Updated from 11:20 a.m. EDT
( SRR) was among the
winners Wednesday, soaring 31% after the shoe company agreed to be acquired by
for about $800 million.
The price of $20.50 a share in cash represents a 33% premium over Stride Rite's Tuesday closing price of $15.45. "This transaction is squarely on strategy and driven by its strong growth potential," said Payless. "Through this acquisition ... we are creating a leading, innovative global footwear, accessory and lifestyle brand company that is well positioned to grow in both our key domestic and international markets." The deal is expected to close during the third quarter. Stride Rite shares were up $4.76 to $20.21. Payless was up $3.24, or 10.2%, to $35.14.
slid 6.6% after the department store operator posted disappointing first-quarter results. For the quarter ended May 5, the company earned $42.9 million, or 53 cents a share, on revenue of $1.76 billion. Results included a one-time gain of $2.6 million, or 3 cents a share. Analysts polled by Thomson Financial expected earnings of 73 cents a share on revenue of $1.8 billion. During the year-earlier period, the company earned $61.3 million, or 77 cents a share, on revenue of $1.84 billion. Shares fell $2.60 to $37.05.
shares rose 1% after the retailer posted better-than-expected first-quarter earnings. The company earned $651 million, or 75 cents a share, on revenue of $14.04 billion. Analysts expected earnings of 71 cents a share on revenue of $14.17 billion. During the year-earlier quarter, the company earned $554 million, or 63 cents a share, on revenue of $12.86 billion. Shares closed up 56 cents to $58.60.
slipped 4.9% after the company posted first-quarter results and issued full-year earnings guidance slightly below Wall Street's forecast. The company earned $24.7 million, or 15 cents a share, on revenue of $1.28 billion. Results included debt-retirement costs of 3 cents a share. Analysts expected earnings of 16 cents a share on revenue of $1.25 billion. During the year-earlier quarter, the company earned $11.7 million, or 7 cents a share, on revenue of $1.04 billion.
Looking ahead, GameStop sees full-year earnings of $1.39 to $1.42 a share on revenue growth of 19% to 21%. Analysts project earnings of $1.43 a share on revenue of $6.83 billion. Shares closed down $1.83 to $35.85.
jumped 8.8% after the transportation services company posted fourth-quarter results that easily beat expectations. For the period ended March 31, the company earned $24.3 million, or 91 cents a share, on revenue of $228.7 million. Analysts expected earnings of 64 cents a share on revenue of $218.7 million. During the year-earlier quarter, the company earned $17.8 million, or 75 cents a share, on revenue of $201.3 million. Shares closed up $3.83 to $47.28.