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Tuesday, May 24, 2011

Stocks to watch today

By D. Kansas

Stocks to watch this morning, including Caterpillar and Sears Holding.

The U.S. Department of Justice gave the go-ahead for Caterpillar Inc.’s largest acquisition ever–a $7.6 billion takeover of Bucyrus International Inc.

Soros Fund Management LLC, the investment vehicle of billionaire investor George Soros, disclosed a 5.7% stake in business-software company MicroStrategy Inc.

Sears Holdings Corp. said Chief Financial Officer Michael D. Collins resigned Friday and appointed William K. Phelan, a senior vice president and controller at the department-store operator, as his temporary replacement.

Perry Ellis International Inc.’s fiscal first-quarter earnings rose 37% as the acquisition of Rafaella women’s sportswear helped boost revenue, though it contributed to lower margins. Adjusted earnings topped expectations. The company also raised its full-year earnings estimate and backed its revenue guidance.

Steven Madden Ltd. acquired privately held footwear company Topline Corp. for $55 million in cash, a deal it said will complement its private-label business.

CoStar Group Inc. unveiled plans to offer at least 3.75 million shares to raise funds for its pending $860 million acquisition of LoopNet Inc.

Flir Systems Inc. said it will pay two former executives $39 million to settle claims over the night-vision goggle maker’s use of infrared technology obtained through a past acquisition.

Fossil Inc. received preliminary court approval of a $8.7 million settlement to resolve three lawsuits alleging the watch and fashion accessories retailer’s 2006 directors breached their fiduciary duties by backdating stock options.
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Tech Data Corp.’s fiscal first-quarter earnings climbed 6.8% as the computer equipment and software distributor saw sales growth continue in its European segment, along with positive effects from exchange rates. The results missed Wall Street expectations.

Payment-processing firms VeriFone Systems Inc. and Hypercom Corp. scrapped plans to sell Hypercom’s U.S. point-of-sale business after U.S. regulators last week said the divestiture wouldn’t satisfy antitrust concerns
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