( ARM) were among the
winners Wednesday, rising 10% after the auto-parts maker posted in-line fourth-quarter results and issued a better-than-expected forecast for fiscal 2007.
For the period ended Sept. 30, ArvinMeritor posted a loss from continuing operations of $261 million, or $3.76 a share, on revenue of $2.27 billion. Excluding items, the company earned $28 million, or 40 cents a share. Analysts polled by Thomson First Call expected earnings of 40 cents a share, before items, on revenue of $2.13 billion. During the year-earlier period, the company reported a loss of $19 million, or 27 cents a share, on revenue of $2.12 billion. Excluding items, the year-ago profit was $31 million, or 44 cents a share.
ArvinMeritor sees fiscal 2007 earnings from continuing operations of $1.15 to $1.25 a share. Analysts project earnings of $1.07 a share. The company anticipates revenue of $8.7 billion to $8.9 billion, above Wall Street's forecast of $8.58 billion. Shares were trading up $1.60 to $17.80.
( UAUA) soared after news of the company's
unsolicited, $8 billion cash/stock offer for bankrupt
Delta Air Lines
( DALRQ). If approved, the deal likely would create the largest air carrier in the world. US Airways closed up $8.60, or 16.9%, to $59.53 in
trading. Delta finished 5 cents higher at $1.52.
climbed 10% after the education company said it plans to several schools and campuses. The sale includes the nine campuses that comprise the Gibbs division, McIntosh College, the two campuses belonging to Brooks College and Lehigh Valley College. The company said it will be concentrating on areas where it has the greatest competitive advantage. Shares were adding $2.42 to $26.54.
jumped 27% after the railroad operator agreed to be acquired by Fortress Investment Group in a deal valued at $1.1 billion, including debt. The hedge fund manager will pay $16.35 a share in cash, a 32% premium over RailAmerica's Tuesday closing price of $12.38. The deal is expected to close during the first quarter of 2007. RailAmerica shares were trading up $3.34 to $15.72.
rose 3% after the furniture maker's second-quarter results topped expectations. For the quarter ended Oct. 28, the company earned $2 million, or 4 cents a share, on revenue of $440.5 million. Analysts expected earnings of 2 cents a share and revenue of $433.6 million. During the year-earlier quarter, the company reported a loss of $6.4 million, or 12 cents a share, including a 10-cent-a-share restructuring charge.
Looking ahead, La-Z-Boy forecast third-quarter earnings of 6 cents to 10 cents a share. The company expects revenue to will fall by the mid-single digits from $477 million a year ago. The forecast was below analysts' projection for earnings 17 cents a share and revenue of $483.5 million. Still, shares were trading up 39 cents to $13.58.
rose modestly after the auto-interior maker boosted its dividend. The company will pay a quarterly dividend of 33 cents a share, up from its prior rate of 18%. The latest dividend will paid Jan. 2 to shareholders of record Dec. 15. Shares were trading up $1.22 to $85.92.
( TWB) fell 3% after the clothing retailer posted mixed third-quarter results and backed its full-year earnings outlook. For the quarter ended Oct. 28, the company earned $19 million, or 58 cents a share, up from $16 million, or 48 cents a share, a year earlier. The earnings per share beat analysts' mean estimate by a penny. Revenue rose to $230.5 million from $203.5 million, while same-store sales climbed 4%. Analysts expected revenue of $232.9 million.
Tween continues to see full-year earnings of $2.05 to $2.10 a share. Analysts, meanwhile, project earnings of $2.08 a share. Shares were trading down $1.42 to $42.10.
NYSE volume leaders included
( LU), up 3 cents to $2.56;
( NT), up 2 cents to $2.13;
, down 16 cents to $37.80;
, up 15 cents to $26.40;
, down 10 cents to $32.86;
Advanced Micro Devices
, up 24 cents to $21.58;
, up $1.54 to $32.22;
, up 24 cents to $15.19; and
( MOT), up 22 cents to $21.90.
volume leaders included
( CMVT), down $2.46 to $18.18;
, down 10 cents to $21.78;
, up 3 cents to $29.26;
, up 6 cents to $26.69;
, up $1.30 to $15.39;
, up 98 cents to $35.03;
, up 7 cents to $18.57; and
Sirius Satellite Radio
, up 2 cents to $4.12.