The Dow Fell 120 Points, Nasdaq Lost 36
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The Dow fell 120.24 points today to close at 12,114.10 the Nasdaq lost 36.21 points to close at 2,368.00, and the S&P 500 lost 16.00 points to close at 1,387.17. Oil fell $0.35 to close at $61.64.
Volume was modest with 3.42 billion shares trading on the NYSE and 2.43 billion trading on the Nasdaq.
Decliners crushed Advancers by a margin of 25:8 on the NYSE and 23:8 on the Nasdaq.
In Individual stories, Bristol West Holdings (NYSE: BRW) gained 36.2% after agreeing to be acquired by Farmers Group, Inc. (FGI), a wholly-owned subsidiary of Zurich Financial Services Group. Under the terms of the agreements, the holders of BRW common stock will receive $22.50 per share in cash for their shares, which represents a 38.8% premium above the March 1, 2007 closing price of $16.21. The transaction is valued at $712 million, excluding the assumption of certain debt obligations of BRW pursuant to the acquisition, and exclusive of fees. Advocat Inc. (NASDAQ: AVCA) fell 28.25% after reporting Q4 EPS of $0.37, 6 cents worse than estimates. Revenues were $55.8 million vs. $54.3 million consensus. Revenues for 2007 are expected to increase to a range of $221 to $228 million (Consensus is $225.37 million) Sees FY07 EPS between loss of $0.08 and profit of $0.01 vs. consensus of $2.13.
Volume was modest with 3.42 billion shares trading on the NYSE and 2.43 billion trading on the Nasdaq.
Decliners crushed Advancers by a margin of 25:8 on the NYSE and 23:8 on the Nasdaq.
In Individual stories, Bristol West Holdings (NYSE: BRW) gained 36.2% after agreeing to be acquired by Farmers Group, Inc. (FGI), a wholly-owned subsidiary of Zurich Financial Services Group. Under the terms of the agreements, the holders of BRW common stock will receive $22.50 per share in cash for their shares, which represents a 38.8% premium above the March 1, 2007 closing price of $16.21. The transaction is valued at $712 million, excluding the assumption of certain debt obligations of BRW pursuant to the acquisition, and exclusive of fees. Advocat Inc. (NASDAQ: AVCA) fell 28.25% after reporting Q4 EPS of $0.37, 6 cents worse than estimates. Revenues were $55.8 million vs. $54.3 million consensus. Revenues for 2007 are expected to increase to a range of $221 to $228 million (Consensus is $225.37 million) Sees FY07 EPS between loss of $0.08 and profit of $0.01 vs. consensus of $2.13.
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