Wednesday's Winners & Losers: Guitar Center

Updated from 12:24 p.m. EDT

Guitar Center(GTRC Quote) was among the Nasdaq's winners Wednesday, as shares soared 19.8% after the music retailer agreed to be acquired by Bain Capital for nearly $2 billion in cash.

The deal consists of $1.9 billion in cash and $200 million in debt, bringing the total deal value to $2.1 billion. In all, Bain Capital is paying $63 a share, or a 26% premium over Guitar Center's closing price of $50.06 on Tuesday. The deal is expected to close during the fourth quarter. Shares of Guitar Center closed up $9.92 to $59.98.

Apogee Enterprises(APOG Quote) rose 11.5% after the glass products company posted better-than-expected first-quarter earnings and boosted its full-year guidance. The company posted earnings from continuing operations of $9.7 million, or 34 cents a share, on revenue of $209.9 million. Analysts expected earnings of 24 cents a share on revenue of $206.8 million. During the year-earlier period, the company earned $4.9 million, or 17 cents a share, on revenue of $187 million.

Looking ahead, Apogee now sees full-year earnings of $1.37 to $1.47 a share, up from an earlier forecast of $1.27 to $1.37 a share. Analysts project earnings of $1.35 a share. Shares were up $2.90 to $28.10.

Shares of Rogers(ROG Quote) fell 5.6% after the specialty materials company slashed its second-quarter earnings and revenue guidance. The company now sees adjusted earnings of 16 cents to 19 cents a share on revenue of $95 million to $97 million. Analysts project earnings of 43 cents a share. Previously, Rogers had said that it would earn 45 cents to 49 cents a share on revenue of $102 million to $106 million.

In addition to slashing guidance, the company also announced that it would cut about 400 jobs. "Considering the impact of the reduced sales, the company evaluated its overhead structure and costs and has reduced staffing accordingly," Rogers said. Shares were down $2.29 to $38.28.