Updated from 11:45 a.m. EDT
was among the
losers Tuesday, as shares fell 3% after the maker of railroad freight cars warned that second-quarter earnings would be below expectations.
The company sees earnings of 85 cents to 95 cents a share. Analysts polled by Thomson Financial project earnings of $1.20 a share. "The North American market for most railcar types has softened considerably since last year and industry orders and backlogs have declined," the company said. Shares closed down $1.46 to $47.93.
fell 6.2% after the maker of office furniture posted solid first-quarter results, but warned that second-quarter earnings would be below forecasts. The company earned $33.6 million, or 23 cents a share, on revenue of $808.5 million. Analysts expected earnings of 20 cents a share on revenue of $782.5 million. During the year-earlier quarter, the company earned $18.2 million, or 12 cents a share, on revenue of $727.3 million.
Looking ahead, Steelcase sees second-quarter earnings of 21 cents to 26 cents a share, including nonoperating gains of 2 cents a share. The company sees revenue that will be flat with last year's second quarter of $789.7 million. Analysts project earnings of 27 cents a share on revenue of $840.7 million. Shares were down $1.23 to $18.58.
jumped 28.1% after the chemical company agreed to be acquired by Dutch chemical giant Basell for about $5.6 billion, or $25.25 a share in cash. Including debt, the deal is worth $9.6 billion. The price represents a 34% premium to Monday's closing price of $18.90. The deal is expected to close during the fourth quarter. Shares of Huntsman closed up $5.31 to $24.21.
( EAS) vaulted 16.5% after the utility agreed to be acquired by Spain's Iberdrola for $4.5 billion, or $28.50 a share in cash. The deal represents a premium of 26% over Monday's closing price of $22.54.
"The energy industry is at a major inflection point," Energy East said. "Policymakers now recognize the need for our industry to make significant investments in our energy infrastructure. Our objective is to team with the states in which we do business to help meet the goals they have established to increase renewable sources of energy, improve energy efficiency, and invest in a secure and reliable energy infrastructure. We believe our combination with Iberdrola will not only accelerate our progress but will transform the way we do business."
The deal is expected to close during 2008. Shares of Energy East were up $3.71 to $26.25.
Despite posting better-than-expected first-quarter results,
saw shares slide 6.7%. The company reported earnings of $336.6 million, or 47 cents a share, on revenue of $20.73 billion. Results included charges of about 2 cents a share. Analysts expected earnings of 48 cents a share on revenue of $20.32 billion. During the year-earlier quarter, the company earned $306.4 million, or 42 cents a share, on revenue of $19.42 billion. Results during the year-ago period included charges totaling 3 cents a share.
Separately, Kroger announced a $1 billion share repurchase plan. The new buyback plan replaces the company's previous buyback of $500 million, which was initiated in May 2006. "The new share repurchase program reflects our confidence in the company's 'Customer 1st' strategic plan and our belief that Kroger shares represent an attractive investment opportunity," the company said. Shares closed down $2 to $27.66.