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After-Hours Movers 07/12: (ITG) (CWH) (ERTS) (RNO) Lower

July 12, 2011 6:04 PM EDT
Investment Technology Group (NYSE: ITG) 9.2% LOWER; announced a cost reduction plan aimed at improving margins and shareholder returns. The plan is focused on employment, consulting and infrastructure costs in both the US and Europe. The plan is expected to generate more than $20 million in pre-tax cost savings next year, or about 30 cents per share after taxes. ITG expects to record a Q2 pre-tax charge of 23-26 cents per share after taxes. The company also announced it will record a Q2 non-cash goodwill impairment charge of $210-$230 million, or about $4.50-$5 per share after taxes. Related to the above charges, ITG sees Q2 non-GAAP EPS of 12-15 cents, below the current Street estimate of 20 cents per share.

CommonWealth REIT (NYSE: CWH) 4.4% LOWER; has commenced a public offering of 7,500,000 common shares. CWH expects to use the net proceeds from this offering to reduce amounts outstanding under its $750 million revolving credit facility and for general business purposes, including funding acquisitions. It is contemplated that the underwriters will also be granted a 30-day option to purchase up to an additional 1,125,000 common shares to cover overallotments, if any.

Electronic Arts (Nasdaq: ERTS) 3.6% LOWER; announced it will acquired PopCap Games for $600 million in cash and $100 million in stock. The company offered the following guidance: Q1 sales now expected to be $500 to $525 million, up from prior guidance of $460 to $500 million, and compared to the analyst consensus of $490.14 million. Q1 adj-loss moves from 44 to 49 cents per share to 37 to 40 cents, vs. the Street estimate of a 45 cents loss. Sees Q2 non-GAAP loss of 5 to 15 cents per share, vs. the consensus of an 11 cent gain. Reaffirmed its FY12 adj-EPS guidance of 70 to 90 cents. Raised its FY12 sales guidance from $3.75 to $3.95 billion to $3.800 to $4.025 billion, which compares to the Street estimate of $3.9 billion.

Rhino Resource Partners LP (NYSE: RNO) 2.5% LOWER; has commenced a 2.5 million common unit offering. offering of 2,500,000 common units representing limited partner interests in Rhino. Rhino intends to grant the underwriters a 30-day option to purchase up to 375,000 additional common units at the public offering price, to cover over-allotments, if any.

UDR, Inc. (NYSE: UDR) 2.5% LOWER; today announced that it plans to sell 15,000,000 shares of its common stock in an underwritten public offering. UDR also plans to grant the underwriters a 30-day option to purchase up to an additional 2,250,000 shares to cover overallotments. The company also announced it will acquire three operating communities for $687 million, announces four new development projects. Raises its FY11 FFO guidance from $1.20-$1.25 to $1.25-$1.30, which compares to the Street estimate of $1.25.

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