Sara Lee, Microsemi, Isilon Rise; CCE Drops

Bikram Pandey
04 Oct, 2010
New York City

U.S. stocks traded lower ahead of earnings season and a week filled with economic releases. Ford Motor Company traded higher after a surge in auto sales. Dynamex soared after it agreed to go private. Resource and tech stocks declined on higher dollar. Casino operators traded higher.

[R]1:00 PM New York – U.S. stocks traded lower ahead of earnings season and a week filled with economic releases. Ford Motor Company traded higher after a surge in auto sales. Dynamex soared after it agreed to go private. Resource and tech stocks declined on higher dollar. Casino operators traded higher.[/R]

BPZ Resources Inc ((BPZ)) declined more than 12% to $3.39 after it reported its one of the test well in off-shore location in Peru was ‘dry hole.’

Coca-Cola Enterprises Inc ((CCE)) dropped 31% or $9.90 to $21.90 after The Coca-Cola Company completed the acquisition. CCE will retain its name and operate as a new public company consisting of its existing European territories, as well as the bottling operations in Norway and Sweden acquired from The Coca-Cola Company.

Dynamex Inc ((DDMX)) soared more than 37% to $21 it agreed to be acquired by a private equity firm Greenbriar Equity Group. The same-day delivery logistics company stock has languished in the last two years.

Ford Motor Company ((F)) added more than 3% to $12.87 after the automaker reported September sales increase of 46.3% increase to 160,870 units. The company retained its second position in the month and for the year to date sales and Toyota trailed at the third place. Toyota in New York trading declined 1.6% to $70.62.

Huron Consulting Group ((HURN)) dropped more than 15% to $19.13 after the financial workout firm lowered its 2010 revenues outlook. The new estimate is not to exceed sales $500 million from the previous outlook between $600 million and $620 million.

Isilon Systems ((ISLN)) jumped as much as 9% to $25.19 after the company hired investment banker to conduct the company sale according to several media reports.

Lexmark International Inc ((LXK)) declined more than 4% to $43.19 after a broker lowered its target price.

Microsemi Corp. ((MSCC)), increased 8% to $18.47 after the manufacturer of analog mixed-signal integrated circuits, entered into an agreement to acquire Actel Corp. for $20.88 per share through a cash tender offer. The total transaction value is around $430 million, net of Actel''s projected cash balance at closing.

Sara Lee Corp ((SLE)) soared more than 8% $14.50 to after media speculation suggested that private equity group KKR & Company offered as much as $12 billion. The news was first reported by New York Post and later confirmed through two sources on the Wall Street.

Wynn Resorts Ltd ((WYNN)) increased more than 4% to $90.97 and MGM Resorts International ((MGM)) added 1% to $11.37 after casino revenues in Macau, China soared 40% in September.