Biggest Stock Gainers Wednesday
New Plan Excel Realty Trust (NYSE:NXL - News) shares gained after the New York-based company late Tuesday agreed to be acquired by Centro Properties Group in a deal valued at $6.2 billion including debt. Australia-based Centro Properties has agreed to pay $33.15 in cash for New Plan, representing a 12.9% premium to New Plan's closing share price on Tuesday. The deal will be completed through a cash tender offer, which is expected to begin within 10 business days. The tender offer is expected to close in the second quarter.
Novatel Wireless Inc.'s (NasdaqGM:NVTL - News) fourth-quarter net income rose sharply to $2.4 million, or 8 cents a share, from $121,000, or less than a penny a share, a year earlier, helped by a strong broadband market and non-PC card products. Revenue rose 58% to $77 million from $48.7 million a year earlier.
Palomar Medical Technologies (NasdaqGS:PMTI - News) was upgraded to buy from hold at W.R. Hambrecht following a recent correction in the company's stock price, as well as a partnership inked by a competitor of the maker of laser-based medical and cosmetic products. "This morning's partnership announcement between Procter & Gamble Co. and Syneron Medical Ltd. ...validates our belief that the light-based home-use market is imminent and very real," analyst Emily Johnson wrote in a research note. Johnson also cited efforts by Palomar to revitalize its international sales and a lack of concern regarding the company's recent sales personnel turnover. A price target of $49 was set as well.
R.J. Reynolds Tobacco Co. (NYSE:RAI - News) said an appeals court upheld the company's view that its market-share based discount programs are "size-blind" and not discriminatory. The Winston-Salem, N.C., tobacco company said the 6th Circuit Court of Appeals upheld a lower court's ruling dismissing an antitrust lawsuit brought by Smith Wholesale Co. of Tennessee, and 18 other wholesalers.
South Jersey Industries Inc.'s (NYSE:SJI - News) fourth-quarter net income rose to $19.9 million, or 68 cents a share, from $13.7 million, or 47 cents a share, a year earlier. The energy holding company said Wednesday total expenses fell to $210.4 million from $257.7 million. Revenue at the Folsom, N.J., company decreased 12% to $250.3 million from $285.4 million. For 2007, South Jersey Industries expects income from continuing operations before items to increase by more than a 7% from a year ago.
Southwest Gas Corp.'s (NYSE:SWX - News) fourth-quarter net income rose 54% to $46.7 million, or $1.11 a share, from $30.3 million, or 76 cents a share, helped by colder weather than a year earlier. The Las Vegas natural gas company's revenue rose 14% to $565.1 million from $497 million a year earlier.
Sprint Nextel (NYSE:S - News) said fourth-quarter profit rose 34% to $261 million, or 9 cents a share, with operating revenue up 7% to $10.44 billion. The Reston, Va. carrier said 9% wireless revenue growth after adding 742,000 customers offset a 2% long-distance revenue decline. On an adjusted basis, its profit would've climbed 26% to 29 cents a share. Analysts polled by Thomson Financial expected earnings of 28 cents a share on revenue of $10.39 billion.
SPX Corp. (NYSE:SPW - News) said that its fourth-quarter net income rose to $86.8 million, or $1.47 a share, from $47.4 million, or 72 cents a share, a year ago. Adjusted earnings per share totaled $1.18, in line with analyst forecasts. Sales at the flow technology company rose to $1.3 billion, from $1.1 billion a year ago, driven by a 11.5% rise in organic revenue, acquisitions and currency fluctuations. The company said that its strong performance has continued in 2007 and it's raising its first quarter earnings per share guidance to a range of 47 cents to 52 cents, from a previous range of 45 cents to 50 cents. It also tightened its annual EPS guidance range to $3.85 to $3.95 from a prior range of $3.80 to $3.95.
StarTek Inc. (NYSE:SRT - News), the Denver provider of business-process-outsourcing services to the communications industry, reported fourth-quarter earnings per share fell 27% on 4.4% lower revenue. The company earned 8 cents a share compared with 11 cents, as revenue fell to $59.1 million. Gross-profit margin for the quarter shrank to 14.3% from 15.8%. StarTek said "revenue from several clients declined due to challenges in hiring and retaining enough agents to respond to client demands and unfavorable changes in revenue mix."
Wynn Resorts Ltd. (NasdaqGS:WYNN - News) reported a fourth-quarter net loss of $55.4 million, or 55 cents a share, compared with a net loss of $9.89 million, or 10 cents a share, during the year-ago period. Net revenue at the Las Vegas-based casino resort operator rose to $563.6 million from $269.4 million.
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Novatel Wireless Inc.'s (NasdaqGM:NVTL - News) fourth-quarter net income rose sharply to $2.4 million, or 8 cents a share, from $121,000, or less than a penny a share, a year earlier, helped by a strong broadband market and non-PC card products. Revenue rose 58% to $77 million from $48.7 million a year earlier.
Palomar Medical Technologies (NasdaqGS:PMTI - News) was upgraded to buy from hold at W.R. Hambrecht following a recent correction in the company's stock price, as well as a partnership inked by a competitor of the maker of laser-based medical and cosmetic products. "This morning's partnership announcement between Procter & Gamble Co. and Syneron Medical Ltd. ...validates our belief that the light-based home-use market is imminent and very real," analyst Emily Johnson wrote in a research note. Johnson also cited efforts by Palomar to revitalize its international sales and a lack of concern regarding the company's recent sales personnel turnover. A price target of $49 was set as well.
R.J. Reynolds Tobacco Co. (NYSE:RAI - News) said an appeals court upheld the company's view that its market-share based discount programs are "size-blind" and not discriminatory. The Winston-Salem, N.C., tobacco company said the 6th Circuit Court of Appeals upheld a lower court's ruling dismissing an antitrust lawsuit brought by Smith Wholesale Co. of Tennessee, and 18 other wholesalers.
South Jersey Industries Inc.'s (NYSE:SJI - News) fourth-quarter net income rose to $19.9 million, or 68 cents a share, from $13.7 million, or 47 cents a share, a year earlier. The energy holding company said Wednesday total expenses fell to $210.4 million from $257.7 million. Revenue at the Folsom, N.J., company decreased 12% to $250.3 million from $285.4 million. For 2007, South Jersey Industries expects income from continuing operations before items to increase by more than a 7% from a year ago.
Southwest Gas Corp.'s (NYSE:SWX - News) fourth-quarter net income rose 54% to $46.7 million, or $1.11 a share, from $30.3 million, or 76 cents a share, helped by colder weather than a year earlier. The Las Vegas natural gas company's revenue rose 14% to $565.1 million from $497 million a year earlier.
Sprint Nextel (NYSE:S - News) said fourth-quarter profit rose 34% to $261 million, or 9 cents a share, with operating revenue up 7% to $10.44 billion. The Reston, Va. carrier said 9% wireless revenue growth after adding 742,000 customers offset a 2% long-distance revenue decline. On an adjusted basis, its profit would've climbed 26% to 29 cents a share. Analysts polled by Thomson Financial expected earnings of 28 cents a share on revenue of $10.39 billion.
SPX Corp. (NYSE:SPW - News) said that its fourth-quarter net income rose to $86.8 million, or $1.47 a share, from $47.4 million, or 72 cents a share, a year ago. Adjusted earnings per share totaled $1.18, in line with analyst forecasts. Sales at the flow technology company rose to $1.3 billion, from $1.1 billion a year ago, driven by a 11.5% rise in organic revenue, acquisitions and currency fluctuations. The company said that its strong performance has continued in 2007 and it's raising its first quarter earnings per share guidance to a range of 47 cents to 52 cents, from a previous range of 45 cents to 50 cents. It also tightened its annual EPS guidance range to $3.85 to $3.95 from a prior range of $3.80 to $3.95.
StarTek Inc. (NYSE:SRT - News), the Denver provider of business-process-outsourcing services to the communications industry, reported fourth-quarter earnings per share fell 27% on 4.4% lower revenue. The company earned 8 cents a share compared with 11 cents, as revenue fell to $59.1 million. Gross-profit margin for the quarter shrank to 14.3% from 15.8%. StarTek said "revenue from several clients declined due to challenges in hiring and retaining enough agents to respond to client demands and unfavorable changes in revenue mix."
Wynn Resorts Ltd. (NasdaqGS:WYNN - News) reported a fourth-quarter net loss of $55.4 million, or 55 cents a share, compared with a net loss of $9.89 million, or 10 cents a share, during the year-ago period. Net revenue at the Las Vegas-based casino resort operator rose to $563.6 million from $269.4 million.
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posted by Stock Administrator @ 12:45 PM
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