were among the
winners Tuesday, soaring 21% after the bank-holding company agreed to be acquired by
( CBCF) for $1.05 billion in cash and stock, or $13.86 a share.
The deal, which consists of 85% stock and 15% cash, represents a 31% premium to Republic's closing price of $10.57 on Monday. The acquisition, which is expected to close during the fourth quarter, will immediately be accretive to earnings in 2007. "The appeal of this combination by every strategic, financial, and operational measure is a win for our customers, shareholders, and employees," Republic said in a press release. Shares of Republic were trading up $2.19 to $12.76, while shares of Citizens were trading down $1.70 to $25.33.
rose 4% after the maker of construction materials
boosted its first-quarter earnings guidance. For the three months ending June 30, the company now sees earnings of $1.10 to $1.20 a share, up from an earlier view of $1.00 to $1.10 a share. Analysts polled by Thomson First Call project earnings of $1.10 a share. For the full year, the company now sees earnings of $4.40 to $4.70 a share, up from an earlier forecast of $3.67 to $4 a share. Analysts project earnings of $4.55 a share. Eagle attributed the better outlook to volume growth and strong pricing in its wallboard and cement businesses. Eagle plans to issue first-quarter results on July 24. Shares were trading up $1.57 to $44.73.
Furniture Brands International
slipped 4% after the furniture company announced the resignation of Harvey Dondero, chief executive of its Broyhill Furniture Industries unit. "In resigning, Harvey cited concerns regarding reporting responsibilities, authority, and duties," Furniture Brands said. Tom Foy, Furniture Brand's chief operating officer, will assume the day-to-day operations of Broyhill on an interim basis. Shares were trading down 86 cents to $20.73.
rose 1% after the agricultural products company announced a 2-for-1 stock split and declared a quarterly dividend. The company said the split will be payable on July 28 to shareholders of record on July 7. Monsanto expects the shares to start trading on a split-adjusted basis beginning July 31. The company will have some 540 million shares once the split takes effect.
As for the quarterly dividend, Monsanto said that it will pay 20 cents a share on July 28 to shareholders of record on July 7. Shares were trading up 84 cents to $77.72.
rose 2% after the pork producer agreed to acquire
( SLE) European meats business for $575 million. Smithfield also agreed to assume pension-related liabilities of not more than $39 million. Sara Lee's European meats business generated $1.1 billion in revenue during fiscal 2005. "Our strategy going forward will be to develop leading companies with strong brands directed by dynamic local management," Smithfield said. The new meats business will be operated on a stand-alone, non-recourse basis through a 50-50 joint venture with Oaktree Capital Management, Smithfield said. Additionally, Smithfield plans to contribute its Jean Caby operations to the joint venture. Caby posted sales of $372 million during fiscal 2006. Shares were trading up 46 cents to $28.17.
volume leaders included
( UVN), up $2.40 to $34.43;
( LU), down 2 cents to $2.39;
, down 83 cents to $26.92;
, down 4 cents to $17.02;
Advanced Micro Devices
, down $1 to $23.66;
, down 19 cents to $33.02;
( MOT), up 8 cents to $20.03; and
( TRB), up $1.53 to $32.43.
Nasdaq volume leaders included
, up 22 cents to $18.50;
, up 30 cents to $23.12;
, down $6.21 to $45.69;
, down $2.32 to $10.55;
Sirius Satellite Radio
, down 7 cents to $4.63;
, down 4 cents to $4.05;
, up 1 cent to $19.61; and
, down 13 cents to $14.54.