Updated from 11:14 a.m. EDT
(GCO - Get Report)
was among the
winners Monday, rising 8.4% after the footwear retailer agreed to be acquired by the
(FINL - Get Report)
for about $1.5 billion in cash, or $54.50 a share.
The price represents a premium of nearly 10% to Genesco's closing price of $49.60 on Friday. "This is a compelling strategic transaction that affords exciting opportunities to our shareholders, business partners and employees," Finish Line said. "With Genesco, we will enhance our strength in athletics and gain an immediate presence in new and growing retail categories to further diversify our business and deepen our vendor relationships." The deal is expected to close during the fall of 2007. Shares of Genesco closed up $4.15 to $53.75. Finish Line shares closed down $1.10 to $11.53.
(LEE - Get Report)
fell 10.2% after the publisher warned that third-quarter earnings would be below Wall Street's forecast. The company sees earnings of 48 cents to 50 cents a share. Analysts polled by Thomson Financial project earnings of 54 cents a share. Lee said the shortfall is due to a decline in June revenue. Shares closed down $2.45 to $21.48.
(WEN - Get Report)
fell 3.7% after the fast-food restaurant operator cut its 2007 earnings forecast and said it is exploring the sale of the company. Wendy's now sees earnings of $1.09 to $1.23 a share, down from an earlier forecast of $1.26 to $1.32 a share. Analysts project earnings of $1.27 a share. The company also said that it is suspending previous earnings guidance for next year and 2009.
As for the possibility of a sale, Wendy's said its special committee "has determined that the exploration of a sale is the appropriate next step in the investigation of value-creating alternatives for our stakeholders. While a sale remains only one of the alternatives under consideration, we believe it merits more thorough examination." Shares closed down $1.41 to $38.32.
(IR - Get Report)
rose 4.6% after Bear Stearns upgraded shares of the industrial conglomerate to outperform from peer perform. The broker said that Ingersoll-Rand is undervalued and represents a possible buyout candidate, after the company completes the sale of its Bobcat unit. Bear Stearns has a $60 price tag on the stock. Shares closed up $2.39 to $54.75.
(IOSP - Get Report)
rose 5.3% after the specialty chemicals company announced a 2-for-1 stock split. "Investors have demonstrated their confidence in Innospec as our stock price has more than tripled over the last 18 months," the company said. "The board's decision to authorize a split reflects the company's strong financial performance in 2006 and continued positive outlook going forward." Shareholders of record on July 6 will receive the new shares on or about July 20. Shares closed up $3.08 to $61.24.