Shares of Placer Sierra Bancshares ( PLSB) were among the Nasdaq's winners Wednesday, jumping 16% after the banking company agreed to be acquired by Wells Fargo ( WFC) for about $645 million in stock. The deal price assumes a Wells Fargo measurement price of between $32.58 and $39.82. The exchange ratio will then be determined by dividing $28 by the measurement price. If the measurement price is less than $32.58 a share, then the exchange ratio will be 0.8595 shares. The transaction is expected to close by midyear. Shares of Placer Sierra recently were up $3.73 to $27.26. Shares of Wells Fargo were trading at $35.41, down 18 cents. Alcoa ( AA) climbed 4% after the aluminum producer's fourth-quarter results topped expectations. The company posted adjusted earnings of $644 million, or 74 cents a share, on revenue of $7.84 billion. Analysts expected earnings of 65 cents a share and revenue of $7.63 billion. A year earlier, Alcoa earned $224 million, or 26 cents a share, on revenue of $6.54 billion. Shares were trading up $1.25 to $29.77. Shares of Eastman Kodak ( EK) rose modestly after the photography products giant agreed to sell its health-imaging business to Onex Healthcare Holdings for up to $2.55 billion. Under the terms of the deal, Kodak will receive $2.35 billion in cash at closing, plus an additional $200 million in future payments if Onex achieves certain targets with its investment. The sale is expected to close during the first half of 2007. Shares of Kodak were up 15 cents to $25.78.
Guitar Center ( GTRC) fell 5% after the music retailer warned that it would post weaker-than-expected fourth-quarter earnings. For the period ended Dec. 31, the company reported sales of $628.5 million, below Thomson First Call's analysts' consensus of $643 million. Guitar Center same-store sales increased 1.3%. As a result of the lower-than-planned sales, the company said earnings will be below its previous guidance of $34 million to $36 million, or $1.14 to $1.20 a share. Analysts polled by Thomson First Call project earnings of $1.16 a share. "We are disappointed that our top-line results for the fourth quarter did not meet our previous expectations, primarily due to softer-than-anticipated sales in our Guitar Center retail and Musician's Friend divisions," the company said. Shares were trading down $1.99 to $41.26. Shares of Oxford Industries ( OXM) tumbled 10% after the clothing maker posted second-quarter earnings that fell short of forecasts and issued a disappointing full-year outlook. For the period ended Dec. 1, the company earned $12.2 million, or 68 cents a share, on revenue of $291 million. Analysts expected earnings of 69 cents a share and revenue of $290.4 million. During the year-earlier quarter, the company earned $11 million, or 62 cents a share, on revenue of $277.9 million. Looking ahead, Oxford Industries predicted full-year earnings of $3 to $3.15 a share, below analysts' average estimate of $3.33. The company targets revenue of $1.14 billion to $1.16 billion, compared with Wall Street's forecast of $1.17 billion. For the third quarter, Oxford sees earnings of 52 cents to about 60 cents a share on revenue of $265 million to $275 million. Analysts project fiscal third-quarter earnings of 86 cents a share and revenue of $291 million. Shares were trading down $4.74 to $44.80.
NYSE volume leaders included Sprint Nextel ( S), down 9 cents to $17.36; EMC ( EMC), up 11 cents to $14.27; Motorola ( MOT), down 13 cents to $18.13; Ford ( F), down 10 cents to $7.69; and Nokia ( NOK), down 39 cents to $38.99. Nasdaq volume leaders included Apple ( AAPL), up $2.08 to $94.65; Sirius Satellite Radio ( SIRI), up 3 cents to $3.74; Sun Microsystems ( SUNW), up 4 cents to $5.77; Intel ( INTC), up 21 cents to $21.24; Cisco Systems ( CSCO), down 9 cents to $28.38; Level 3 Communications ( LVLT), down 4 cents to $5.99; and Microsoft ( MSFT), down 15 cents to $29.81.