Tarrant Apparel Group (TAGS) was surging on word it signed an agreement to acquire clothing designer Buffalo Group. The purchase price of up to $120 million consists of cash, promissory notes, shares, earn-out payments and the possibility of a contingent payment, plus the assumption of debt.
Buffalo Group had revenue for the first nine months of fiscal 2006 of $75 million. It had revenue of $104 million for fiscal 2005. Tarrant expects the acquisition to add to its 2007 earnings. Shares of Tarrant were up 21% to $1.61.
Hurco (HURC - Get Report) was climbing after its fourth-quarter sales reached a record, rising 24% from a year ago. Sales totaled $43.2 milllion. Net income for fourth quarter fell to $4.7 million, or 74 cents a share, from last year's $7.2 million and $1.13 a share.
Hurco, a maker of software and computerized machine tools for the metal-cutting and metal-forming industry, was gaining 12.1% to $29.20.MFRI (MFRI - Get Report), a maker of piping systems, filtration products and thermal-transfer equipment, was rising after it said sales for the third quarter advanced 63% from last year. Revenue for the quarter rose to $64.2 million from $39.4 million in the prior year. Net income for the third quarter was $2.7 million, or 48 cents a share, up from last year's $788,000, or 15 cents a share. Shares of MFRI rose 12.6% to $24.32.