Shares of Mirant (MIR) were among the NYSE's losers Friday, tumbling 11% after the power producer said it will buy back a large chunk of stock, rather than pursue a company sale.
Mirant concluded a strategic review process begun in April by deciding to return $4.6 billion to shareholders. The first stage will consist of an accelerated share repurchase program for $1 billion, together with open market purchases for an additional $1 billion. Mirant said it will determine how best to return additional cash upon completion of the accelerated share repurchase. Shares slid $4.69 to $37.78.
shares resumed a selloff, falling 9% after the auction house posted a bigger-than-expected third-quarter loss. The company's loss of $20.9 million, or 33 cents a share, was narrowed from a year earlier, but worse than analysts' projection of 30 cents, according to Thomson Financial.
On Thursday, Sotheby's shares dropped 28% after results from a big auction disappointed. The company said Friday that the art market has shown "considerable strength" since the beginning of the fall season, and it remains positive for the remainder of the year. Shares, however, lost another $3.09 to $32.75.
Among winners, shares of
jumped 8% after the Chinese casino operator said it signed a gaming promotion agreement with Ama International, a promoted licensed by the Macau government. The three-year deal calls for Ama to exclusively promote the VIP gaming business at Melco's Crown Macau casino. Shares of Melco were rising $1.06 to $13.86.
rose 8% after the cosmetics company installed a new president and chief operating officer, and said he could be elevated to CEO. Fabrizio Freda, most recently the president of
Procter & Gamble's
snacks division, will join Estee Lauder in early March. The company said it has created a succession plan that calls for Freda to replace CEO William Lauder within two years. Shares of Estee Lauder advanced $3.24 to $44.32.
Buyback news boosted
. Each said they may buy back up to $1 billion in stock. In addition, Starwood increased its annual divided by 7% to 90 cents. Shares of Starwood rose nearly 3% earlier in the session, but pared gains to close up 17 cents to $51.77. Coach shares added 47 cents, or 1.5%, to $32.77.