Green Mountain Power
soared on news the energy services company agreed to be acquired by Northern New England Energy, a unit of Quebec's
, for $35 a share, or about $187 million in total.
Green Mountain's board approved the transaction. The agreement requires shareholder and regulatory approval, which is expected to take about 12 months. "This transaction will provide significant benefits to our customers by making Green Mountain Power a much stronger company at a critical time in our history and in Vermont's energy future," said Chris Dutton, Green Mountain's president and CEO. Shares surged $5.76, or 20.6%, to $33.75.
advanced after the company said it signed new contracts to supply 200,000 metric tons of fertilizer for the city government of A La Er in China's Xinjiang province. The contract is worth about $45 million.
Bodisen said the expansion into Xinjiang represents a successful strategic milestone toward reaching its financial and operational targets for 2007. Shares climbed $1.45, or 13.7%, to $12.02.
gained after the company, which supplies automated manufacturing systems, beat Wall Street's fourth-quarter earnings expectations. For the quarter ended April 30, the company earned $3.9 million, or 17 cents a share, including a charge of 2 cents. Revenue totaled $143.1 million. Gerber didn't release results for last year.
The company also said the accounting for its nonqualified supplemental pension plan, initiated in fiscal 1994, wasn't correct. The fourth-quarter results reflect the correct accounting treatment. Gerber is still reviewing its results between fiscal 1994 and 2005, but so far it believes it may have underestimated expenses by $800,000 to $1.5 million. Shares of Gerber rose 91 cents, or 9%, to $11.07.
dropped on word the board's audit committee is investigating possible misuse and misappropriation of assets for personal benefit, internal control deficiencies and other matters involving certain members of the company's senior management.
Pending the outcome of the investigation, the board has placed on administrative leave Ludwig Kuttner, Hampshire's CEO; Charles Clayton, the executive vice president and treasurer and former financial chief; Roger Clark, vice president of finance and principal accounting officer; and two personal assistants.
Shares of the apparel company fell $1.56, or 9.2%, to $15.44.
slumped on news the company's stock has been downgraded. Lazard Capital cut its rating on SuperGen, a pharmaceutical company, to sell from hold, sending its shares down 16 cents, or 4.4%, to $3.47. Last month, Lazard had dropped its rating to hold from buy.