Updated from 11:33 a.m. ESTShares 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.