Friday's Small-Cap Winners & Losers
Ion Media Networks (ION) surged more than 28% on the promise of a tender offer. Together with Citadel Limited Partnership, NBC Universal, a subsidiary of General Electric (GE), has proposed exercising its right -- set out in late 2005 -- to acquire all of the shares held by controlling Ion shareholder Lowell Paxson.
The companies will commence their tender offer for the remainder of Ion shares upon FCC approval of the Paxson purchase, or May 6, whichever is earlier. The purchase price, as determined by a formula also set out in late 2005, is estimated at about $1.41 a share as of Jan. 17. Ion shares were adding 29 cents to $1.31. GE was recently down 78 cents, or 2.1%, to $37.22.
Whittier Energy (WHIT) shot up on word it will sell itself to Britain's Sterling Energy for $11 a share, or about $188 million including Whittier liabilities. The transaction is expected to close within the first quarter. The Houston-based company was up $1.98, or 22.7%, to $10.71.
Easylink Services (EASY) was also riding high on an acquisition report. Internet Commerce Corporation (ICCA) has offered to buy the Piscataway, N.J.-based information-technology company for $5.00 a share in ICC stock and/or cash, or $60 million -- a premium of about 78% to Easylink's average closing price for the past 30 days.If accepted, ICC expects the transaction to close in the second quarter. Easylink shares were up 67 cents, or 18.5%, to $4.30. ICC shares were losing 16 cents, or 5%, to $3.06. Callaway Golf (ELY) jumped after the Carlsbad, Calif.-based company said 2006 sales will probably total about $1.02 billion, topping the $993.3 million Thomson Financial consensus. Excluding items, the golf-equipment maker expects profits between 50 cents and 52 cents a share, up from 38 cents in 2005. Shares were rising $1.64, or 11.7%, to $15.68.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV