Stocks in Motion: Mace Catches Security Bid
Updated from 12:55 p.m. EDT
Momentum prospectors looking to mine the next
Taser International
(TASR)
bid up
Mace Security International
(MACE)
on heavy volume Wednesday, after the maker of personal-defense products reported first-quarter results.
The company reported earnings of 2 cents a share on revenue of $12.7 million in the latest quarter, compared with earnings of 3 cents a share on revenue of $12.6 million last year. Investors seemed to be keying on the company's performance in the electronic-surveillance division, which saw a 200% jump in revenue. Shares of Mace finished the day up $2.64, or 80.5%, to $5.92, on more than eight times the company's normal volume.
Shares of
Ligand Pharmaceuticals
(LGND) - Get Ligand Pharmaceuticals Incorporated Report
slumped on volume of more than 10 million shares after reporting
a disappointing quarter. The San Diego-based pharmaceuticals concern lost 18 cents a share during the first quarter on revenue of $36.6 million. Analysts were looking for a loss of 6 cents a share on revenue of $47.3 million.
Ligand expects to earn 12 cents to 19 cents a share on revenue of $240 million to $265 million in the second quarter. Analysts polled by Thomson First Call were expecting earnings of 16 cents a share on revenue of $259.1 million. Shares ended down $3.36, or 15.5%, to $18.30.
Beverly Enterprises
TheStreet Recommends
(BEV)
was a big winner Wednesday after the company announced blowout first-quarter earnings. Excluding items, the health care services company earned 18 cents a share on revenue of $527.4 million. Analysts were looking for 10 cents a share on revenue of $513.5 million. Shares of Beverly ended up $1.16, or 17.8%, to $7.67, on volume of more than 14 million shares.
Nasdaq
companies on the high-volume list included
Microsoft
(MSFT) - Get Microsoft Corporation Report
,
JDS Uniphase
(JDSU)
,
Intel
(INTC) - Get Intel Corporation Report
and
Cisco
(CSCO) - Get Cisco Systems, Inc. Report
.
NYSE
high-volume leaders included
Nortel
(NT)
,
Lucent
(LU)
,
Charter One Financial
(CF) - Get CF Industries Holdings, Inc. Report
and
Nokia
.
Looking at Nasdaq price movers, shares of several video-monitoring, security and surveillance companies vaulted Wednesday after Mace's earnings report and Taser's announcement that it had received roughly $500,000 in new orders for its products.
Shares of
IPIX
(IPIX)
, which supplies video technology for commercial and security applications, rose $2.26, or 37.5%, to $8.29, on volume of nearly 24 million shares.
First Virtual
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, which last week announced that its audit committee is investigating certain irregular sales transactions in its China operations, saw its shares rise 42 cents, or 22.6%, to $2.28.
Shares of
Digital Recorders
(TBUS)
rose $1.43, or 26.8%, to $6.76.
International Electronics
(IEIB)
, which makes electronic security systems, was off to the races on Wednesday as well. Shares traded up $1.36, or 34.3%, to $5.33.
In other Nasdaq action, shares of
Zix
(ZIXI) - Get Zix Corporation Report
got hammered after the company said that second-quarter revenue would fall short of expectations. After announcing a wider-than-expected loss of 30 cents per share (excluding items) on revenue of $2.8 million during the first quarter, the company told Wall Street that it expected to deliver revenue of $3.4 million to $3.8 million during the second quarter.
Analysts were looking for the e-prescriptions company to report revenue of $4 million. Shares of Zix finished down $2.12, or 15.6%, to $11.49.
Shares of
CNT
(CMNT)
, a data-storage company, slumped after the company preannounced weak first-quarter results. The company said that instead of reporting pro forma earnings of 2 cents to 5 cents, as previously stated, it will lose 3 cents to 5 cents a share when it reports first-quarter earnings on May 17.
CNT said that the shortfall is "primarily due to product mix, managed service orders, availability of new features and inventory lead times." Shares of CNT traded down $1.22, or 17.1%, to $5.92.
Over on the Big Board, shares of
Charter One Financial
(CF) - Get CF Industries Holdings, Inc. Report
lifted after it agreed to be acquired.
Royal Bank of Scotland
, through its
Citizens Financial Group
,
agreed to buy Charter One for $10.5 billion, or $44.50 per share. Shares of Charter One ended up $7.91, or 22%, to $43.86.
Shares of
Compass Minerals
(CMP) - Get Compass Minerals International, Inc. Report
soared after it announced first-quarter earnings and revenue that easily outpaced estimates. The company earned 94 cents per share on revenue of $250.5 million. Analysts were looking for earnings of 74 cents on revenue of $195 million. Separately, Compass also announced a 33% dividend hike, to 25 cents. Shares of Compass ended up $1.13, or 6.9%, to $17.63.
Cypress Semiconductor's
(CY) - Get Cypress Semiconductor Corporation Report
shares climbed after the company said earnings in its second quarter would be higher than expectations. For the second quarter ending June, Cypress expects to earn 23 cents per share on revenue of $262 million. Analysts were expecting the company to earn 21 cents per share of $262 million. Shares of Cypress traded up 82 cents, or 5.8%, to $14.87.
Several oil-services companies were under pressure Wednesday after an analyst at Banc of America reduced the group to underweight from overweight.
Smith International
(SII)
was hit hard, falling $2.34, or 4.2%, to $53.05.
National Oilwell
(NOI)
slumped 70 cents, or 2.5%, to $27.21. Shares of
Ensco
(ESV)
fell after it was downgraded from buy to neutral by the same analyst who downgraded the entire oil-services group on Wednesday. Shares of Ensco traded down 68 cents, or 2.4%, to $27.27.
Shares of
Quicksilver Resources
(KWK)
fell after the oil-production company disappointed investors with weaker-than-expected first-quarter results. The Fort Worth, Texas-based company earned 24 cents per share on revenue of $39.8 million. Analysts were looking for the company to earn 29 cents per share on revenue of $39 million. Shares of Quicksilver traded down $1.86, or 3.7%, to $49.15.
