Shares of Intermagnetics were among the Nasdaq's winners Thursday, soaring 27% after the magnet maker agreed to be acquired by Dutch electronics giant Philips ( PHG - Get Report) for about $1.3 billion in cash.

Philips will pay $27.50 a share, representing a 29% premium over Intermagnetics' closing price of $21.38 Wednesday. "In the short term, we expect to gain equipment market share and to grow the installed base by expanding our product offerings with an accelerated innovation rate and a lower-cost supply chain," Philips said. "Intermagnetics' leading positions in the high-growth and high-value markets of RF coils and MRI patient monitoring will enable us to build unique solutions for our customers." Shares of Intermagnetics recently were trading up $5.67 to $27.05, while shares of Philips rose 46 cents to $28.22.

Shares of Stanley Furniture ( STLY) fell 7% after the furniture maker lowered its second-quarter guidance. The company now sees earnings of 29 cents to 31 cents a share, below its previous forecast of 35 cents to 38 cents a share. The company expects sales to decline 8% to 10% from year-ago shipments of $83.6 million. Analysts polled by Thomson First Call project earnings of 37 cents a share on sales of $80.3 million. Stanley Furniture blamed the shortfall on continued weakness in the retail-furniture industry. "The weakness in sales that we experienced in the later part of the first quarter and into the early part of the second quarter has continued throughout the second quarter so far," the company said. Shares were down $1.58 to $20.89.

Media General ( MEG) rose 2% after the publishing company said its second-quarter profit will top the 80 cents a share it earned a year earlier. That would exceed Wall Street's forecast, which calls for earnings of 78 cents a share.

The company also reported that its May revenue rose 6% from a year earlier to $76.9 million. Media General's publishing division showed a revenue increase of 7.3%. Its broadcast division, meanwhile, saw revenue rise 2.9%, while interactive media revenue rose 32.1%. "We are pleased that May was such a strong month for total revenue growth and by far the strongest yet in 2006," the company said. Shares were trading up 73 cents to $36.66.

Illinois Tool Works ( ITW - Get Report) rose 3% after the diversified manufacturer backed its second-quarter and 2006 forecast. The company continues to project second-quarter earnings of 76 cents to 79 cents a share. For the full year, the company sees earnings of $2.94 to $3.04 a share. Analysts, on average, anticipate second-quarter earnings of 79 cents a share and full-year earnings of $3.02 a share. Illinois Tool Works sees second-quarter base revenue growth of 4.2% to 6.2%. For the full year, it expects 4.6% to 6% base revenue growth. Shares were trading at $48.65, up $1.35.

Shares of Pier 1 Imports ( PIR - Get Report) slid 5% after the home-furnishings retailer posted weaker first-quarter results and projected continued sales declines for June. For the period ended May 27, the company posted a loss from continuing operations of $22.8 million, or 26 cents a share, widened from $8.5 million, or 10 cents a share, a year earlier. Sales dropped to $376.1 million from $382.4 million, while same-store sales fell 6.6%. Analysts expected a loss of 26 cents a share and sales of $382.4 million. "During the first quarter, customer traffic remained weak. We recognize that it will take time to attract new customers and inform our existing customers of the significant changes in our merchandise assortment," Pier 1 said.

For the month of June, the retailer expects same-store sales to be in the negative low- to mid-teens range. During last year's June period, sales were driven by heavier promotions, the company said. Shares were trading down 43 cents to $7.97.

NYSE volume leaders included Home Depot ( HD), up 5 cents to $36.80; Lucent Technologies , up 9 cents to $2.38; Time Warner ( TWX), up 5 cents to $17.02; Nortel Networks , up 10 cents to $2.22; EMC ( EMC), down 5 cents to $11.85; and General Electric ( GE), down 10 cents to $33.80.

Nasdaq volume leaders included Microsoft ( MSFT), up 18 cents to $22.06; Intel ( INTC), up 19 cents to $17.92; JDSU ( JDSU), up 11 cents to $2.49; Sun Microsystems ( SUNW), up 12 cents to $4.28; Apple Computer ( AAPL), up 13 cents to $57.74; Oracle ( ORCL), up 37 cents to $13.56; Cisco Systems ( CSCO), up 28 cents to $19.89; Level 3 Communications ( LVLT), up 15 cents to $4.36; Sirius Satellite Radio ( SIRI), down 4 cents to $4.06; and Applied Materials ( AMAT), up 16 cents to $16.60.