Big News: Celgene Corporation (NASDAQ:CELG), Deckers Outdoor Corp (NASDAQ:DECK)

Lakeway, TX -- (SBWIRE) -- 02/20/2013 -- vb-news.net, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:-

Celgene Corporation (NASDAQ:CELG) shares soar by $2.46 or 2.44% to $102.92 in the morning session following the announcement made by the company today regarding an accelerated share repurchase agreement which it has entered into with an investment bank to repurchase an aggregate of $600 million of the company’s common stock.

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This is part of existing Board authorized share repurchase program and till date Celgene has repurchased approximately $385 million of its common stock and has approximately $1,450 million remaining in the existing program.

As per the agreement Celgene will pay $600 million to an investment bank in exchange for shares of Celgenes common stock and the total number of shares ultimately repurchased under the agreement will be determined upon final settlement and will be based on a discount to the volume-weighted average price of Celgenes common stock during the accelerated share repurchase period which is anticipated to be completed no later than May 20, 2013.

This accelerated share repurchase program reflects our confidence in the company’s long-term financial outlook, said Jacqualyn Fouse, Ph.D., Executive Vice President and Chief Financial Officer.

Corinna Freedman of Wedbush lowered Deckers Outdoor Corp (NASDAQ:DECK) ratings to "Neutral" from "Outperform" with a price target of $45 per share sending its share down by $1.46 or 3.26% to $43.26 in the morning session.

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Citing uncertainty around its full-year forecast the analyst said that she is comfortable with her fourth-quarter estimate for earnings of $2.60 per share but is finding hard to assess market expectations for 2013's outlook in part because the company is moving toward lower-priced transitional footwear styles.

Decker’s in October released an outlook for its fourth quarter earnings with a fall of 14% in profit to $2.73 per share. FactSet analyst estimated fourth-quarter earnings of $2.57 per share.

Freedman for the fiscal year 2013 predicts earnings of $3.75 per share in comparison to Wall Street expectation of $3.71 per share.

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