According to "Bizjournals.com", This week, as expected, The Walt Disney Co. bought out Pixar Animation Studios in a $7.4 billion deal.

The move comes as new Disney CEO Robert Iger is making efforts to get Disney back to its roots in animated-feature movies.

In an informal Los Angeles Business survey, a majority of readers think that the merger will do just that, as 53 percent said that Disney will once again be tops in animated features.

"Enough with all these short-term sighted nay-sayers, Pixar was brought into this world with Disney Magic in mind - consider Toy Story for proof," one respondent said, noting the success of the "Toy Story" series as the gold standard of the Disney-Pixar relationship.

However, plenty of people think that the merger will not work, as 44 percent said that Pixar will be ruined under Disney’s watch.

"A few years ago, computer animation was demanding work that required unique technical skills. Now the labor market is flooded. Disney paid too much for what it could have done on its own," one reader noted.

Pixar deal

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According to "Bizjournals.com", A 15 percent increase in same-store sales helped push revenues and earnings higher in the third quarter for Keystone Automotive Industries Inc.

The company earned $7.1 million, or 44 cents a share, up from $4 million, or 25 cents a share, for the same quarter a year ago. Quarterly revenue came in at $164.4 million, up 20 percent from $136.6 million a year ago.

For the first nine months of fiscal 2006, the company earned, $14.7 million, or 91 cents a share, on revenues of $448.4 million. For the same period last year, the company earned $9.9 million, or 63 cents a share, on revenues of $405.2 million.

It should be noted that the current nine-month period was over 39 weeks, as opposed to 40 weeks last year.

Pomona’s Keystone (NASDAQ: KEYS) distributes its automotive body parts to collision repair shops through its 129 distribution facilities, of which 22 serve as regional hubs, located in 38 states and Canada.

Source: http://www.bizjournals.com/industries/banking_financial_services/investment_banking/2006/01/23/losangeles_daily36.html

Keystone’s 3Q

According to Topix.Net Bank of America Corp. posted its first profit decline in years on Monday, missing Wall Street’s expectations as consumer bankruptcies and weaker trading results cut into its fourth-quarter earnings.

Shares of the nation’s second-largest bank slipped after the results were announced.

Bank of America’s shares dropped 23 cents, or 0.5 percent, to $43.96 at the close of regular trading on the New York Stock Exchange.

The Charlotte-based bank said net income for the quarter totaled $3.77 billion, or 93 cents per share, down from $3.85 billion, or 94 cents per share, a year earlier.

Excluding merger and restructuring charges of $59 million before taxes from its acquisition of FleetBoston Financial Corp., which closed in April 2004, Bank of America would have earned 94 cents a share in the latest quarter.

Analysts polled by Thomson Financial had forecast earnings of $1.02 a share.

"The fourth quarter was the first one in a long time when we failed to meet our own expectations," Chief Financial Officer Alvaro de Molina told industry analysts in a conference call. "It’s fair to say we fell short of yours as well."

Revenue during the fourth quarter grew to $14.12 billion from $13.71 billion last year - also below Wall Street projections of $14.52 billion.

Bank Of America’s Profit

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According to "Investopedia.com", Mergers, acquisitions, corporate restructuring and M&A for short– all are a big part of the corporate finance world. Every day, Wall Street investment bankers arrange M&A transactions that bring together separate companies to make larger ones. When they’re not creating big companies from smaller ones, corporate finance deals do the reverse and break up companies through spinoffs, carve-outs, or tracking stocks.

Not surprisingly, these types of actions often make the news. Deals can be worth hundreds of millions or even billions of dollars, and they can dictate the fortunes of the companies involved for years to come. For CEOs, leading M&A can represent the pinnacle of their careers. Next time you flip open the newspaper�s business section, odds are good at least one headline will announce some kind of M&A transaction.

Sure, M&A deals grab headlines, but what does this all mean to investors? To answer this question, this tutorial discusses the forces that drive companies to buy or merge with others, or to split-off or sell parts of their own businesses. If you know the different ways these deals are executed, you’ll have a better idea of whether you should cheer or weep when a company you own buys or gets bought by other companies. You will also be aware of the tax consequences for the companies and investors.

M & A

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Source: http://www.merceric.com/summary.jhtml;jsessionid=LL3GAGCT41KMICTGOUGCIIQKMZ0QYI2C?idContent=1045785

Institutional Investment Approach

According to "Bizjounals.com", Venture capitalist James Trainor is no longer managing First Niagara Capital Corp.’s $5 million venture fund.

Trainor sent a letter announcing his departure to the heads of 11 companies that First Niagara has invested in. He is now starting the process of forming his own venture fund.

"That’s my game plan," said Trainor, 48. "I’m rounding up investors, structuring the fund. I always thought it was a natural progression for me."

First Niagara will no longer have a local person to oversee its venture investments. It will run the fund from its headquarters in Lockport, Niagara County, said Michael Harrington, First Niagara Bank’s senior vice president and treasurer.

Trainor did most of his deals when the venture fund was known as TS Capital, before Troy Savings Bank was acquired by First Niagara in 2004.

Source: http://www.bizjournals.com/industries/banking_financial_services/venture_capital/2006/01/23/albany_story5.html

Own Venture Fund