Updated from 12:39 p.m. EDT
Lone Star Technologies
( LSS) were among the
winners Thursday, vaulting 36.5% after the company, which provides services related to oil field casing, tubing and line pipes, agreed to be acquired by
United States Steel
for $2.1 billion in cash, or $67.50 a share.
The price represents a 39% premium to Lone Star's closing price of $48.45 a share on Wednesday. "We are very excited about today's announcement," Lone Star said. "We believe that this combination will deliver superior value to Lone Star's shareholders, as well as provide our employees with an opportunity to be part of a larger enterprise." The deal is expected to be accretive to U.S. Steel's 2007 earnings. The transaction should close during the second or third quarter. Shares of Lone Star Technologies closed up $17.66 to $66.11; shares of U.S. Steel were up $3.61 to $101.22.
fell 4.5% after the shipping transportation company priced a follow-on offering at $17 a share. Of the 10.5 million shares sold, some 2.25 million shares were sold by existing shareholders. The rest were sold by the company. The $17 price tag represents a 6% discount to Wednesday's closing price of $18.06. Shares fell 82 cents to $17.24.
rose 6.2% after the metal processing company posted in-line third-quarter earnings on better-than-expected revenue. For the period ended Feb. 28, the company earned $5.5 million, or 6 cents a share, on revenue of $677.3 million. Analysts polled by Thomson First Call expected earnings of 6 cents a share on revenue of $635.1 million. During the year-earlier period, the company earned $19.2 million, or 21 cents a share, on revenue of $681.5 million.
Looking ahead, Worthington said that it expects fourth-quarter earnings to be much improved from the third quarter. Metal framing is expected to return to profitability for the company, while seasonal strength is expected to boost all of its business segments. Shares were up $1.21 to $20.63.
( ENN) rose 3.2% after the real estate investment trust boosted its funds from operations guidance. The company now sees FFO of 36 cents to 37 cents a share, up from an earlier forecast of 31 cents to 33 cents a share. Analysts project FFO of 32 cents a share. Meanwhile, the company sees earnings of 7 cents to 9 cents a share, ahead of the 4 cents a share that analysts project. For the full year, the company now sees FFO of $1.45 to $1.52 a share, up from an earlier view of $1.40 to $1.48 a share. The company sees earnings of 30 cents to 38 cents a share, up from its previous guidance of 25 cents to 33 cents a share. Analysts project FFO of $1.46 a share and full-year earnings of 30 cents a share. Shares closed up 49 cents to $16.07.
fell 16.9% after the watch maker posted better-than-expected fourth-quarter results but warned that 2008 results would be lower than expected. For the period ended Jan. 31, the company posted adjusted earnings of $11.4 million, or 42 cents a share, on revenue of $142.3 million. Analysts expected earnings of 38 cents a share on revenue of $141.2 million. During the year-earlier quarter, the company posted adjusted earnings of $9.9 million, or 38 cents a share, on revenue of $126.1 million.
Looking ahead, Movado sees fiscal 2008 earnings of $1.72 a share on revenue of $500 million to $560 million. Analysts project earnings of $1.74 a share on revenue of $584 million. Shares fell $5.84 to $28.74.
NYSE volume leaders included
, down 3 cents to $7.95;
, down $1.94 to $52.84;
( MOT), down 2 cents to $17.71;
, up 17 cents to $13.66;
, down 6 cents to $19.85;
, up 73 cents to $32.04; and
Advanced Micro Devices
, down 30 cents to $13.08.
volume leaders included
RF Micro Devices
, down 76 cents to $6.31;
, down 9 cents to $5.96;
, up 23 cents to $19.09;
, down 27 cents to $25.43;
, up 11 cents to $27.75;
, up $1.70 to $4.27; and
( CMGI), down 2 cents to $2.26.