Dover Motorsports said it will combine businesses with Dover Downs, where Dover Motorsports shareholders will receive 0.501 share of Dover Downs common stock. The deal combines two companies split apart eight years ago in a tax-free spin-off.
Shares of Dover Motorsports jumped by 15 cents, or 8.6%, to $1.90 in Tuesday's after-market session. The average daily share volume for Dover Motorsports is 6,000.
Elsewhere, Sterling Financial (STSA) shares rallied by 10 cents, or 16.7%, to 70 cents late Tuesday after the Federal Deposit Insurance Corporation and Washington Department of Financial Institutions have terminated a cease and desist order put in place in October 2009, which comes after the bank's $730-million recapitalization effort in August. The average daily share volume for Sterling Financial is 377,000.Cognex (CGNX) shares rose by $2.04, or 8.9%, to $24.93 in Tuesday's late trading session after the machine vision sensor equipment company said it now expects revenue of between $74 million and $78 million for its fiscal third quarter, up from its prior range of $65 million to $68 million. The average daily share volume for Cognex is 212,000. Associated Estates Realty (AEC) shares fell by 98 cents, or 6.8%, to $13.50 in Monday's after-market session after the company announced a public offering of 8 million shares of common stock. Net proceeds will be used to fund property acquisitions and to repay debt. The average daily share volume for Associated Estates Realty is 188,000. Entropic Communications (ENTR) slumped by 55 cents, or 5.6%, to $9.25 in Tuesday's late trading session after the semiconductor company announced a share offering of 10 million common shares. The average daily share volume for Entropic is 1.83 million. Newpark Resources (NR) slipped by 24 cents, or 2.8%, to $8.46 in the premarket session after the oil and gas company late Monday announced a public offering of $150 million of convertible senior notes due 2017. Net proceeds will be used to pay down an existing credit facility. The average daily share volume for Newpark Resources is 986,000. -- Written by Robert Holmes in Boston.
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