Columbia Equity Trust
shot up 11% after
announced it was buying the real estate investment trust for about $502 million, or $19 a share. The purchase represents a 12% premium over Columbia's Friday closing price. Shares were trading up $1.86 to $18.77.
Corrections Corp. of America
rose 5.7% after the prison operator's third-quarter results topped Wall Street's projections. The company earned $26.1 million, or 42 cents a share, up from $20.8 million, or 34 cents a share. Revenue rose 11.5% to $339.3 million. Analysts, according to Thomson Financial, were predicting earnings of 40 cents a share on revenue of $333.8 million. The company also upped its fourth-quarter guidance. Shares were up $2.23, or 4.8%, to $47.90.
( NTBK), slipped after it announced it will dispose of its nonconforming mortgage operation, along with its financing business for recreational vehicles, boats and aircrafts. NetBank's exit from the two businesses will results in a fourth-quarter pretax expense of between $6 million and $7.5 million. Shares were down 5 cents, or 1%, to $5.36.
Digital Realty Trust
shares jumped after the REIT reported sharply higher third-quarter earnings. The technology-related real estate company earned $11.3 million, or 30 cents a share, compared with $1.3 million, or 5 cents a share a year ago. Funds from operations totaled $26.2 million, or 41 cents a share, up from $19.9 million, or 35 cents a share, a year ago. Analysts were expecting FFO of 42 cents a share. FFO is the income measurement often used by analysts who follow REITs. Shares were trading up 2.7%, or 87 cents, to $33.80.
National Penn Bancshares
gained after the Boyertown, Pa.-based company was upgraded by Cohen Brothers to sell from hold. Shares were trading up 19 cents, or 1%, to $19.65.