Stocks in Motion: Zions
As for the pulled stock offering, Dreamworks said that "based on the current valuation of our shares, we believe it is in the best interest of all parties, including the company and its current shareholders, to withdraw the offering at this time." Shares were trading down $3.68 to $23.13.
Zions Bancorp (ZION), which last week announced a $1.7 billion acquisition of Amegy (ABNK), said Monday that its second-quarter earnings would top forecasts. The company expects earnings of $1.28 to $1.30 a share. Analysts are expecting earnings of $1.24 a share. Shares were recently trading down 11 cents to $69.76.
Shares of WPT Enterprises (WPTE) fell 9% after the company said that it has been unable to substantiate the credibility of a $700 million takeover offer that it received last week. On July 7, WPT received a term sheet from the Las Vegas-based law firm of Goodman and Chesnoff, which was purportedly representing a group of investors led by poker star Doyle Brunson. The term sheet, which did not provide WPT with enough information to evaluate the deal, indicated that the offer would expire on July 12, with a provision for WPT to request a one-week extension. On Friday, however, WPT learned that Goodman and Chesnoff is no longer involved in the matter. "If the offer cannot be substantiated and accepted by Tuesday at 5:30 p.m., the offer will lapse by its own terms," WPT said in a statement. Shares were trading down $2.30 to $24.20.
NYSE volume leaders included Lucent Technologies (LU), up 4 cents to $3.02; IMS Health (RX), up 90 cents to $26.79; General Electric (GE), up 35 cents to $35.34; Pfizer (PFE), down 9 cents to $27.05; Motorola (MOT), up 30 cents to $18.84; and MBNA (KRB), up 1 cent to $25.80.Nasdaq volume leaders included Sirius Satellite Radio (SIRI), up 21 cents to $7.19; Microsoft (MSFT), up 23 cents to $25.32; Intel (INTC), up 2 cents to $27.56; Cisco Systems (CSCO), up 13 cents to $19.44; Sun Microsystems (SUNW), up 2 cents to $3.65; Applied Materials (AMAT), up 52 cents to $17.18; and Oracle (ORCL), up 12 cents to $13.68.
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