Updated from 12:13 p.m. EDT
rose Monday after the bank agreed to be acquired by
for $14.3 billion.
The acquisition allows Wachovia to accelerate its planned expansion into Texas and makes it the No. 1 bank in the Southeast, with 18% deposit share. SouthTrust holders will get Wachovia stock worth $41.82 a share.
The merger is expected to generate about $255 million in annual savings after a 15-month integration period. The projected annual cost savings equals 36% of SouthTrust's annual expenses. Shares of Southtrust traded up $4.57, or 13.3%, to $39.37 on volume of 27.1 million shares while shares of Wachovia traded down $1.98, or 4.2%, to $45.02.
rose after the company said it would acquire clothing retailer Ben Sherman and report stronger-than-expected fourth-quarter earnings and sales. Oxford Industries will pay Ben Sherman $146 million in cash. As a result of the acquisition, Oxford expects to add about $150 million in sales and about 20 to 25 cents in earnings during fiscal 2005. Shares of Oxford Industries traded up $7.40, or 20.5%, to $43.50.
rose after it agreed to terminate all outstanding litigation with
Bank of America
. As a result of the agreement, Advanta expects to net $61 million in the quarter that the approval is received. Advanta also will have $18 million in unused tax deductions, which the company has not yet recorded. The total benefit, including the $61 million payment, will increase the company's book value by about $2.45 a share. Shares of Advanta traded up $1.70, or 9.3%, to $19.97.
moved higher after the tire and rubber maker reported a narrower first-quarter loss. The company reported a loss of 44 cents a share for the first quarter on sales of $4.3 billion. Excluding one-time items, the company reported a loss of 17 cents a share. Analysts polled by Thomson First Call were looking for the company to lose 25 cents a share. The company was helped by stronger pricing, a better product mix, and an estimated $200 million positive impact from currency translation. Shares of Goodyear traded down 15 cents, or 1.5%, to $9.74.
traded actively Monday after the world's largest retailer said its June same-store sales gain could be at the low end of its projected 4% to 6% range. The company attributed the possible shortfall to a calendar shift that will place July 4 sales into its July reporting period vs. last year, when it fell in the June period. Memorial Day, however, fell into the June period this year, which slightly offset the July 4 impact. Shares of Wal-Mart traded down 69 cents, or 1.2%, to $54.93.
volume leaders included
, up 10 cents to $4.54;
, up 5 cents to $3.52;
, up 2 cents to $32.60;
, down $1.98 to $45.02; and
, up 20 cents to $17.54.
volume leaders included
, unchanged at $28.35;
Sirius Satellite Radio
, down 13 cents to $3;
, down 55 cents to $22.87;
down 12 cents to $27.52; and
, up 1 cent to $11.15.