Stocks in Motion: Amvescap

Shares of Amvescap(AVZ) were among the NYSE's winners Wednesday, rising 14% after the asset management company confirmed that it received an unsolicited approach from Toronto's CI Fund Management to buy its Canadian operations.

Amvescap, which owns the AIM and Invesco mutual fund families, said its board considered the acquisition interest but "unanimously concluded that it is not in the best interests of shareholders." CI also indicated, according to Amvescap, that it might have an interest in buying all of Amvescap. "The board of Amvescap doubts that CI has the ability to make a firm offer for Amvescap at a level that would be in the best interests of Amvescap's shareholders," Amvescap said in a statement. Shares were recently trading up $1.75 to $14.01.

Ultralife Batteries(ULBI) rose 9% after the company received multiyear contracts worth up to $25 million from General Motors(GM) and one of its joint venture partners. The contracts call for Ultralife to produce and supply custom-designed Ultralife HiRate nonrechargeable lithium backup batteries for GM's OnStar Telematics system. The batteries will be used in two of GM's vehicle platforms. Shares were trading up $1.52 to $17.88.

Shares of Lifeway Foods(LWAY) rose 18% after the company previewed second-quarter sales that rose 27% from a year ago. The maker of cultured dairy products posted sales of $5.1 million. A year ago the company reported sales of $4 million. The single-analyst estimate called for sales of $4.7 million, according to Thomson First Call. The company said that it would report its full results on Aug. 15. Shares were trading up $2.18 to $14.33.

Schnitzer Steel(SCHN) rose modestly after the company posted third-quarter financial results. The metal recycler and steel manufacturer reported earnings of $33.5 million, or $1.08 a share, on sales of $226.8 million. A year ago, the company posted earnings of $42.5 million, or $1.37 a share, on sales of $193.8 million. Looking ahead, Schnitzer expects fourth-quarter net selling prices in its recycled metals business to be lower than the $230 per ton average reported during the third quarter but above the $199 per ton average that it posted during last year's fourth quarter. Fourth-quarter sales volumes, meanwhile, are expected to be below fiscal 2005's quarterly run rate, but total fiscal 2005 sales should be about equal to last year's level, the company said. Shares were trading up 8 cents to $24.73.