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Eli Lilly and Co. of the United State is to acquire ICOS Corp. also of the United States for $2.3 billion or $34 per share. ICOS Corp. and Eli Lilly and Co. through a joint venture are marketing the erectile-dysfunction drug Cialis. Projected sales for the drug are $965 million in 2006.

Ameriprise Financial Inc. will acquire J. and W. Seligman and Company Inc. for $440 million. Seligman was founded in 1864 and manages assets of $18 billion.

The article reports on the decline in profit of Brown Shoe Co. during the first-quarter profit of 2008. The company said its profit decreased by 25% on lower margins and sales. It is reported that the weakness of the shoe manufacturer is at its retail and wholesale operations on sales declines and fewer orders by retailers. According to Chief Executive Ron Fromm, the environment for consumer spending proved more challenging than expected resulting in lower than anticipated results for the rest of the year 2008.

The article reports on the fines imposed against brokerage firms by New York Stock Exchange (NYSE) Regulation for prospectus-delivery failures and other operational and supervisory violations. Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Lehman Brothers have been given the largest fines. The investigation by the NYSE began when it found that Morgan Stanley had failed to send prospectuses to a large number of customers.

The article reports on the financial performance of pharmaceutical firm Genentech Inc. Its profit for the second quarter of 2007 increased by 41 percent, largely due to the success of its cancer drug Avastin and eye-disease drug Lucentis. Sales of Avastin and Lucentis reached $564 million and $209 million, respectively.

The article reports on the increase in profit of Nike Inc. for its fiscal fourth quarter which ended May 31, 2007. The company's increase in revenue for the period was driven by its subsidiary brands. Revenue of Nike increased in its divisions, including in Europe, U.S. and Asia. Nike also acquired stocks as part of a share-buyback program.

The article reports on the decision of a private equity consortium to increase its offer and revise its method of securing shareholder approval for Biomet Inc. The consortia comprises of Blackstone Group, Goldman Sachs Group Inc., Kohlberg Kravis Roberts & Co. and TPG. It increased its bid by 4.5% to $11.4 billion.

The article reports on the acquisition of Accredited Home Lenders Holding Co. by Lone Star Funds Co. Lone Star agreed to buy Accredited for $400 million and to pay Accredited shareholders $15.10 a share, a 9.7% premium to its closing price of $13.76 on the last business day before the deal's announcement. The deal is another sign of private-equity firms' growing presence in the U.S. subprime-mortgage market.

The article reports on the proposed takeover bid for Baltimore, Maryland-based Laureate Education Inc. The higher-education company accepted an increased takeover offer of $3.82 billion from an investor group, which includes Kohlberg Kravis Roberts & Co. and Citigroup Inc.'s Citigroup Private Equity Co. The $62-a-share offer is up from the group's original offer of $60.50, which had been criticized by some Laureate shareholders as too low.

The article reports on how Flextronics International Limited's move to buy rival Solectron Corp. for about $3.6 billion underscores new pressures on one of the most intensely competitive segments of the electronics industry. It says that the deal would combine two of the biggest players in electronics manufacturing services, that is, building cellphones, computers, cameras, storage systems, networking gear and myriad other gadgets often designed and branded by other electronics companies.

This article reports on the increase in the first-quarter earnings of Bombardier, Inc. for the quarter that ended April 30, 2007. The company sold numerous planes at higher prices to help push profit margins at its aerospace units. The company's revenue increased 12 percent to $3.97 billion. A contract was signed by Bombardier with Dalian Locomotives & Rolling Stock Co.

The article reports on antitakeover strategies by Sara Lee Corp. Chairman Brenda Barnes. During a conference call, she explained that the company's board is always reviewing its options but declined to say whether it would accelerate its continuing stock buyback program or whether it might borrow money to pay shareholders a bigger dividend. Sara Lee shareholders voted to terminate the company's takeover defense in 2006. Barnes stated that she is not worried about being vulnerable to a takeover.

The article reports on the plan of Citigroup Inc. to acquire Bisys Group Inc. for $1.45 billion aimed at supporting the company's expansion of its hedge- and mutual-fund services and private-equity operations. The agreement calls for Citygroup to pay $11.85 a share and for Bisys shareholders to collect a special dividend of 15 cents a share to be paid when the deal closes. Citigroup plans to sell Bisys' retirement- and insurance-business divisions to affiliates of J.C. Flowers & Co.

The article provides information on the financial performance of American Express Co. in the first quarter of 2007. The company generated a 21 percent rise in first quarter net income as American Express card members spent more money and the company cut spending on marketing. The company's income from the core U.S. credit card business increased 22 percent to $644 million.

The article announces that William M. Pastore will resign as president and chief executive officer of Monster Worldwide Inc. in October 2007.

The article reports on the revelation of home builder company D.R. Horton Inc. that its 2007 second quarter orders fell 37%, an indication that the spring home-selling season is proving to be weaker than many builders had hoped.

This article reports that Guido Rossi has resigned from his job as chairman of Telecom Italia SpA.

The article reports on the proposal made by Inverness Medical Innovations Inc. to purchase medical-test maker Biosite Inc. for a $90 a share.

The article reports on the agreement between General Electric Company's Capital Solutions unit and private equity firm Blackstone Group to acquire PHH Corp.

The article presents an update on the performance of small stocks including the 59% growth in the stock price of Steel Technologies and the 2.5% decline in the stock price of Hovnanian Enterprises.

The article reports on the earnings posted by Dow Jones & Co. for the fourth quarter of 2006 and its advertising-revenue outlook for 2007.

The article reports that small stocks tumbled and underperformed larger stocks as commodity-related sectors and home builders pulled back.

The article reports on the net income posted by Goldman Sachs Group for its fiscal fourth-quarter of 2006.

The article reports on the rejection of a bid by Swift Transportation Co. from its largest shareholder, former CEO Jerry Moyes.

The article reports on the financial performance of U.S. airlines UAL Corp. and Northwest Airlines.

The article reports on the bid price increase by Staples Inc. of Framingham, Massachusetts for its offer to buy Corporate Express of the Netherlands. Staples is offering the price of Euro 2.03 billion, a higher price than that of its rival bidder, Lyreco SAS of France which is bidding with Euro 1.73 million. Staples chief executive Ron Sargent said the new offer price is the "superior choice" for Corporate shareholders and the latter is said to be reviewing the offer.

The article reports that the fourth quarter income of money manager BlackRock Inc. increased 90% with sustained demand for the company's advisory and alternative investment services in 2007. BlackRock chief executive Laurence D. Fink disclosed that the firm is making a shift in investors' allocations by adding new products in equities, alternative assets and long-term fixed-income securities. While Merrill Lynch & Co. owns 49% of BlackRock, PNC Financial Services Group Inc. has a one-third stake in the company.

The article focuses on the cautious outlook released by United Technologies Corp. for 2008. It cites the factors that could affect the 2008 performance of the manufacturer. The company has posted an increased net income in the third-quarter of 2007. The company expects the U.S. economy to slow though it will manage to avoid an outright recession in 2008.

The article reports that Penn National Gaming Inc. agreed to be acquired by affiliates of Fortress Investment Group LLC and Centerbridge Partners LP. Penn executives who are expected to remain with the company include Peter Carlino and William Clifford. The move made by Harrah's Entertainment to agree to be taken private by a private-equity consortium is also reported.

The article reports on the shares in the management units that run D.E. Shaw group acquired by Lehman Brothers Holdings.

Considers the debate about caps on visas for foreign workers and the need to attract more U.S. students to careers in mathematics and science amid desperation on the part of domestic companies to find technical talents.