Canada Southern Petroleum (CSPLF) surged on news that Petro Canada's (PCZ) Nosara Holdings unit increased its offer to acquire the company to $13 a share, up from an earlier offer of $11 and topping Canadian Oil Sands Trust's June 30 bid of $11.10. Canada Southern Petroleum was gaining $1.73, or 14.8%, to $13.40 recently.
Fronteer Development Group (FRG) strengthened after the company said that Aurora Energy Resources, in which it holds a 49.3% interest, reported new wider and higher-grade drill intersections that continue to expand the Michelin uranium deposit. Shares of Fronteer Development Group, which engages in the acquisition and exploration of mineral properties, gained 51 cents, or 11.6%, to $4.89.
Wegener (WGNR), a provider of products for TV, audio and data-distribution networks, jumped 22% following its latest quarterly earnings report. The company said revenue for the third quarter rose to $6.6 million from $4.3 million a year ago. Wegener earned $138,000, or 1 cent a share, vs. last year's loss of $620,000, or 5 cents a share. Shares were higher by 26 cents to $1.40.
Retalix (RTLX) retreated after the software provider said it would see lower-than-expected results for the second quarter because of delays in the delivery of several projects. The company said revenue should be above $44 million, while it expects to lose 8 cents to 13 cents a share. Analysts polled by Thomson First Call are looking for earnings of 21 cents a share on revenue of $51.3 million. "We believe that the second half of 2006 will be stronger, and therefore, reaffirm the guidance that we have set for full year 2006," the company said in a press release. Shares lost $3.43, or 16.7%, to $17.10.Smart & Final (SMF) stumbled after the food warehouse operator said second-quarter income dropped from a year ago. Earnings totaled $5.8 million, or 18 cents a share, down from $8.1 million, or 25 cents a share, a year ago. Sales increased 2% to $493.7 million. Smart & Final said the latest results included a charge of 2 cents a share for costs associated with the company's assessment of strategic alternatives. Shares fell $1.23, or 7.5%, to $15.27 in recent trading.