Updated from 12:27 p.m. EDT
was among the
winners Thursday, as shares soared 45.6% after the industrial goods company said that it is selling the majority of its electrical components operations to Regal Beloit for $220 million in cash.
"This is another important step in our ongoing efforts to reduce the company's debt, sharpen its strategic focus, and improve its financial performance," Tecumseh said. The deal is expected to close during the third quarter. Shares closed up $7.21 to $23.01.
soared 25.9% after the hotel operator agreed to be acquired by the
for about $26 billion, or $47.50 a share, in cash. "Our priority has always been to maximize shareholder value," Hilton said. "Our board of directors concluded that this transaction provides compelling value for our shareholders with a significant premium." The deal is expected to close during the fourth quarter. Shares closed up $9.34 to $45.39.
Shares of other hotel operators were also higher, following the Hilton bid.
climbed $5.42 to $74.55; shares of
Host Hotels & Resorts
were trading up $2.17 to $26.01;
Choice Hotels International
was trading up $2.92 to $42.60; and
LaSalle Hotel Properties
was trading up $3.01 to $48.36.
climbed 12.5% after the chemical company received a bid from Hexion Specialty Chemicals, an Apollo Management portfolio company, worth $10.4 billion, or $27.25 a share. The bid is better than Basell's $9.6 billion, or $25.25 a share, offer made in June. Huntsman is reviewing the new offer by Hexion. Shares of Huntsman closed up $3.06 to $27.46.
( PNSN) tumbled 24.7% after the provider of trade clearing services warned that its full-year earnings would fall short of expectations. The company now sees earnings of $1.20 to $1.24 a share. Analysts polled by Thomson First Call project earnings of $1.39 a share. Previously, the company said that it was comfortable with analysts' expectations of $1.35 to $1.44 a share. "We are disappointed at having to make today's announcement, but it recently became clear that our second quarter results would be below our expectations, which caused us to review our financial plan for the year," the company said. Shares closed down $6.25 to $19.11.
( TFR) stumbled 14.8% after the clothing maker warned that second-quarter earnings and sales would be well below last year's comparable period. The company sees sales of about $40.5 million, down from last year's $49.7 million. "The expected decrease is due mainly to lower than anticipated active-wear and intimate apparel sales," the company said. The company also said that second- and third-quarter earnings would be "significantly below" last year's second- and third-quarter results. Shares closed down $1.33 to $7.75.