News Summary

Shares of Shaw Group Inc (NYSE: SHAW) gained about 1.2% about after the company reported its FQ2 profit at $2 million, or $0.01 per share, down from $61.5 million, or $0.72 per share, in the year-ago period. The company's revenue dropped to $1.42 billion from $1.62 billion. On an adjusted basis, the company's net income came in at $35 million, or $0.40 per share. However, analysts were expecting earnings of $0.45 per share. Shaw projects FY 2011 adjusted earnings of $1.86 to $1.91 per share on revenue of $6.3 billion.

Shares of American Medical Systems Holdings Inc (NASDAQ: AMMD) surged about 32% after the company agreed to be purchased by Endo Pharmaceuticals (NASDAQ: ENDP) for $2.9 billion or $30 per share. The deal price represents a 34% premium to AMMD's closing price of $22.33 on Friday.

Shares of Global Crossing Ltd (NASDAQ: GLBC) jumped about 76% after the company agreed to be purchased by Level 3 Communications Inc (NASDAQ: LVLT) for stock valued at $23.04 per share. The deal price represents a 56% premium to GLBC's closing price of $14.80 on Friday.

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