Tarrant Apparel Group ( TAGS) was surging on word it signed an agreement to acquire clothing designer Buffalo Group. The purchase price of up to $120 million consists of cash, promissory notes, shares, earn-out payments and the possibility of a contingent payment, plus the assumption of debt. Buffalo Group had revenue for the first nine months of fiscal 2006 of $75 million. It had revenue of $104 million for fiscal 2005. Tarrant expects the acquisition to add to its 2007 earnings. Shares of Tarrant were up 21% to $1.61. Hurco ( HURC) was climbing after its fourth-quarter sales reached a record, rising 24% from a year ago. Sales totaled $43.2 milllion. Net income for fourth quarter fell to $4.7 million, or 74 cents a share, from last year's $7.2 million and $1.13 a share. Hurco, a maker of software and computerized machine tools for the metal-cutting and metal-forming industry, was gaining 12.1% to $29.20. MFRI ( MFRI), a maker of piping systems, filtration products and thermal-transfer equipment, was rising after it said sales for the third quarter advanced 63% from last year. Revenue for the quarter rose to $64.2 million from $39.4 million in the prior year. Net income for the third quarter was $2.7 million, or 48 cents a share, up from last year's $788,000, or 15 cents a share. Shares of MFRI rose 12.6% to $24.32.
Shares of TVI ( TVIN) were sliding 16% after the company said it would have to restate downward its results for the third quarter. TVI, a maker of first-responder systems for medical personnel, police and fire departments, said it will need to eliminate around $550,000, or about 6.1%, of its reported revenue for the quarter. Restated net income will likely be $973,000, or 3 cents a share, a decrease of $239,000, or 1 cent a share, from the numbers TVI previously reported. TVI was losing 47 cents to $2.43. Auxilium Pharmaceuticals ( AUXL) was dropping after it said it has suspended the dosing of patients taking part in phase III trials for AA4500, an experimental treatment for a condition called Dupuytren's contracture. The company cited a problem with some of the freeze-dried material that was being used in the trials. Auxilium believes the issue was related to the freeze-drying process itself or the equipment that was used. Dupuytren's contracture is characterized by thickening of the tissues in the palm and fingers. The condition can cause the fingers to curl into the palm. Shares of Auxilium were down 8.7% to $14.57.