Asset Acceptance Capital (AACC) plummeted after the Warren, Mich.-based buyer of poor-performing consumer debt posted a drop in second-quarter income. The company earned $12.4 million, or 33 cents a share, compared with $16.3 million, or 44 cents a share, a year ago.
Revenue slipped 2.9% to $66.8 million. The company said the year-over-year decline in revenue was primarily attributable to a $5.5 million net impairment charge compared to a $1.7 million net impairment charge in the second quarter a year ago. Wall Street was looking for the company to earn 38 cents a share on revenue of $70.5 million. Shares fell $2.66, or 14.2%, to $16.08.
Sizeler Property Investors (SIZ) slipped after the Kenner, La.-based real-estate investment trust said it signed a deal to sell itself to buy Toronto-based Revenue Properties. The proposed all-cash deal values Revenue Properties shares at $15.10, or $323.5 million. The purchase price represents a discount to Sizeler's Monday close of $15.41 a share. In light of the proposed discount, a Ferris Baker Watts analyst downgraded the stock to sell from buy. Shares dropped 70 cents, or 4.5%, to $14.71 recently.
AmeriCredit (ACF) fell after the automobile finance company reported late Monday that fourth-quarter earnings rose 2.5% year over year. The company earned $78.8 million, or 55 cents a share, in the quarter ended June 30, compared with $76.9 million, or 48 cents a share, a year ago. Analysts polled by Thomson Financial were expecting earnings of 55 cents a share.The Fort Worth, Texas-based company reaffirmed its earlier fiscal 2007 earnings guidance. The company says it expects to earn between $2.15 and $2.35 a share for the year. Analysts are expecting earnings of $2.45 a share. Shares slipped 78 cents, or 3.1%, to $24.03 recently. Patriot Capital Funding (PCAP) gained after the Westport, Conn.-based specialty finance company raised its quarterly dividend 6.8% to 31 cents a share. Shares gained 31 cents, or 2.77%, to $11.50.