Online travel site
gave up some of its gains from Wednesday, and was down 82 cents, or 8.8%, to $8.60. The stock had been downgraded by Stifel Nicholaus to hold from buy last week citing increased competition and the possibility that a slowdown in consumer spending could affect travel. Orbitz had fallen nearly 4% following the downgrade.
Among the biggest financial decliners was
. The student lender fell 11.2% after saying it will
offer $2.5 billion in stock, consisting of $1.5 billion in common shares and $1 billion in mandatory convertible preferred shares.
Two billion dollars of the proceeds are planned for buying back around 44 million shares under an outstanding equity forward-purchase contract. Any remaining capital will go to general corporate purposes. Shares of the Reston, Va.-based firm dropped $2.48 to $19.65.
On the other hand,
each gained ground after the Office of Federal Housing Enterprise Oversight said that both mortgage investors had had more than enough cash in the third quarter. According to the regulator, Fannie's capital levels were 5.9% above the OFHEO-directed requirement, and Freddie had a 1.7% surplus above that threshold. Shares of the firms spiked 2.1% and 4%, respectively.
were off after the company said it will acquire document management software company,
, for $85 million. The deal is expected to close in the first quarter of 2008. Document Sciences shareholders will receive $14.75 a share in cash -- a 79% premium to the stock's closing price of $8.23 Wednesday, said EMC. EMC was off 49 cents, or 2.6%, to $18.47. Shares of Document Sciences jumped $6.26, or 76%, to $14.49.
Shares of Fremont, Calif.-based
, which makes fiber-optic products, took a 28.9% hit to 97 cents as the company announced that revenue for its fiscal second-quarter would be between $51 million and $53 million, which falls below the low end of previous guidance of $56 million to $58 million. Avanex is filing an arbitration complaint against French optical modules maker 3S Photonics for prematurely ending its exclusive distribution agreement with the company.
Despite the overall gloom, several stocks reaped huge gains. Shares of
American Dental Partners
blasted 84.8% higher to $10.20. The Wakefield, Mass.-based provider of services to dental group practices settled a lawsuit with PDG, a client to its Minnesota subsidiary, PDHC. PDHC will transfer leases and associated tangible assets of 25 of 31 Park Dental facilities to PDG and forgive about $3 million in accounts due from PDG. PDHC will keep six facilities and the resource group office, which includes a support team of about 35 people, and PDG will pay PDHC a management fee of some $19 million.
said Thursday it plans to spin off its drug delivery division into an independent publicly traded company called CPEX Pharmaceuticals so that it can focus on developing generic drugs. Bentley said it will issue a taxable dividend of CPEX stock to Bentley shareholders. It plans to list the new company on the
. Bentley, which will focus on the generics pharmaceutical business post spin-off, saw shares edge down 51 cents, or 3.3%, to $14.79.
This article was written by a staff member of TheStreet.com.