This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks in Motion: Linn Energy

Shares of Tyco (TYC - Get Report) were among the NYSE's losers Friday, falling 9% after the conglomerate cut its first-quarter earnings guidance and laid out plans for a breakup into three separately traded companies.

Tyco now sees first-quarter earnings from continuing operations of about 38 cents a share, down from an earlier view of 40 cents to 42 cents a share. Analysts polled by Thomson First Call had been projecting earnings of 42 cents a share. For all of 2006, the company now sees earnings of $1.85 to $1.92 a share, below Wall Street's projection of $2.01 a share.

As for the company's business reorganization, Tyco plans to separate its health care and electronics businesses from the rest of the company. "After a thorough review of strategic options with our board of directors, we have determined that separating into three independent companies is the best approach to enable these businesses to achieve their full potential," the company said. The breakup plan is expected to cost about $1 billion. Shares recently were trading down $2.71 to $27.60.

Insteel Industries (IIIN - Get Report) rose 7% after the maker of steel wire reinforcing products announced a $15 million share repurchase plan. Based on Jan. 12 closing prices, the buyback program represents about 9% of the company's outstanding stock. "Our strategy for the use of operating cash flow includes paying dividends, making capital investments and strategic acquisitions, and opportunistic repurchases of the company's stock, all with the intent of enhancing shareholder value," the company said. Insteel also increased its existing revolving credit facility to $100 million from $75 million and extended the maturity date by two years to June 2010. Shares were trading up $1.22 to $19.35.

Shares of Linn Energy (LINE - Get Report) rose 9% in their first day of trading. The independent natural gas company, in the first initial public offering of 2006, priced 11.75 million units at $21 apiece, resulting in net proceeds of about $223 million. The pricing came in at the high end of the proposed range of $19 to $21 a unit. About $122 million of the proceeds will be used to pay debt. Shares were trading up $1.27 to $22.97.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
F $14.87 0.00%
IIIN $18.23 0.00%
LINE $9.16 0.00%
PNK $37.65 0.00%
TWX $88.49 0.00%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs