( ADVNB) were among the
winners Monday, rising 6% after the credit card issuer issued a 2007 forecast above Wall Street's current expectation.
The company sees 2007 earnings of $3.15 to $3.25 a share. Analysts polled by Thomson First Call project earnings of $3.06 a share. Looking ahead to 2008, Advanta expects earnings to increase by 40% over 2007 results.
"2006 full year income from business cards is expected to increase by about 50% from 2005, despite ramped-up marketing to acquire a number of new customers," Advanta said. "2007 income is expected to increase another 16% even after taking into account the temporary effect of lower yields related to this record number of new customers added in 2006." Shares were trading up $2.36 to $44.25.
fell 2% after the automaker said it plans to obtain about $18 billion in financing. The funds will be used to address its near- and medium-term negative operating-related cash flow, the company said. Ford will also use the funds for restructuring purposes and for added liquidity.
The transactions consist of a five-year senior credit facility of about $8 billion, a senior secured term loan of $7 billion, and unsecured capital market transactions of about $3 billion. The deal will be backed by Ford's plants and substantially all of its domestic auto assets. Following the announcement, Fitch and Moody's cut their ratings on Ford's unsecured debt even further into junk territory. Shares of the automaker were down 20 cents to $8.32.
rose 2% after the trucking company rejected a $2.2 billion buyout offer from its largest shareholder. A special committee called the $29-a-share offer "inadequate."
"The special committee does not believe the current proposal from Jerry Moyes adequately reflects the full value of Swift's franchise, industry-leading position, recent significant performance improvements and opportunities ahead," Swift said. Shares recently were up 72 cents to $28.33.
Cohen & Steers
fell 3% after the asset manager said it plans to sell 3.5 million shares of stock. Cohen plans to sell 2 million shares, while Martin Cohen and Robert Steers, co-chairmen and co-chief executives, will sell 750,000 shares apiece. Proceeds from the company's share of the offering will be used for general corporate purposes. Shares were trading down $1.30 to $36.55.
rose 3% after the supplier of hybrid crop seeds announced financial results for the first half of the year. For the six months ended June 30, the company earned $13.5 million, or 57 cents a share, on revenue of $65.3 million. During comparable period a year ago, Origin Agritech earned $5.2 million, or 52 cents a share, on revenue of $25.2 million. Shares were trading up 33 cents to $13.78.
volume leaders included
( LU), unchanged at $2.59; Ford;
, up 10 cents to $26.99;
, down 2 cents to $2.12;
, up 32 cents to $32.99;
, down 85 cents to $47.05;
Advanced Micro Devices
, up 34 cents to $22.14;
, down 39 cents to $49.92;
, down $1.25 to $5.38; and
, down 27 cents to $35.42.
The Nasdaq's heaviest traded stocks included
, down 32 cents to $29.44;
, down 43 cents to $21.16;
Sirius Satellite Radio
, down 13 cents to $4.13;
, up $1.27 to $92.90;
, down 8 cents to $26.76;
Hudson City Bancorp
, down 16 cents to $13.22;
, down 5 cents to $5.51; and
, down 2 cents to $27.31.