Shares of Mercantile Bankshares ( MRBK - Get Report) were among the Nasdaq's winners Monday, jumping 21% after the regional bank agreed to be acquired by PNC Financial ( PNC - Get Report) for about $6 billion in cash and stock. The deal values Mercantile at $47.24 a share, a 28% premium over Friday's closing price of $36.78. Mercantile shareholders will receive 52.5 million shares of PNC and $2.13 billion in cash. PNC expects the transaction, slated to close in the first quarter of 2007, will add to earnings in 2008. Shares of Mercantile Bankshares were trading up $7.60 to $44.38, while shares of PNC fell $4.60, or 6%, to $69. Cablevision ( CVC) jumped 11% after the cable operator received a buyout offer from its controlling family, the Dolans. The family offered $27 a share for the stake, a 17% premium over the stock's average range in the past two weeks. The deal values the company at about $7.9 billion. The Dolans made a similar going-private bid last year, but the deal was sunk by Cablevision's board. Shares of the company recently were up $2.69 to $26.62. Shares of Cheesecake Factory ( CAKE - Get Report) slid 2.5% after the restaurant operator previewed third-quarter revenue below expectations. For the period ended Oct. 3, the company estimates total revenue of about $325 million. Analysts project revenue of $336.3 million. During the year-earlier period, the company posted revenue of $292.8 million. Same-store sales, meanwhile, fell 1.6% during the quarter. Cheesecake Factory attributed the same-store sales decline to "macro trends impacting much of the restaurant industry." Shares were trading down 70 cents to $26.99.
Shares of Steelcase ( SCS - Get Report) traded actively after the maker of office furniture increased its dividend and boosted its stock-buyback program by $100 million. The company declared a cash dividend of 12 cents a share, its highest rate since Steelcase went public in 1998. Shareholders of record on Oct. 13 will receive the dividend payment on or about Oct. 23. The company previously paid a quarterly dividend of 10 cents. Shares were up 12 cents to $15.87. Monster Worldwide ( MNST - Get Report) shares declined slightly after the online job-search company said its chief executive resigned. Andrew McKelvey, 71, will remain on Monster's board, though he will relinquish his chairman position. Meanwhile, President and Chief Operating Officer William Pastore will assume the CEO position immediately. "At this stage in my life, I simply can no longer dedicate the number of hours required by Monster's rapid global growth and the additional demands of time associated with the ongoing historical stock-option grant review," McKelvey said. Monster shares were off 19 cents to $39.79. Johnson Controls ( JCI - Get Report) rose 1.5% after the auto-parts supplier backed its fourth-quarter earnings forecast and gave a fiscal 2007 forecast in line with Wall Street's expectation. For the recently ended fourth quarter, the company continues to see earnings of $1.86 to $1.91 a share. Analysts polled by Thomson First Call project earnings of $1.84 a share. For the first quarter ending Dec. 31, Johnson Controls predicts earnings of 80 cents to 85 cents a share, below the 95 cents a share that analysts project. "Interior experience results will be negatively impacted during the first quarter, when automakers have scheduled unusually steep vehicle-production cuts to reduce domestic inventories," the company said. Despite the weaker-than-expected first-quarter forecast, Johnson Controls anticipates fiscal 2007 earnings of about $6 a share, a penny above analysts' target of $5.99. Shares were up $1.14 to $76.49.
The top volume movers on the NYSE were Cablevision; Advanced Micro Devices ( AMD), up 7 cents to $24.08; Sprint Nextel ( S), down 41 cents to $18.07; CVS ( CVS), down 37 cents to $29.05; Micron Technology ( MU), up 20 cents to $15.34; General Electric ( GE - Get Report), down 12 cents at $36.02; Time Warner ( TWX), up 2 cents to $18.80; Lucent Technologies ( LU), down 1 cent to $2.27; Pfizer ( PFE), down 31 cents to $27.59; and Ford ( F), down 14 cents to $8.17. Nasdaq volume leaders included Level 3 Communications ( LVLT), up 15 cents to $5.30; Intel ( INTC), up 10 cents to $20.73; JDSU ( JDSU), down 5 cents to $2.10; Cisco Systems ( CSCO), up 16 cents to $24.25; Microsoft ( MSFT), down 12 cents to $27.75; Amkor Technology ( AMKR), up $1.54 to $6.59; Sirius Satellite Radio ( SIRI), down 3 cents to $3.86; and Applied Materials ( AMAT), up 16 cents to $18.46.