NEW YORK (TheStreet) -- Saks (SKS) was one of several stocks trading below $10 poised to move on above-average volume Tuesday on a report the retailer was the takeover target of a private-equity group of U.S. and U.K. investors.
Saks shares rallied after after the U.K.'s Daily Mail reported that due diligence on Saks is almost complete and a cash bid of $1.7 billion, or $11 a share, could be tabled soon.
Shares of Saks jumped by $1.80, or 27.3%, to $8.40 in early trading. Volume toppd 4.24 million share in the first few minutes of trading, well above the average daily share volume of 3.62 million.
Elsewhere, Isle of Capri Casinos (ISLE) dropped by 76 cents, or 8.6%, to $8.11 after the company reported a fiscal first-quarter loss of 8 cents a share, surprising analysts who had expected a profit of 11 cents a share. Volume rose above 15,000 at the beginning of the trading session, compared to the average daily share volume of 248,000Lions Gate Entertainment (LGF) jumped by 84 cents, or 13%, to $7.33 after CNBC reported that billionaire investor Carl Icahn increased his offer for the company to $7.50 per share from $6.50 per share. The new offer expires on Oct. 22, the report noted. The average daily share volume for Lions Gate is 392,000, and volume was already up to 141,000 shares Tuesday. Meanwhile, Skilled Healthcare Group (SKH) shares rallied by 62 cents, or 25.1%, to $3.09 after the company said in a press release that settlement discussions continue as court proceedings in California were postponed until Sept. 2. On Friday, the Superior Court of the State of California, County of Humboldt, denied Skilled Healthcare's motion for mistrial or a new trial on grounds of juror misconduct. The Court also granted an order for permanent injunction requiring Skilled Healthcare's California skilled nursing facilities to provide specified nurse staffing levels, comply with specified state and federal laws governing staffing levels and posting requirements, and provide reports and information to a monitor. -- Written by Robert Holmes in Boston.
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