Shares of William Lyon Homes ( WLS) were among the NYSE's winners Friday, soaring 32% after the homebuilder's chief executive offered to buy all outstanding shares of the company for $93 a share in cash. Gen. William Lyon, who also serves as chairman, announced a tender offer for all of the outstanding shares of the company that he doesn't already own. Lyon currently owns some 4.1 million shares, nearly 48% of the company's outstanding stock, and 50.4% of its voting power. The offer price represents a 23% premium to Thursday's closing price of $75.70. The offer expires on April 13. Shares recently were trading up $24.40 to $100.10. ABX Air ( ABXA) shares tumbled 14% after the air cargo company said a major customer plans to reduce the services it needs. ABX also posted fourth-quarter results that fell below expectations. The company said DHL will cut a range of services that ABX provides under its hub and line-haul services agreement in 2006. ABX estimates the line-haul and Allentown services totaled $292.3 million last year. "While the loss of DHL revenues associated with these services is not welcome news, we believe that the company is positioned to replace the affected earnings and cash flows through continued growth in its non-DHL business volumes," ABX said in a statement. Separately, ABX said it earned $9.1 million, or 16 cents a share, in the fourth quarter, with revenue of $396.6 million. Two analysts polled by Thomson First Call expected earnings of 27 cents a share. A single analyst was expecting revenue of $430 million. During the year-earlier period, the company earned $18.1 million, or 31 cents a share, on revenue of $361.4 million. ABX Air blamed the earnings decline on lower attainment of the revenue incentives under its hub and line-haul services agreement with DHL. Shares were trading down $1.15 to $6.86.
Shares of Cintas ( CTAS) fell 4% after the uniforms maker posted in-line third-quarter results but cut its fiscal-year earnings forecast. The company earned $77.7 million, or 46 cents a share, on revenue of $836.4 million during the third quarter ended Feb. 28. Analysts expected earnings of 46 cents a share and revenue of $836.3 million. Last year, the company earned $71.3 million, or 41 cents a share, on revenue of $755.2 million. Cintas now sees fiscal 2006 earnings of $1.92 to $1.96 a share, down from an earlier view of $1.93 to $2 a share. The company narrowed its revenue forecast to a range between $3.38 billion and $3.42 billion from an earlier view of $3.35 billion to $3.45 billion. "Our financial results continue to be negatively impacted by the hurricanes that hit the Gulf Coast region," Cintas said, noting that results are also being hurt by a rapid rise in energy costs. Shares were trading down $1.65 to $42.09. Shares of Wabtec ( WAB) fell 2% after the company, a maker of products for the rail industry, opened an investigation into business transactions conducted by one of its units. "Through an internal compliance review, management discovered that disbursements were made which may be in violation of applicable laws and regulations," the company said. The transactions involve Pioneer Friction Limited, a subsidiary located in India. Wabtec said the transactions are "inconsequential and not material," but they could result in penalties. "We have policies and a code of conduct in place to define appropriate practices, and we will continue to take these matters very seriously," Wabtec said. Shares were trading down 55 cents to $32.33. Power-One ( PWER) fell 2% after the maker of power conversion products cut its first-quarter revenue forecast. The company now sees revenue of $61 million to $64 million, down from an earlier view of $65 million to $68 million. Analysts project revenue of $66 million. Power-One attributed the revision to supply shortages. The shortfall is expected to impact earnings as well, though the company didn't issue specific profit guidance.
Power-One said it expects the $4 million revenue shortfall during the first quarter to be pushed into the second quarter. "The company believes that the supply shortage is a relatively short-term challenge and is working with the contract manufacturer to resolve the issue as quickly as possible," Power-One said. The company now anticipates second-quarter revenue of $70 million to $75 million, ahead of the $69.7 million that analysts projected. Shares were trading down 16 cents to $6.29. NYSE volume leaders included General Electric ( GE), up 31 cents to $34.69; Lucent Technologies ( LU), up 2 cents to $2.93; Pfizer ( PFE), up 20 cents to $26.25; Exxon Mobil ( XOM), down 60 cents to $61.04; American International Group ( AIG), down $1.80 to $67.44; Citigroup ( C), up 3 cents to $47.35; and Time Warner ( TWX), up 1 cent to $17.12. Nasdaq volume leaders included JDSU ( JDSU), up 12 cents to $4.08; Intel ( INTC), down 13 cents to $19.52; Microsoft ( MSFT), up 17 cents to $27.44; Sirius Satellite Radio ( SIRI), up 22 cents to $4.73; Oracle ( ORCL), up 2 cents to $13.52; Cisco Systems ( CSCO), up 14 cents to $21.39; Brocade Communications Systems ( BRCD), up 41 cents to $6.17; Sun Microsystems ( SUNW), up 1 cent to $4.81; and Avanex ( AVNX), up 1 cent to $3.02.