Shares of American Commercial Lines (ACLI) rose in late trading Monday after the marine transportation and service company raised its fiscal-year earnings projections, citing a strong demand and rate environment. American Commercial Lines now sees 2006 earnings of $2 to $2.20 a share, up from a previous estimate of $1.70 to $1.90. For the second quarter, the company forecast earnings of 48 cents to 53 cents a share. Analysts polled by Thomson First Call were looking for a profit of $1.92 a share for the year and 40 cents a share for the second quarter. The company also announced a new $3 million employee wage and enhanced benefit package. Shares jumped $3.85, or 7.5%, to $54.99 after hours.
Cytokinetics (CYTK - Get Report) gained after the biopharmaceutical company said it extended the research term under its strategic alliance with GlaxoSmithKline (GSK - Get Report) for an additional year. The strategic alliance, initiated in June 2001, included a minimum five-year research term. The companies have been focusing on developing inhibitors for mitotic kinesins, which play a role in cancer development. The alliance so far has generated two drug candidates. Cytokinetics shares gained 45 cents, or 6.6%, to $7.25 after hours.
Shares of Omnova Solutions (OMN - Get Report) rose after the specialty chemicals company said second-quarter income jumped to $5.3 million, or 13 cents a share, from $3.6 million, or 9 cents a share, a year earlier. Revenue for the quarter ended May 31 declined 2.2% to $204.6 million. Wall Street was looking for earnings of 11 cents a share. The company credited the higher earnings to margin improvements. Shares gained 24 cents, or 4%, to $6.19 after hours.
Progressive Gaming (PGIC ) shares sank after the maker of systems for the gaming industry posted worse-than-expected first-quarter results. The company reported a loss of $8.8 million, or 26 cents a share, compared with income of $400,000, or 2 cents a share, a year earlier. The most recent quarter included charges totaling about $5.5 million, or 16 cents a share. Revenue fell to $16.9 million from $22.9 million a year ago. Analysts expected the company to post break-even results, with revenue of $21.1 million.