This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Stocks in Motion: Star Gas

Updated from 11:53 a.m. EDT

Shares of Star Gas Partners (SGU - Get Report) were among the NYSE's winners Friday, rising 5.7% after the company obtained a bank waiver and financing commitment for its beleaguered heating oil business.

As a result of the agreements, the company's heating oil unit will be able to borrow funds for working-capital purposes for the near term. The amendment also provides for a waiver, through Dec. 17, of various terms under the credit agreement with Wachovia Bank and others.

Last month, the company's shares plummeted 80% after its heating oil unit warned that earnings results would decline substantially, a development that would not permit it to meet the borrowing conditions under its working capital line.

Star immediately engaged its lenders to modify conditions and other terms that would enable its business unit to operate through the winter. At the time, Star Gas warned that if lenders did not agree to offer modified terms, it could be forced to seek alternative financing on "extremely disadvantageous" terms or even be forced to seek bankruptcy protection. Shares traded up 37 cents to $6.88.

Meadowbrook Insurance Group (MIG - Get Report) rose 8.6% after the company posted third-quarter results above expectations. Meadowbrook earned 18 cents a share during the third quarter on sales of $69.5 million. Accelerated sales recognition from the termination of a multistate claims runoff contract contributed 7 cents to earnings. Analysts were expecting earnings of 10 cents a share on sales of $68.5 million. The company said that it originally expected revenue from the multistate runoff contract to be recognized during the fourth quarter of 2004 and first quarter of 2005. Shares traded up 40 cents to $5.07.

Shares of Avery Dennison (AVY - Get Report) fell 11.3% after the maker of office products and labels disclosed that it may be fined by the European Commission as a result of employee misconduct in its European operations. "This conduct violated the company's policies and in some cases constituted an infringement of EC competition law. As a result, the company expects that the EC will fine the company when its investigation is completed," the company said. Avery said the EC has a lot of latitude in determining the amount of the fine -- up to 10% of the company's annual sales -- so it is unable to predict the timing or the amount of any fine. However, the company believes the fine could be "material in amount." Shares traded down $6.99 to $54.90.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AVY $54.30 -0.24%
GAS $49.21 -0.91%
INTC $33.65 -0.87%
MIG $8.46 1.44%
SGU $7.47 -1.19%

Markets

DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs