Stocks in Motion: Chalone
Stelmar Shipping (SJH) rose 7.6% after the company agreed to be acquired by Overseas Shipholding Group (OSG) for $843 million in cash, plus the assumption of debt, which brings the total value of the deal to $1.3 billion. Stelmar shareholders will receive $48 a share in cash for each share of Stelmar they hold. The $48 price tag represents a premium of 8.3% over Friday's closing price of $44.32. The deal is expected to close by the end of January. Shares of Stelmar traded up $3.36 to $47.68, while shares of Overseas Shipholding traded up $4.59 to $61.10.
After spending most of the day in the negative, shares of Greenbrier (GBX) ended the day in the black -- after the company said it would sell, from time to time, up to 6 million shares of stock. The disclosure was made in a Securities and Exchange Commission shelf registration statement. The supplier of railroad transportation equipment and services said it would use the proceeds to fund general corporate expenses. Shares traded up 14 cents to $32.70.
NYSE volume leaders included Lucent (LU), down 9 cents to $3.71; Sprint (FON), up 30 cents to $24.44; Pfizer (PFE), up 7 cents to $27.16; Motorola (MOT), up 85 cents to $17.15; Time Warner (TWX), up 45 cents to $18.93; and General Electric (GE), up 79 cents to $37.48.
Nasdaq volume leaders included Oracle (ORCL), up $1.35 to $14.63; Sirius Satellite Radio (SIRI), up 45 cents to $8.04; Microsoft (MSFT), up 17 cents to $27.25; Intel (INTC), up 7 cents to $22.63; Cisco (CSCO), down 15 cents to $19.27; PeopleSoft (PSFT), up $2.47 to $26.42; and Nextel Communications (NXTL), up 23 cents to $29.99.
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