Updated from 12:03 p.m. EDTMGM Mirage ( MGM - Get Report) was among the NYSE's winners Tuesday, soaring 27.1% after Kirk Kerkorian's Tracinda Corp. said that it plans to enter negotiations to buy the casino company's Bellagio and City Center properties in Las Vegas. Tracinda, which owns about 56% of MGM, is also interested in exploring strategic alternatives with regard to its investment, including a potential financial restructuring involving all or a substantial portion of the company. MGM said that its board will review Tracinda's Securities and Exchange Commission filing after its regularly scheduled meeting following its annual meeting with shareholders, which is scheduled for today. Shares of MGM closed up $17.03 to $79.98. United Natural Foods ( UNFI - Get Report) fell 10.6% after the organic food distributor posted third-quarter results that were below expectations. For the period ended April 28, the company earned $13.7 million, or 32 cents a share, on revenue of $732.5 million. Analysts expected earnings of 35 cents a share on revenue of $733.6 million. During the year-earlier period, the company earned $12.3 million, or 29 cents a share, on revenue of $637.1 million. "We experienced some short-term erosion of gross margin during the quarter due to our forward buying of inventory remaining below historical levels and specific inventory write-offs in broadline distribution, but we remain confident that the gross margin will improve over the next two quarters with these issues behind us," the company said. Looking ahead, the company now sees full-year adjusted earnings of $1.24 to $1.26 a share on revenue of $2.75 billion to $2.8 billion. Previously, the company forecast earnings of $1.27 to $1.30 a share on revenue of $2.74 billion to $2.8 billion. Shares closed down $3.24 to $27.34.
Shares of Staples ( SPLS) fell 2.4% after the office supplies company posted in-line first-quarter earnings on revenue that was below forecasts. The company earned $209.1 million, or 29 cents a share, on revenue of $4.59 billion. Analysts expected earnings of 29 cents a share on revenue of $4.67 billion. During the year-earlier quarter, the company earned $186.1 million, or 25 cents a share, on revenue of $4.24 billion. Looking ahead, Staples continues to see full-year earnings growth of 15% to 20%, or earnings of $1.43 to $1.49 a share, but says earnings will be at the low end of the forecast. Analysts project earnings of $1.49 a share. Shares closed down 62 cents to $25.05. Fremont General vaulted 40.7% after the lending company agreed to sell its commercial real estate lending arm to iStar Financial ( SFI) for $1.9 billion in cash. Fremont also announced the sale of a minority interest in the company. "These transactions provide a major turning point for Fremont General. The transaction with iStar allows us to exit our existing commercial real estate lending business while retaining an earning asset that provides a bridge to the development of new lending businesses," Fremont General said. The iStar transaction is expected to close by June 30. Freemont's shares closed up $2.89 to $10. iStar's stock was up $1.79, or 3.9%, to $47.60. Shares of Universal ( UVV - Get Report) dipped 4.6%, despite swinging to a fourth-quarter profit. The tobacco distributor posted earnings from continuing operations of $21.1 million, or 65 cents a share, on revenue of $504.5 million. Results included impairment charges of about $15.1 million. During the year-earlier quarter, the company posted a loss of $25.3 million, or 98 cents a share, on revenue of $407.6 million. Shares closed down $3.06 to $63.54.