( AD) were among the
losers Thursday, plummeting 27% after
sued the company to rescind its $1.3 billion merger agreement.
Valassis, which in July agreed to acquire Advo for $37 a share, said that Advo materially misrepresented its financial health and failed to reveal internal control deficiencies. "We believe that taking this action is in the best interest of our shareholders," Valassis said in a press release late Wednesday.
Advo, meanwhile, said it believes the lawsuit is baseless, and it will take action to enforce the merger agreement. The company said that Valassis' attempt to pull the plug on the deal "is merely a smoke screen to hide the fact that Valassis is suffering from an extreme case of buyer's remorse." Shares of Advo were recently trading down $9.85 to $26.95, while shares of Valassis were trading up 31 cents to $21.32.
( JOYG) jumped 15% after the mining-equipment company posted better-than-expected third-quarter earnings. For the period ended July 31, the company earned $188.6 million, or $1.53 a share, on revenue of $598.7 million. Results included a reversal of deferred-tax asset-valuation allowances, which boosted earnings by $111 million, or 90 cents a share. Analysts polled by Thomson First Call expected earnings of 58 cents a share on revenue of $613.5 million. During the year-earlier quarter, the company earned $30.8 million, or 25 cents a share, on revenue of $512.9 million.
Looking ahead, Joy Global sees operating earnings of $2.60 to $2.95 a share over the next 12 months. The company predicts revenue of $2.65 billion to $2.95 billion. Shares were up $5.39 to $41.22.
As chain stores posted August same-store sales,
Jos. A. Bank Clothiers
( HOTT) and
were among the retailers trading lower. Jos. A. Bank tumbled 16% after the men's clothing retailer said same-store sales fell 6.1% during the period. Total sales, meanwhile, rose 4.6% to $29.6 million. Shares were trading down $4.53 to $23.96.
Guess posted a same-store sales rise of 4%, while total sales increased 8.8% to $58.2 million. Still, shares were down $2.71, or 6.3%, to $40.29. Hot Topic shares dropped 10% after the seller of alternative teen apparel reported a 6% drop in same-store sales, continuing a string of declines. Shares fell $1.09 to $9.95.
soared 20% after the gold producer agreed to be acquired by
for $8.6 billion in stock. The price works out to $51.49 a share, representing a 33% premium over Wednesday's closing price of $38.86. After the deal closes, Goldcorp shareholders will own 60% of the company, while Glamis shareholders will own the rest. Shares of Glamis were up $7.75 to $46.61; shares of Goldcorp recently fell $2.59, or 9%, to $27.88.
NCI Building Systems
rose 7% after the building-products company posted third-quarter results that topped expectations. For the period ended July 30, the company earned $21.7 million, or $1 a share, on revenue of $449.4 million. Excluding the impact of convertible notes, the company earned $1.06 a share. Analysts expected earnings of $1.01 a share, before the notes impact, on revenue of $448.6 million. A year earlier, the company earned $14.7 million, or 70 cents a share, on revenue of $292.7 million.
NCI forecast fourth-quarter earnings of $1.35 to $1.40 a share, above Wall Street's target of $1.32. Shares were trading up $3.64 to $52.94.
NYSE volume leaders included
, up 17 cents to $8.44;
( LU), down 4 cents to $2.34;
( HWP), up 45 cents to $36.45;
, down 50 cents to $67.80; and
, up 3 cents to $27.76.
volume leaders included
, down 41 cents to $2.22;
, down 36 cents to $3.95;
, down 23 cents to $19.61;
, up 21 cents to $21.88;
, down $1.43 to $27.02;
, down 5 cents to $5.04; and
, up 2 cents to $25.82.