Skip to main content

Shares of

Stone Energy


were among the


winners Thursday, soaring 22% after the natural-gas company received a $2 billion buyout bid from

Energy Partners



The bid tops the $1.46 billion, or $41.20 a share, offer that

Plains Exploration


made in April. The Energy Partners offer, which consists of about $1.4 billion in cash and stock and assumes some $563 million in debt, values Stone Energy at $52 a share. That price represents a 26% premium over Plains Exploration's offer and a 28% premium over Stone Energy's closing price of $40.76 on Wednesday. "Our offer clearly provides Stone shareholders superior value over that contemplated by the Plains/Stone agreement, including a substantial premium, the certainty of cash, and a variable exchange ratio subject to a collar to provide downside protection," Energy Partners said. Shares of Stone Energy recently were up $9.13 to $49.89, while Energy Partners dropped $1.49, or 7%, to $20.07. Plains Exploration was trading up 63 cents, or 2%, to $33.59.

Joy Global

( JOYG) slumped 14% after the mining-equipment company posted mixed second-quarter results and said its profit performance for the period isn't sustainable. For the quarter ended April 29, the company earned $82.9 million, or 66 cents a share, including a pre-tax gain of $3 million. Analysts polled by Thomson First Call expected earnings of 53 cents a share. Joy Global's revenue totaled $560.3 million, below analysts' expectation of $595.6 million. During the year-earlier quarter, the company earned $38.8 million, or 31 cents a share, on revenue of $472.5 million.

Looking ahead, Joy Global said its operations remain tested, making it difficult to meet rising customer demand. As a result, the company said that revenue during the next 12 months "will only grow in the range of 14% to 23%. This would result in total revenues in the range of $2.5 to $2.7 billion," the company said. As for earnings, the company said it "cannot achieve the outstanding incremental profitability performance of the second quarter on an ongoing basis." During the next four quarters, the company expects earnings of $2.40 to $2.70 a share, including a 10-cent boost from a lower tax rate. Shares were trading down $7.68 to $46.69.

TheStreet Recommends

Shares of

Big Lots

( BLI) jumped 21% after the closeout retailer posted better-than-expected first-quarter results and lifted its full-year earnings guidance. The company earned $13.7 million, or 12 cents a share. Earnings from continuing operations were $14.5 million, or 13 cents a share, easily above analysts' forecast of 5 cents a share. Big Lots posted sales of $1.09 billion, with a 2.5% increase in same-store sales. Analysts expected sales of $1.07 billion. A year earlier, the company reported earnings from continuing operations of $7.3 million, or 6 cents a share, on sales of $1.04 billion.

Big Lots now sees full-year earnings of 44 cents to 49 cents a share, up from an earlier view of 38 cents to 43 cents a share. Analysts project earnings of 37 cents a share. The company's shares were up $2.86 to $16.37.

Sanderson Farms

(SAFM) - Get Sanderson Farms, Inc. Report

fell 2% after the poultry producer posted a wider-than-expected second-quarter loss. The company swung to a loss of $16.6 million, or 83 cents a share, from a year-earlier profit of $26.5 million, or $1.32 a share. Analysts expected a smaller loss of 47 cents a share. Sales declined to $225.1 million from $259.2 million.

"Our financial results for the second quarter of fiscal 2006 reflect a difficult market environment for our industry," Sanderson said. "The combination of sluggish demand for poultry products in the domestic market with the decline in exports has depressed market prices compared with the levels we experienced in the prior year period." Shares were trading down 70 cents to $28.60.

Shares of

Metal Management

( MTLM) rose 3% after the metal recycler posted fourth-quarter results that blew past estimates. The company earned $22.6 million, or 86 cents a share, on revenue of $434.1 million. Analysts projected earnings of 67 cents a share on revenue of $413.7 million. A year earlier, the company earned $16.2 million, or 64 cents a share, on revenue of $462.2 million.

"The fourth quarter was a solid finish to our fiscal year," the company said. "Nonferrous pricing remained strong and, despite considerable volatility and more recent price increases, ferrous prices at the end of March were in line with December 2005 prices." Shares were trading up 91 cents to $30.35.

NYSE volume leaders included

General Motors

(GM) - Get General Motors Company Report

, up $1.39 to $27.90;


(F) - Get Ford Motor Company Report

, up 22 cents to $7.15;


(WMT) - Get Walmart Inc. Report

, up $1.07 to $49.10;

Advanced Micro Devices

(AMD) - Get Advanced Micro Devices, Inc. Report

, down 46 cents to $30.72;


( MOT), up 47 cents to $20.92;

Time Warner


, up 10 cents to $17.46;


(VG) - Get Vonage Holdings Corp. Report

, down $1.45 to $13.40;


(PFE) - Get Pfizer Inc. Report

, down 22 cents to $23.62;

General Electric

(GE) - Get General Electric Company Report

, down 20 cents to $34.06;

Lucent Technologies

( LU), down 2 cents to $2.56; and

Exxon Mobil

(XOM) - Get Exxon Mobil Corporation Report

, up 48 cents to $60.58.


volume leaders included

Sirius Satellite Radio

(SIRI) - Get Sirius XM Holdings, Inc. Report

, up 21 cents to $3.89;



, up 8 cents to $2.95;


(MSFT) - Get Microsoft Corporation Report

, up 22 cents to $23.72;


(INTC) - Get Intel Corporation Report

, up 1 cent to $17.90;


(EBAY) - Get eBay Inc. Report

, up $2.22 to $32.42;

Sun Microsystems

(SUNW) - Get Sunworks, Inc. Report

, up 1 cent to $4.33;



, up 87 cents to $32.66;

Cisco Systems

(CSCO) - Get Cisco Systems, Inc. Report

, up 5 cents to $20.54; and


(ORCL) - Get Oracle Corporation Report

, up 19 cents to $13.97.