAAP earnings per share for the fourth quarter of 2006, assuming dilution, are expected to range from $0.24 to $0.26. The consensus is $126.5 million and $0.30, respectively.

Walgreen Co. (NYSE:WAG) reports Q1 EPS of $0.43, two cents better than estimates. Revenues were $12.7 billion versus $12.55 billion consensus.  Total sales in comparable stores (those open more than a year) were up nearly ten percent in the quarter, while front-end comparable drugstore sales rose almost six percent in the quarter.

El Paso Corporation (NYSE:EP) announced the sale of ANR Pipeline Company, its Michigan storage assets and its 50-percent interest in Great Lakes Gas Transmission to TransCanada Corporation and TC PipeLines, LP for $4.135 billion, including the assumption of $744 million of debt.  The company expects its after-tax cash proceeds to be roughly $3.3 billion, utilizing tax loss carryovers in this transaction.  In addition, El Paso expects to have approximately $1 billion of tax loss carryovers remaining after the close.

Shares of Pinnacle Airlines Corp. (NDAQ:PNCL) are higher this morning after the company announced that it has reached agreement with Northwest Airlines, Inc. (OTC:NWACQ) for an amended and restated Airline Services Agreement between the two parties, subject to confirmation by the bankruptcy court.  The agreement provides, among other things, that Pinnacle will continue to be a long-term partner of Northwest through at least 2017. In addition to reaching terms on an Amended ASA, Northwest and Pinnacle have also reached an agreement on certain corporate governance issues and agreed that Pinnacle will receive an allowed unsecured claim of $377.5 million (subject to adjustment in certain circumstances) in Northwest's bankruptcy proceedings in settlement of all claims that Pinnacle may have against Northwest. Once approved, the Amended ASA and related agreements will become effective January 1, 2007.  Shares of Pinnacle Airlines are 40% higher to $15 as of this morning prior to opening.  

News Corporation (NYSE:NWS) announced that it had signed a share exchange agreement with Liberty Media Corporation (NDAQ:LCAPA).  Under the terms of the agreement, Liberty will exchange its entire 16.3% economic position (324.6 million Class A and 188 million Class B shares) in News Corporation for a 38.4% stake (470.4 million shares) in The DIRECTV Group (NYSE:DTV), three Regional Sports Networks (FSN Northwest, FSN Pittsburgh and FSN Rocky Mountain) and $550 million of cash, subject to a working capital adjustment.

ADESA, Inc. (NYSE:KAR) has entered into a definitive merger agreement to be acquired by a group of private equity funds consisting of Kelso & Company, GS Capital Partners, an affiliate of Goldman Sachs, ValueAct Capital and Parthenon Capital.  Under the merger agreement, each outstanding share of ADESA common stock will be converted into the right to receive $27.85 per share in cash, representing a premium of approximately 10% to ADESA's closing share price of $25.40 on December 21st.