Buyout news sharply lifted
Smithway Motor Xpress
( SMXC) Friday after privately held Western Express agreed to buy the trucking company for some $54 million, or roughly $90 million including debt acquisition. Shareholders will receive $10.63 a share in cash. The transaction should close this summer. Shares of Iowa-based Smithway were trading up $1.35, or 15%, to $10.35.
Nasdaq Powers Past Record High Amid Bond Market Lull; Tesla Extends Gains
With investors content to buy into Fed Chairman Jerome Powell's inflation optimism, bond markets are holding steady and stocks are looking to test fresh record highs.
, maker of power-conversion products, gained after announcing a favorable ruling from pre-jury-trial hearings in its patent-infringement suit against Artesyn Technologies, a unit of
. The U.S. District Court for the Eastern District of Texas rejected Artesyn's contention that the patents in question are indefinite and, therefore, invalid.
Power-One also said the court also accepted "a significant majority" of its definitions of contested terms. The jury trial is scheduled to begin in August. California-based Power-One was climbing 65 cents, or 11.5%, to $6.31. Artesyn's parent Emerson Electric was recently adding a penny to $43.86.
( HOKU) got a lift after it secured 67 acres of land in Idaho for planned construction of a polysilicon-production plant capable of churning out 2,000 metric tons of the compound per year. The Hawaii-based maker of clean-energy technologies signed a 99-year, virtually free ($1 annually) lease with the City of Pocatello for the land, and has the option to lease another 450 acres for future expansion, the terms of which would be subject to further negotiation. Shares were rising 49 cents, or 9.2%, to $5.80.
was higher after the Austin, Texas-based company said it secured a $150 million five-year revolving credit line -- double the funds available from its existing one. The new facility will replace the old one in mid-April. Shares were up 92 cents, or 8.1%, to $12.24.
rose after announcing it will perform identification-verification-related services for the Department of Homeland Security's EAGLE Program (Enterprise Acquisition Gateway for Leading Edge Solutions) using its own ID-check technology. Terms weren't disclosed. The Woodbury, N.Y., company separately announced it had appointed Peter Mundy as its new chief financial officer. Shares were gaining 29 cents, or 4.3%, to $7.10.
( HNAB) took a nosedive on word it will stop development on the current formulation of its Zensana nasal spray drug, proposed to treat cancer-treatment side effects, and will accordingly withdraw Zensana's new drug application to the Food and Drug Administration.
Hana had warned this might happen last month after discovering precipitate (solid material) in the compound. The California-based biotech, along with
( NVD), which is licensing the oral-spray technology used for the treatment, have already jointly developed an alternate formulation "currently under active investigation and scale-up." Hana shares were losing $1.34, or 36%, to $2.38. NovaDel stock was off 12 cents, or 8.6%, to $1.28.
plummeted on disappointing fourth-quarter results. The Cincinnati-based maker of air-pollution-control products swung to a 9-cent per-share profit, but two analysts polled by Thomson Financial were seeking 20 cents a share. Ceco's gross margin also dropped to 19.8% from last year's 26.2%, which the company blames on a change in its product mix due to rising turnkey sales. Shares were sliding $3.17, or 17.9%, to $14.55.