Stocks in Motion: PolyOne

Shares of Image Entertainment(DISK) were among the Nasdaq's winners Wednesday, rising 53% after the producer and distributor of home entertainment programming said it received an unsolicited buyout offer from Lions Gate Entertainment(LGF).

Lions Gate, which has acquired more than 4 million shares, or nearly 19% of Image Entertainment's stock, said it "believes that the acquisition of the company would be consistent with its desire to broaden and deepen its library of filmed entertainment, as well as add an important musical component to its business, and to otherwise further its business objectives and increase shareholder value."

Image, however, says the company is not for sale. "Over the last several years we have implemented a series of corporate initiatives to increase the value of our company. We have a long-term strategy designed by our board of directors and implemented by our exceptional management team. Management believes that the value of the company today and in the future is far greater than what is being offered," Image said. In addition, it said it would evaluate the offer and give it "all the consideration that it deserves." Shares were trading up $1.60 to $4.60.

PolyOne(POL) fell modestly after the company lowered its third-quarter forecast for shipment volumes. The plastics maker now expects flat sequential shipment volumes. Previously, the company said volumes would be up 1% to 3%. The company also said that prior to Hurricane Katrina, natural gas and ethylene costs rose to higher-than-expected levels, resulting in higher raw material costs and placing additional pressure on product spreads. PolyOne said it is still assessing Hurricane Katrina's immediate and longer-term negative effects on production and supply disruptions and from higher energy and raw material costs, but the full magnitude remains unknown, it said. Shares were trading down 2 cents to $6.38.

Shares of Danaher(DHR) fell slightly after the company reaffirmed its third-quarter and full-year earnings outlook. The tool maker continues to expect third-quarter earnings of 66 cents to 71 cents a share and full-year earnings of $2.73 to $2.80 a share. Analysts polled by Thomson First Call are expecting third-quarter earnings of 70 cents a share and full-year earnings of $2.76 a share.