( DISK) were among the
Netflix Rises as Credit Suisse Sees Subscriber Growth Normalizing
Netflix was upgraded to outperform with a $586 price target at Credit Suisse, which expects subscriber growth to normalize.
winners Wednesday, rising 53% after the producer and distributor of home entertainment programming said it received an unsolicited buyout offer from
Lions Gate Entertainment
Lions Gate, which has acquired more than 4 million shares, or nearly 19% of Image Entertainment's stock, said it "believes that the acquisition of the company would be consistent with its desire to broaden and deepen its library of filmed entertainment, as well as add an important musical component to its business, and to otherwise further its business objectives and increase shareholder value."
Image, however, says the company is not for sale. "Over the last several years we have implemented a series of corporate initiatives to increase the value of our company. We have a long-term strategy designed by our board of directors and implemented by our exceptional management team. Management believes that the value of the company today and in the future is far greater than what is being offered," Image said. In addition, it said it would evaluate the offer and give it "all the consideration that it deserves." Shares were trading up $1.60 to $4.60.
fell modestly after the company lowered its third-quarter forecast for shipment volumes. The plastics maker now expects flat sequential shipment volumes. Previously, the company said volumes would be up 1% to 3%. The company also said that prior to Hurricane Katrina, natural gas and ethylene costs rose to higher-than-expected levels, resulting in higher raw material costs and placing additional pressure on product spreads. PolyOne said it is still assessing Hurricane Katrina's immediate and longer-term negative effects on production and supply disruptions and from higher energy and raw material costs, but the full magnitude remains unknown, it said. Shares were trading down 2 cents to $6.38.
fell slightly after the company reaffirmed its third-quarter and full-year earnings outlook. The tool maker continues to expect third-quarter earnings of 66 cents to 71 cents a share and full-year earnings of $2.73 to $2.80 a share. Analysts polled by Thomson First Call are expecting third-quarter earnings of 70 cents a share and full-year earnings of $2.76 a share.
Separately, Danaher said it does not intend to revise the terms of its offer to buy Leica Geosystems. In July, Danaher offered to buy the company for about $950 million. In August, Sweden's Hexagon raised its competing bid to buy Leica, saying that it would pay more than $1 billion for the company. Danaher's offer to buy Leica will expire by its terms on Sept. 23. Shares were recently trading down 2 cents to $54.88.
( DPTR) fell 5% after the company reported fourth-quarter results that fell below expectations. The energy exploration and development company posted earnings of $1.4 million, or 4 cents a share, on sales of $28.3 million. Analysts were expecting earnings of 15 cents a share on sales of $30.9 million. A year ago the company earned $586,000, or 2 cents a share, on sales of $11.7 million. Shares were trading down 94 cents to $18.76.
( YELL) rose modestly after the company announced a $50 million share repurchase plan. The company, which cut its third-quarter earnings guidance on Sept. 8, said the buyback plan reflects its "belief that our stock is significantly undervalued in the market." "As we continue to progress toward our target of $450 million in combined Roadway and USF synergies, we believe our results will reflect the long-term value to shareholders." The buyback plan does not have an established expiration date, it said. Shares were trading up 2 cents to $41.15.
volume leaders included
( LU), up 2 cents to $3.12;
, down 86 cents to $20.88;
( MOT), up 21 cents to $23.66;
, up 30 cents to $12.98;
, up 28 cents to $34.24;
, down 1 cent to $8.48; and
, up 17 cents to $9.99.
Nasdaq volume leaders included
, up 5 cents to $26.53;
Sirius Satellite Radio
, down 12 cents to $7.10;
, up 6 cents to $24.96;
( SEBL), unchanged at $10.36;
, down 1 cent to $4.09;
, up 2 cents to $18.27; and
, down 4 cents to $13.60.