Stocks in Motion: MTR Gaming
Shares of MTR Gaming (MNTG) were among Nasdaq's winners Friday, climbing 25% after the casino operator received a management-led acquisition proposal that would pay shareholders $9.50 a share.
The nonbinding proposal from TBR Acquisition Group, which is controlled by MTR's chief executive and executive vice president, represents a 20% premium over Thursday's closing price of $7.89. MTR will organize a special committee to evaluate the deal. "MTR cautions shareholders and investors that the special committee of the board of directors' consideration of the proposal is only in its beginning stages; no decisions whatsoever have been made by the special committee in respect to MTR's response, if any, to the proposal and shareholders are not now being asked to take any action with respect to the proposal," the company said. Shares were recently up $1.97 to $9.86.
Starbucks (SBUX) rose 2% after the coffee retailer posted better-than-expected November sales. Same-store sales rose 7%, well ahead of the 3.9% that analysts polled by Thomson First Call expected. Total sales for the four weeks ended Nov. 27 rose to $593 million from $486 million in the year-ago period. "Starbucks handcrafted espresso beverages, including both core and holiday offerings, were the leading contributors to our strong November results," the company said. Shares were trading up 71 cents to $31.85.
Shares of Ceradyne (CRDN) fell 8% after the body-armor company said that it would concurrently sell 1.8 million shares of stock and $100 million in convertible notes in two separate transactions. Ceradyne plans to use proceeds from the offerings to repay outstanding debt under its credit facility and for working capital, capital expenditures and other general corporate needs. Shares were trading down $3.57 to $43.90.Safeco (SAFC) boosted its share repurchase authorization to 10 million shares. The current authorization represents 8.1% of Safeco's outstanding shares as of Oct. 31. Since 2003, the property and casualty insurance company has repurchased some 18.6 million shares at a cost of $918 million. Shares were little changed Friday morning, trading up 10 cents to $56.34.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV