In the news this morning, Office Depot and Office Max make it official, Yahoo will redesign its home page, Boeing is reportedly close to a solution to its battery problems and Dell and Toll Brothers report earnings.
Office-supply runners up Office Depot (ODP) and Office Max (OMX) will combine in an all-stock deal. Office Depot will issue 2.69 new shares for each outstanding share of Office Max. That implies a value of about $13.50 per share, a 3.8% premium to Tuesday's close. The two companies have been struggling to compete with sector-leader Staples (SPLS) and Amazon.com (AMZN).
Web portal Yahoo! (YHOO) is redesigning its homepage to try to get people to visit more frequently. The change will begin to roll out early Wednesday. The new look is the most visible change at the company since new CEO Marissa Mayer came on board last year.
Reuters is reporting this morning that sources say the company has found a solution to fixing the problems that were causing batteries on the company's flagship 787 Dreamliner to overheat. The solution reportedly involves putting more space between the individual cells that make up the batteries. Rohit Nandan, the chairman of Air India, said separately that Boeing hopes to get the planes back in the air by early April.
Computer maker Dell (DELL) reported adjusted earnings of 40 cents per share on sales of $14.3 billion. Analysts had predicted 39 cents per share on sales of $14.1 billion. CEO Michael Dell declined to participate in the company's earnings call and the company did not discuss Dell's $13.65 per share offer to take the company private.
Homebuilder Toll Brothers (TOL) reported earnings of 3 cents per share on $424.6 million in revenues. Analysts had expected the company to earn 11 cents per share on $505 million in revenue.