Stocks in Motion: Monarch
Shares of Hollywood Entertainment (HLYW) rose 6.2% after the company agreed to be acquired by Movie Gallery (MOVI) for $1.2 billion in cash and debt. Movie Gallery will pay $13.25 a share in cash, or $850 million. The deal represents a small premium to Friday's closing price of $13.05. Previously, Blockbuster (BBI) had offered to buy Hollywood for $11.50 a share, which topped a competing offer of $10.25 a share from buyout firm Leonard Green & Partners. A combined Hollywood Entertainment and Movie Gallery would have sales of $2.5 billion and about 4,500 stores. Blockbuster, by comparison, operates some 9,000 stores. Shares of Hollywood traded up 81 cents to $13.86, while Movie Gallery traded up 95 cents to $20.02.
NYSE volume leaders included News Corp. (NWS), down 52 cents to $17.13; Fox Entertainment Group (FOX), up $3.06 to $34.28; Lucent (LU), up 3 cents to $3.53; Pfizer (PFE), up 14 cents to $26.44; Nortel (NT), unchanged at $3.34; Motorola (MOT), up 29 cents to $16.98; and Nokia (NOK), up 32 cents to $15.57.
Nasdaq volume leaders included Sirius Satellite Radio (SIRI), down 48 cents to $6.62; Aastrom Biosciences (ASTM), up 10 cents to $2.38; Microsoft (MSFT), up 13 cents to $26.80; Intel (INTC), up 8 cents to $22.88; Oracle (ORCL), down 14 cents to $13.19; Cisco (CSCO), unchanged at $18.72; and Sun Microsystems (SUNW), down 1 cent to $4.61.
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