Gammon Gold (GRS) (GAM.CA) announced today that due to continued illegal labour disruptions at its El Cubo operation as well as the financial demands made by the union workforce it has terminated 397 union workers as of June 16, 2010 and is in the process of filing criminal charges against seven union executives. Operations at the El Cubo mine have been suspended indefinitely.
On the news, Gammon Gold is trading lower by 10.75%.
In a letter to the Board of Directors of Charles River Laboratories (NYSE:CRL), Neuberger Berman LLC and Neuberger Berman Management LLC, investment advisors on behalf of their clients who own approximately 6.26 percent of the outstanding common stock of Charles River Laboratories International, said that after much reflection and careful analysis, they have come to the conclusion that the proposed merger transaction with WuXi PharmaTech (NYSE:WX) is not in the best interests of stockholders.
Shares of WuXi are down about 8%.
Smithfield Foods (NYSE:SFD) reported fiscal 2010 fourth quarter and full year results. Net loss was $4.6 million, or $.03 per diluted share; an improvement of $76.6 million, or $.54 per share from the prior year's fourth quarter. EPS was $.18 per diluted share when adjusted to exclude the effect of a $73.0 million mark-to-market adjustment on open derivative positions, a higher, more favorable tax rate and other significant charges.
Despite the narrower loss, Smithfield shares are down 5.75%.
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