The Food and Drug Administration informed Novartis AG (NVS) that it needs an additional clinical data before it can approve the company's diabetes drug Galvus, a move that analysts say could delay the drug's approval by up to a year.

TXU Corp. (TXU), the biggest power utility in Texas, said Monday that its board agreed to a deal to be taken private by an investor group led by Kohlberg Kravis Roberts (KKR), Texas Pacific Group and Goldman Sachs.

Marvell Technology Group Ltd. (MRVL) said late Monday that fourth-quarter revenue rose 27% from a year ago as it sold more chips used in data storage devices and consumer electronics. Shares moved up on the news.

Apple Inc. (AAPL) shares slipped Monday evening after the company said that it has pushed back the release of its Apple TV product. "Wrapping up Apple TV is taking a few weeks longer than we projected," according to Lynn Fox, an Apple spokeswoman. No reasons were cited why.

Brocade (BRCD) shares rose 6.2% to $9.23 after the company reported fiscal first-quarter earnings of $33.3 million, or 12 cents a share, up from $9.7 million or 4 cents a share a year ago.

Threshold Pharmaceuticals (THLD) shares dropped 60% to $1.40 after the biotech firm said that a Phase III clinical trial for its drug candidate glufosfamide failed to show the drug could extend lives in patients stricken with pancreatic cancer.

NetEase (NTES) shares rose 3.7% to $22.63. The company said that its fourth-quarter net profit grew 19% to $41 million, or 30 cents per ADR, from a year-earlier profit of $34.4 million or 25 cents a share. Revenue grew nearly 15% to $69.2 million. Excluding certain items, fourth-quarter profit was $44 million compared with $34.2 million a year earlier. Analysts expected earnings of 24 cents a share on revenue of $64.8 million.

Focus Media (FMCN) shares traded up 3.2% at $85.68 after the company's fourth-quarter net income more than tripled to $30.1 million, or 55 cents per ADR, from $9.43 million or 23 cents an ADS a year earlier. Total revenue increased to $68.3 million from $24.6 million. Analysts were looking for earnings of 62 cents a share on revenue of $68.6 million.

Xilinx Inc. (XLNX) shares rose 1.1% to $26.63 after the company boosted its quarterly dividend to 12 cents a share from 9 cents a share. It also approvated a share buyback plan of up to $1.5 billion, which is in addition to the $175 million remaining from its previous program. The company is funding this through a proposed $900 million convertible notes offering.

Dow Chemical Co. (DOW) management said that it would oppose any attempt by buyout firms to break up the chemical giant. Shares, however, closed 3.5% higher on rumors that the company could be valued as high as $60 per share in a buyout.

Infocus Corporation (NDAQ:INFS) shares rose $0.08, or 2.91%, to $2.83 today after Caxton Associates disclosed an 11.2% stake and said it had reached an agreement with the company in a Schedule 13D/A filing with the SEC. We've been following Caxton's battle with the company for a few months now, as they pressed for a sale or restructuring of the company. A few weeks ago Caxton said that it would actively seek representation on the company's Board of Directors via a proxy contest at the next annual shareholder's meeting. The company quickly responded to these threats and today agreed to let the activist hedge fund occupy two seats on the Board after signing a confidentiality agreement. This is good news for shareholders, who should benefit from Caxton's guidance of the company. The hedge fund outlined its plans in a previous Schedule 13D/A filing with the SEC:

The Reporting Persons believe that the intrinsic value of the Company, and the amount a strategic or financial buyer would pay to acquire the Company, is significantly greater than the current market value of the Common Stock.  The Reporting Persons believe that this gap in value has resulted from the implementation by the Company's Board of Directors (the "Board") of a flawed business plan that has been detrimental to shareholder value. The Reporting Persons accordingly believe that the following steps should be taken promptly in order to preserve and maximize shareholder value:

1. The Reporting Persons believe that the Company's poor performance is the result of mistakes made by management and the Board's failure to grasp the strategic realities of the environment in which the Company operates.  At this time, we believe that the Company's operating management is capable of effectively executing the Board's strategic vision should it be given adequate guidance and oversight.  We do not, however, believe that the Board, as currently constituted, is providing the necessary strategic thinking.  Therefore, we believe that, unless significant changes are made promptly, changes in the Board are in the best interests of all shareholders.

2. The Board should include individuals with strong ties to large shareholders, as well as industry, legal and/or financial markets expertise, which have a firm grasp of the realities of the markets in which the Company operates.  Unless significant changes are made, the Board should be restructured to consist of Mr. Ranson, at least two individuals drawn from among the Company's largest shareholders, and other independent directors with relevant industry backgrounds.

3. As part of the Company's announced exploration of strategic alternatives, the Board should develop an operating strategy that not only protects and enhances the hard asset value of the Company, but also will allow the Company to be cash flow positive under any foreseeable circumstances.  The Board should immediately work with management to develop a business plan that, among other things, permits revenue growth only at a reasonable cost, fixes or exits money-losing operations, and leverages the Company's valuable brand name franchise and considerable intellectual property assets.  This new business plan should be assessed against other available alternatives, including the possibilities of a sale or restructuring of the Company.

The Reporting Persons continue to examine all of their options with respect to the possibility of taking actions that they believe will enhance shareholder value, including the option of actively seeking to replace members of the Board.

Caxton has an excellent track record of unlocking shareholder value through strategic alternatives. With management's willingness to listen, INFS shares could see significant upside during the next few months as the company pursues a sale or restructuring. Unfortunately, with a confidentiality agreement in place, it is unlikely that we'll see any updates until a definitive plan is announced. Regardless, this is definitely a company worth watching!

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Ceridian Corporation (NYSE:CEN) announced last week that it had hired Greenhill & Co. to explore a "broad range" of strategic alternatives in a move that upset Bill Ackman, who had been pushing for a Comdata spin-off. Sources close to the situation now say that investment bankers are already reaching out to potential private equity and corporate buyers who may be interested in acquiring the entire company - not just Comdata. Bill Ackman's Pershing Square believes that shareholders could realize more benefit by unlocking the value of Comdata than selling the entire company outright. Moreover, he argues that if Comdata were spun-off before a sale of Ceridian, shareholders could benefit from a better price and greater value in the end.

The situation is a win-win for existing shareholders, however. A sale of the company would come at a significant premium to the current market price, with many investors looking for around $40/share (18%). Alternatively, Bill Ackman already filed preliminary proxy materials so if the company isn't sold we know a spin-off is likely in the cards. And with Ralph Whitworth's Relational Investors joining Ackman a few weeks ago, the odds of success are greatly enhanced. Either way, shareholders stand to gain from a sale of spin-off. Combined, these factors make CEN a stock worth watching!

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