Gainers:
General Motors Co. (GM: Quote) is gaining nearly 8 percent to $27.51 based on the news that it will purchase 200 million shares of its common stock held by the U.S. Treasury for $5.5 billion, or $27.50 per share. The share buyback is part of the Treasury’s plan to fully exit its entire holdings of GM stock within 12 to 15 months.
General Mills, Inc. (GIS: Quote) is up 2 percent to $42.52. The company’s second quarter profit improved from the year-ago quarter and its adjusted earnings per share topped Wall Street view. Net sales matched the consensus estimate.
FedEx Corp. (FDX: Quote) is rising nearly 1 percent to $93.23. The company’s second quarter profit dropped 12 percent and was below Wall Street view. Revenue rose 5 percent and was above the consensus estimate. The company noted that persistent weakness in the global economy and increased demand for lower-yielding international services limited profits at FedEx Express and also added that its earnings also were negatively impacted by disruptions caused by Superstorm Sandy.
Oracle Corp. (ORCL: Quote) is up nearly 3 percent to $33.78 following the release of its second quarter results.
SIRIUS XM Radio Inc. (SIRI: Quote) is up 0.68 percent to $2.98. The company announced that it has elected James Meyer to succeed Mel Karmazin as its chief executive Officer on an interim basis. Karmazin has relinquished his role as CEO and has also resigned from the Board.
Knight Capital Group, Inc. (KCG: Quote) is rising 7 percent to $3.56. The company and GETCO Holding Company LLC have agreed to be merged under a new publicly traded holding company. The cash and stock transaction values Knight at approximately $1.4 billion.
Decliners:
Navistar International Corp. (NAV: Quote) is falling 5 percent to $21.75. The company slipped to a loss in its fourth quarter due to a tax expense and charges. Revenues declined 24 percent, but managed to top the consensus estimate.
Trading halt:
Trading in shares of Alterra Capital Holdings Ltd. (ALTE: Quote) was halted. Markel Corp. has agreed to acquire the company for approximately $31 per share in stock and cash.Trading in shares of Rocky Mountain Chocolate Factory Inc. (RMCF: Quote) was halted. The company announced that it is aware of a Schedule T.O. filing PST Capital Group Ltd. about an offer to buy the company for $13.50 per share.
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by RTT Staff Writer
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