Updated from 11:39 a.m. ESTShares of EGL ( EAGL) were among the Nasdaq's winners Wednesday, soaring 25% after the freight forwarding and logistics company received a $36-a-share offer to be taken private. The bid, which represents a 21% premium over EGL's closing price Friday, came from Chairman and CEO James Crane and private equity firm General Atlantic. Crane currently owns 18% of EGL. The company said its board has formed a special committee to review the proposal. Shares of EGL recently were trading up $7.75 to $37.53, suggesting that investors are looking for an offer higher than the current bid. Home Depot ( HD) shares climbed 4% on news of the departure of Chairman and CEO Robert Nardelli. The home-improvement retailer named Frank Blake, its vice chairman, as Nardelli's replacement. Nardelli, who has been criticized over his stewardship of the company and a slumping stock price, will receive a $210 million compensation package. Shares of Home Depot recently were up $1.64 to $41.80. Shares of Whirlpool ( WHR) rose 2% after the appliance seller said it sold a number of former Maytag facilities. Whirlpool, which bought Maytag last April, sold buildings in Newton, Iowa; Florence, S.C.; Galesburg and Herrin, Ill.; Searcy, Ark.; and Ranson, W.Va. The Newton, Iowa, facility was formerly Maytag's headquarters; Whirpool plans to lease back some of that space through 2007. Shares of Whirlpool were up $1.93 to $84.95.
Nabors Industries ( NBR) fell 6% after the driller put its fourth-quarter earnings well below Wall Street's expectation, citing slower activity in North American gas markets. The company projects earnings of 95 cents to $1 a share. Analysts polled by Thomson First Call had an average estimate for earnings of $1.11 a share. The forecast implies full-year earnings of $3.53 to $3.58 a share, below Wall Street's projection of $3.71. Shares were down $1.66 to $28.12. Meanwhile, oil and gas services company Tetra Technologies ( TTI) cut its 2006 forecast, sending shares down 8%. Tetra projected earnings of $1.35 to $1.40 a share, below its November forecast of $1.40 to $1.52 a share. Analysts, on average, project earnings of $1.50 a share. For 2007, Tetra forecast earnings of $1.80 to $2.15 a share, compared with Wall Street's forecast of $2.14. The company predicted revenue of $1.12 billion to $1.24 billion. Analysts expect 2007 revenue of $1.12 billion. Shares of Tetra were down $2.18 to $23.40. Aqua America ( WTR) was lower after one of its units acquired New York Water Service in a transaction valued at roughly $51 million. The newly acquired water system serves approximately 135,000 residents on Long Island. Shares were down 1.5% to $22.45. Presstek ( PRST) fell after saying it had discontinued the operations of its Precision Analog plate business, which serviced the newspaper industry. The company expects to record charges of around $7.14 million in the fourth quarter. In 2007, the company expects a negligible negative impact on earnings as a result of discontinuing the operation. Presstek was losing 2.4% to $6.21.
S&P MidCap 400 constituent Ensco International ( ESV) fell despite being added to the S&P 500. Ensco is replacing BellSouth, which was acquired by AT&T ( T). Ensco was down 2% at $49.05. Garmin ( GRMN) was weaker after saying it acquired EME Tec Sat SAS, the exclusive distributor of its products in France. The acquisition is expected to add to Garmin's earnings in 2007. Shares of Garmin were off 1% at $55.13. Fossil ( FOSL) rose following word that Michael W. Barnes, formerly the company's international division president, has been promoted to the position of president and COO. In addition, Mark D. Quick, formerly the president of accessories, has been named vice chairman. Kosta N. Kartsotis will continue as chief executive. Fossil was adding 1.2% to $22.84. Other oil and drilling concerns also were lower. Weatherford International ( WFT) was down $2.98, or 7.1%, to $38.81; Halliburton ( HAL) traded down $1.08, or 3.5%, to $29.97; Quicksilver Resources ( KWK) shed $2.26, or 6.2%, to $34.33; and Oceaneering International ( OII) dropped $2.30, or 5.8%, to $37.40. The NYSE's biggest movers by volume were Ford ( F), up 14 cents to $7.65; Home Depot; Alcatel Lucent ( ALA), up $1.12 to $15.34; General Electric ( GE), up 75 cents to $37.96; Pfizer ( PFE), up 33 cents to $26.23; EMC ( EMC), up 6 cents to $13.26; Wal-Mart ( WMT), up $1.65 to $47.83; Advanced Micro Devices ( AMD), down 28 cents to $20.07; and AT&T ( T), down 25 cents to $35.50. Nasdaq's big volume movers included Sirius Satellite Radio ( SIRI), up 30 cents to $3.84; Microsoft ( MSFT), up 18 cents to $30.04; Intel ( INTC), up 55 cents to $20.80; Cisco ( CSCO), up 60 cents to $27.93; Apple Computer ( AAPL), up $1.16 to $86; Oracle ( ORCL), up 55 cents to $17.69; Sun Microsystems ( SUNW), up 11 cents to $5.53; and Applied Materials ( AMAT), up 18 cents to $18.63.