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Palm Inc. (Nasdaq: PALM) 27.2% HIGHER; Hewlett-Packard Co. (NYSE: HPQ) announced Wednesday that it has agreed to acquire Palm for approximately $1.2 billion.

The deal will see HP pay $5.70 per share for each share of Palm common stock, a 23 percent premium over the closing price of the shares on Wednesday.

IRobot (Nasdaq: IRBT) 21% HIGHER; reports Q1 EPS of $0.24, 20 cents better than the analyst estimate of $0.04.

Revenue for the quarter was $95 million, which compares to the estimate of $83.76 million.

Waste Services Inc. (NASDAQ: WSII) 24% HIGHER; reports Q3 EPS of $0.15, 4 cents better than the analyst estimate of $0.11.

Revenue for the quarter was $112.46 million, which compares to the estimate of $112.10 million. Apollo Group (NASDAQ: APOL) 17.7% LOWER; reports Q4 EPS of $1.02, 2 cents better than the analyst estimate of $1.04.

Revenue for the quarter was $1.08 billion, which compares to the estimate of $1.03 billion. Announces SEC probe into revenue recognition.

Illumina Inc.