Updated from 2:24 p.m. EDT

Buckeye GP ( BGH), which operates oil and gas pipelines, surged 7% Wednesday after a group led by ArcLight Capital and Kelso & Co. agreed to buy the Pennsylvania-based company's general partner and the 63% BGP stake currently held by the Carlyle Group, Riverstone Holdings and "certain members of management and other limited partners."

Chief Executive William Shea will probably resign after the deal closes, to be replaced by current Pacific Energy Partners Vice Chairman Forrest Wylie. BGP shares gained $1.43 to $21.86. Buckeye Partners ( BPL), whose general partner BGP owns, was up 89 cents, or 1.8%, to $50.31.

Color Kinetics ( CLRK) got a lift after Ford ( F) licensed rights to use the Boston-based company's patented color-controllable lighting in its vehicles. Terms weren't disclosed. Color Kinetics shares rose $1.67, or 8.6%, to $21.11. Ford were adding 3 cents earlier in the day but closed down 4 cents to $8.04.

Group 1 Automotive ( GPI) climbed after a Prudential analyst began coverage on the Houston-based auto-dealership chain with an overweight rating, while stamping a favorable ranking on the entire auto sector. The analyst expressed reservations about U.S.-based car makers, but these currently compose only 30% of Group 1's sales mix. Shares added $1.20, or 2.9%, to $42.51.

An analyst with Stifel Nicolaus said Photronics ( PLAB) is poised to benefit from the chip-equipment sector's imminent technology-node transitions and upped the Brookfield, Conn., firm's rating to buy from hold. Shares closed up 36 cents, or 2.3%, to $15.72.

Restaurateur P.F. Chang's China Bistro ( PFCB) fell, meanwhile, after first-quarter same-store sales dropped 2.5% at its main Bistro chain, only partly offset by an 0.5% increase at its Pei Wei locations. Total sales were up 15.7% to $264.4 million, a hair below Street targets. The Arizona-based company gave up $2.42, or 5.5%, to $42.95.

Usana Health Sciences ( USNA) of Salt Lake City trimmed its first-quarter sales outlook to around $102 million, compared with its prior expected range of between $103 million and $105 million. Analysts are seeking $2.1 million more. Shares were off 70 cents, or 1.5%, to $45.43.

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