Tuesday's Winners & Losers: ServiceMaster
Shares of ServiceMaster (SVM) were among the NYSE's winners Tuesday, jumping 10% after the provider of pest control and lawn care services said it plans to explore strategic alternatives.
The company has hired Morgan Stanley and Goldman Sachs as financial advisers. "Our board is open minded with respect to our future path and committed to maximizing value for our shareholders," the company said. "We intend to explore a range of strategic alternatives, which includes the possible sale of the company, with our financial and legal advisers as promptly as possible."
ServiceMaster also said it expects to post low double-digit earnings growth during 2007. The company predicts that revenue growth will be in the mid- to high single-digit percentage range. Shares were trading up $1.17 to $13.07.
American Woodmark (AMWD) rose 1% after the maker of kitchen cabinets posted mixed fiscal second-quarter results. For the period ended Oct. 31, the company earned $9.2 million, or 57 cents a share, up from $6.2 million, or 37 cents a share, a year earlier. The earnings per share were a penny below Wall Street's expectation. Revenue fell to $210.8 million from $214.5 million, but topped analysts' forecast of $206.5 million.Looking ahead, American Woodmark forecast fiscal 2007 earnings of $2.40 to $2.50 a share, below analysts' projection of $2.59 a share. Shares recently changed hands at $38.15, up 41 cents to $38.15.
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