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10-09-2006, 05:00 PM
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MarketWatch
Monday's biggest stock gainers and decliners
Monday October 9, 4:50 pm ET
By Michael Baron
Advancers
Affordable Residential Communities Inc. (NYSE:ARC - News) shares rose 7.6% Monday after the Englewood, Colo.-based company said late Friday it has agreed to acquire privately held insurance holding company NLASCO for $117.5 million. The deal, which is expected to close by the end of the first quarter of 2007, includes $105.75 million in cash and 1.22 million shares of ARC stock. ARC also said it has signed an agreement with Flexpoint Fund LP for it to invest $20 million to buy ARC common stock at the recent market price. Separately, ARC said it expects to conduct a rights offering in order to raise $80 million for its acquisition of NLASCO.
Amkor Technology (NASDAQ:AMKR - News) shares leapt 34% after the company said it restated its financial results to record non-cash stock-based compensation expense of $106 million, after tax, for the period of January 1998 to June 30. The Chandler, Arizona-based provider of semiconductor assembly and test services said about $90 million of this amount was recorded between 1998 and 2002. Amkor also said a review of its stock-option granting practices found no evidence of intentional manipulation of stock option pricing by Amkor's current management team, but added that a former executive may have manipulated options.
Asyst Technologies Inc. (NASDAQ:ASYT - News) shares gained 6.9% plans to restate certain financial reports for the cumulative impact of its accounting for stock options. The Fremont, Calif., semiconductor manufacturing equipment maker said a special committee of independent directors reviewed stock option grants from 1995 through June 7, and found incorrect measurement dates for certain options grants. Asyst said the cost of the errors is about $19 million. The company noted the errors didn't have a material effect on operating from 2002 through the 2006 fiscal year ended March 31.
Shares of Brush Engineered Materials (NYSE:BW - News) jumped 11.4% after the Cleveland beryllium and alloy products maker raised its third-quarter outlook, citing stronger demand across most of its markets. The company raised its earnings estimate to 32 to 36 cents a share from 23 to 28 cents a share, and its revenue forecast to $200 million from $170 million to $180 million. The stock was last up 9.9% at $26.40, and has now gained 29% over the past 3 months. The company said it expects strong market conditions to continue through the fourth quarter, and therefore raised its 2006 earnings estimate to $1.20 to $1.28 a share from $1.09 to $1.17 a share, and its revenue projection to $725 million to $735 million from $690 million to $710 million.
Cablevision Systems Corp. (NYSE:CVC - News) shares added 11% after the founding family, the Dolans, has offered once again to take the cable-television operator private, this time in a $7.9 billion deal that's 15% higher than an unsuccessful bid last year.
complete article here... (http://us.rd.yahoo.com/finance/news/rss/story/*http://biz.yahoo.com/cbsm/061009/c69b72015e5f4baf970dc570dbda8140.html?.v=5)
MarketWatch
Monday's biggest stock gainers and decliners
Monday October 9, 4:50 pm ET
By Michael Baron
Advancers
Affordable Residential Communities Inc. (NYSE:ARC - News) shares rose 7.6% Monday after the Englewood, Colo.-based company said late Friday it has agreed to acquire privately held insurance holding company NLASCO for $117.5 million. The deal, which is expected to close by the end of the first quarter of 2007, includes $105.75 million in cash and 1.22 million shares of ARC stock. ARC also said it has signed an agreement with Flexpoint Fund LP for it to invest $20 million to buy ARC common stock at the recent market price. Separately, ARC said it expects to conduct a rights offering in order to raise $80 million for its acquisition of NLASCO.
Amkor Technology (NASDAQ:AMKR - News) shares leapt 34% after the company said it restated its financial results to record non-cash stock-based compensation expense of $106 million, after tax, for the period of January 1998 to June 30. The Chandler, Arizona-based provider of semiconductor assembly and test services said about $90 million of this amount was recorded between 1998 and 2002. Amkor also said a review of its stock-option granting practices found no evidence of intentional manipulation of stock option pricing by Amkor's current management team, but added that a former executive may have manipulated options.
Asyst Technologies Inc. (NASDAQ:ASYT - News) shares gained 6.9% plans to restate certain financial reports for the cumulative impact of its accounting for stock options. The Fremont, Calif., semiconductor manufacturing equipment maker said a special committee of independent directors reviewed stock option grants from 1995 through June 7, and found incorrect measurement dates for certain options grants. Asyst said the cost of the errors is about $19 million. The company noted the errors didn't have a material effect on operating from 2002 through the 2006 fiscal year ended March 31.
Shares of Brush Engineered Materials (NYSE:BW - News) jumped 11.4% after the Cleveland beryllium and alloy products maker raised its third-quarter outlook, citing stronger demand across most of its markets. The company raised its earnings estimate to 32 to 36 cents a share from 23 to 28 cents a share, and its revenue forecast to $200 million from $170 million to $180 million. The stock was last up 9.9% at $26.40, and has now gained 29% over the past 3 months. The company said it expects strong market conditions to continue through the fourth quarter, and therefore raised its 2006 earnings estimate to $1.20 to $1.28 a share from $1.09 to $1.17 a share, and its revenue projection to $725 million to $735 million from $690 million to $710 million.
Cablevision Systems Corp. (NYSE:CVC - News) shares added 11% after the founding family, the Dolans, has offered once again to take the cable-television operator private, this time in a $7.9 billion deal that's 15% higher than an unsuccessful bid last year.
complete article here... (http://us.rd.yahoo.com/finance/news/rss/story/*http://biz.yahoo.com/cbsm/061009/c69b72015e5f4baf970dc570dbda8140.html?.v=5)