This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The EGL Has Crash-Landed

EGL (EAGL) plunged 18% after the freight company warned of weak fourth-quarter numbers, prompting the private equity sponsor of a planned buyout to drop its support for the bid.

Houston-based EGL, operator of the Eagle Global Logistics supply chain and transport business, said General Atlantic withdrew as a sponsor of a $36-a-share offer made by leading shareholder James R. Crane.

"General Atlantic indicated that its participation in the offer has been withdrawn," EGL said, "due to an expected shortfall in EGL's fourth-quarter 2006 results, as compared to amounts previously anticipated by analysts and by General Atlantic."

EGL expects to post an 8% year-over-year decline in revenue per shipment at its domestic freight forwarding division. The company cited a greater proportion of deferred heavy-weight airfreight and residential shipments during the traditional peak shipping season.

Crane said he intends to present a revised offer after securing a new equity backer.

EGL fell $6.94 to $30.95.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
EAGL $12.00 3.00%
AAPL $130.28 0.47%
FB $81.53 -1.07%
GOOG $565.06 3.30%
TSLA $218.42 -0.08%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs