Penford(PENX Quote) advanced Wednesday after the chemicals company said it plans to invest $42 million for about 40 million gallons of ethanol production capacity at its Cedar Rapids, Iowa, facility. The company expects the facility to be producing ethanol by the end of 2007.
The initial stages of the ethanol investment will be funded through an existing bank facility, Penford said. The company's banks have approved amending the current credit agreement to permit additional capital expenditures related to the project. Penford said it will be reviewing and evaluating all appropriate structures and funding options for the optimal long-term financing of the investment. Shares gained $1.99, or 14%, to $16.15 in recent trading.
Nautilus(NLS Quote) lost ground after the health and fitness products maker was downgraded by Merriman Curhan Ford to sell from neutral. The company sells products under the brand names of Nautilus, Bowflex, Schwinn Fitness, StairMaster and Trimline. Shares of Nautilus slipped 70 cents, or 4.7%, to $14.35. ...
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