just can't get out of the spotlight.
Shares of the network gear maker traded actively Monday after
The Wall Street Journal
, citing regulatory filings, said the company issued cash bonuses just weeks before announcing a second earnings restatement. Nortel has historically issued restricted stock to its top employees. This time around, however, it let recipients immediately sell half their grant back to the company for cash, according to the
This latest bit of news comes on the heels of Nortel's disclosure Friday that it was served with a grand jury subpoena in connection with a criminal investigation being conducted by federal prosecutors in Texas. Shares of Nortel were recently trading down 28 cents, or 7.8%, to $3.29, on volume of 40.1 million shares.
slumped after the maker of flash-memory products was downgraded. Goldman Sachs lowered Sandisk to in-line from outperform on concerns about margin pressure during the first half of 2005. More than 5 million shares traded hands in early action. Shares of Sandisk were recently trading down $1.59, or 6.6%, to $22.27.
executives could be charged with civil fraud by the
Securities and Exchange Commission
as early as Monday for their roles in accounting problems that occurred at the telecommunications giant, according to a
Wall Street Journal
story published Monday. Citing people close to the situation, the paper said the SEC would charge Lucent with improperly recognizing revenue and also levy a $25 million fine against the company for failing to cooperate with SEC inquiries. Shares of Lucent were recently trading down 20 cents, or 6.1%, to $3.08, on volume of 46 million shares.
In addition to Nortel and Lucent,
high-volume leaders included
In addition to Sandisk,
companies on the high-volume list included
Looking at Nasdaq price movers,
rose after the Hutchinson, Minn.-based bank agreed to be acquired. Under the terms of the agreement, MidCountry Financial, a privately held company, will acquire all of FSF's stock for $35 in cash. Shares of FSF were recently trading up $6.10, or 21.5%, to $34.50.
rose after it announced first-quarter earnings results. The company earned $1.37 a share, or $23.4 million. It also declared a $2 cash dividend payable June 7. The company says that it intends to pay a regular quarterly dividend, contingent upon the company's earnings, financial condition and cash requirements. Shares of Knightbridge were recently trading up $2.13, or 11.2%, to $21.10.
Chalone Wine Group
rose after it said Domaines Barons de Rothschild agreed to buy the remaining 54% of Chalone that it did not already own. According to the terms of the deal, Rothschild will pay Chalone shareholders $9.25 a share. After taking Chalone private, Rothschild intends to form a luxury wine group. Shares of Chalone Wine were recently trading up 84 cents, or 9.8%, to $9.42.
fell after investors digested recent stock gains. On Friday Arel leaped 34% after the company's largest shareholder said he will raise his stake in the firm. Clayton Mathile, who already owns 22.5% in Arel stock, disclosed plans to buy as much as 12% more of the company's stock. He'll purchase 842,619 shares for $4.75 a share from Arel's co-founder, Itzhak Gross, who is retiring from the company's board. Additionally, Mathile is set to offer to purchase up to an additional 5% of Gross' stock in a tender offer. Shares of Arel were recently trading down 42 cents, or 14.7%, to $2.44.
fell after the company announced disappointing second-quarter earnings. The company earned 7 cents a share on revenue of $80.2 million. An analyst polled by Thomson First Call was looking for the company to earn 10 cents a share. Shares of Allied were recently trading down 98 cents, or 15.1%, to $5.51.