(AXE - Get Report)
were among the
winners Friday, rising 6% after the distributor of cable and fasteners said it would pay a special dividend of $4.
"In assessing where we stand currently with our capital structure, in the context of our near term plan for acquisitions, we have determined that the company is over-capitalized. Therefore, to the extent the company is currently operating with a less than optimal capital structure, the board has determined that it makes sense to return the excess capital to our shareholders," the company said. The special dividend is payable on Oct. 31 to shareholders of record on Oct. 14. Shares were trading up $2.20 to $40.32.
(FUL - Get Report)
fell 12% after JP Morgan downgraded the company, which makes adhesives, sealants and other specialty chemical products, to neutral from overweight. The firm cited high raw material costs for its decision to downgrade the stock. Shares were recently trading down $3.85 to $28.60.
Barnes & Noble
(BKS - Get Report)
traded actively after the company announced a new $200 million stock buyback plan. The new plan is in addition to the $200 million stock repurchase plan that the company authorized in March. The company has purchased about $150 million in stock under the March plan. Under the new plan, Barnes & Noble may purchase stock through the open market and through privately negotiated transactions. Shares were trading down 20 cents to $38.45.
fell 1% after the company cut its third-quarter earnings guidance and said it would take a $3 million to $4 million charge in bad debt expense as a result of Delta Air Lines' bankruptcy. The company said it would set up a reserve to cover amounts that may not be collectible as a result of the airline's bankruptcy. Digitas now expects third-quarter adjusted earnings of 7 cents to 9 cents a share, down from previous guidance of 10 cents to 12 cents a share. For the full year, the company now expects adjusted earnings of 45 cents to 48 cents a share, down from previous guidance of 48 cents to 51 cents a share. Analysts surveyed by Thomson First Call had been expecting third-quarter earnings of 12 cents a share and full-year earnings of 50 cents a share. Shares were trading down 14 cents to $11.56.