Updated from 11:33 a.m. EST

Shares of Education Lending Group ( EDLG) were among the Nasdaq's winners Wednesday, rising 22.8% after the education finance company agreed to be acquired by CIT Group ( CIT) for about $318 million.

Education Lending shareholders will receive $19.05 a share in cash, representing a premium of 24% over Tuesday's closing price of $15.42. The deal is expected to close during the first quarter of 2005. Shares of Education Lending traded up $3.52 to $18.94, while shares of CIT Group traded down $2.04 to $42.75.

Regis ( RGS) fell 9.1% after the company lowered its second-quarter earnings outlook. The hair services company now expects earnings of 56 cents to 60 cents a share, down from its previous guidance of 65 cents to 68 cents a share. Sales, meanwhile, are expected to be at the high end of the previously announced range of $525 million to $530 million, reflecting the company's acquisition of Hair Club for Men and Women.

Analysts surveyed by Thomson First Call had been expecting earnings of 67 cents a share on sales of $527.3 million. Looking ahead, Regis forecast third-quarter earnings of 53 cents to 57 cents a share on sales of $533 million to $588 million. Third-quarter earnings are expected to be hurt by 6 cents a share because there were two fewer operating days compared with a year ago. The impact on sales is expected to be about $9 million. Analysts had been expecting earnings of 66 cents a share on sales of $574.4 million. Shares traded down $4.10 to $41.10.

Shares of Tarragon ( TARR) rose 21.6% after the homebuilder reaffirmed its 2004 earnings guidance. The company expects a profit of $42 million to $46 million, or $2.40 to $2.60 a share. A year ago the company earned $31.2 million, or $1.80 a share. Looking ahead, Tarragon forecast 2005 earnings of $75 million to $80 million, or $3.85 to $4.10 a share. Total sales are expected to be between $475 million to $525 million. Shares traded up $3.90 to $22.

Total Logistics ( TLCX) rose 9.4% after the company agreed to be acquired by Supervalu ( SVU) for about $233 million. The grocery chain will pay Total Logistics shareholders $28.50 a share in cash for each share they own. Supervalu will also assume about $68 million in debt. The deal represents a 10% premium over Total Logistics' closing price of $26 on Tuesday. The acquisition is expected to be slightly accretive to earnings in fiscal 2006. Shares of Total Logistics traded up $2.45 to $28.45, while Supervalu traded down 15 cents to $33.11.

Shares of Armor Holdings ( AH) rose 4.7% after the company said its contract with the U.S. military would be increased by $53.5 million. The modification of the contract calls for Armor Holdings to provide add-on-armor for various types of heavy trucks. The U.S. Army Tank-Automotive and Armaments Command awarded the new deal. The delivery of vehicle armoring will take place in 2005. Shares traded up $2.05 to $45.56.

NYSE volume leaders included Lucent ( LU), down 8 cents to $3.64; Pfizer ( PFE), down 18 cents to $26.27; Advanced Micro Devices ( AMD), down 46 cents to $19.75; General Electric ( GE), down 22 cents to $35.93; Citigroup ( C), up 60 cents to $48.46; and Texas Instruments ( TXN), down 71 cents to $22.89.

Nasdaq volume leaders included Sirius Satellite Radio ( SIRI), up 9 cents to $7.60; StemCells ( STEM), down 36 cents to $5.61; Intel ( INTC), down 20 cents to $22.41; Microsoft ( MSFT), down 5 cents to $26.79; Cisco ( CSCO), down 1 cent to $18.55; and Sun Microsystems ( SUNW), up 6 cents to $4.69.