Updated from 11:35 a.m. EDT
winners Friday after the company posted third-quarter earnings results that were better than expected.
The education services company posted a third-quarter profit of 29 cents a share on sales of $40.6 million. Analysts surveyed by Thomson First Call were expecting earnings of 24 cents a share on sales of $40.6 million. Results from Lightspan, which Plato acquired in November 2003, contributed significantly to Plato's 71% jump in revenue growth during the quarter. Shares of Plato Learning traded up $1.36, or 18.7%, to $8.61.
rose after Standard & Poor's announced that the upscale retailer of handbags would be added to the
index. The effective date has yet to be determined. Coach is replacing
Charter One Financial
, which is being acquired by The Royal Bank of Scotland. The Charter One/Royal Bank merger is still pending. Shares of Coach traded up $1.09, or 2.7%, to $42.07.
EVCI Career Colleges
fell after the company lowered its 2004 operating income range. The for-profit college operator said that it would now post operating income of between 35 cents and 39 cents a share vs. the 38 cents in operating income it forecast two weeks ago. The company's auditors have advised that "any disallowances resulting from the ongoing routine TAP audit of Interboro's three academic years ended June 30, 2003, should be reflected as a separate expense line item following its operating income for the year in which the final audit results can reasonably be estimated."
Because the results from the audit are uncertain, the company said that it is replacing its fully diluted earnings estimates with operating income estimates. Previously, the company had forecast diluted earnings of 50 cents a share. Shares of EVCI traded down 67 cents, or 9%, to $6.75.
traded more than 28 times its normal volume after the company priced 4.5 million shares of stock at $11 apiece in a secondary offering, raising about $50 million. The $11 price represents a 6% discount to Thursday's closing price of $11.70. The deal, which was led by Friedman, Billings, Ramsey Group, is expected to close Sept. 1. Shares of TRM traded up 42 cents, or 3.6%, to $12.12.
Community Bank System
rose after Standard & Poor's announced that the bank holding company would be added to the S&P SmallCap 600 index on a date yet to be determined. Community Bank is replacing
, which is moving to the S&P MidCap 400 index as a result of Coach's move to the S&P 500. Shares of Community Bank System traded up $1.96, or 8.3%, to $25.50.
volume leaders included
, up 6 cents to $2.87;
, down 5 cents to $3.15;
, down 8 cents to $3.83;
, up 34 cents to $32.65;
, up 33 cents to $10.21.
Nasdaq volume leaders included
, up 25 cents to $22.02;
, up 30 cents to $19.47;
, up 2 cents to $27.46;
, up 38 cents to $16.36; and
, up 4 cents to $3.82.