Monday, August 6, 2012

Best Buy Pops Up On New Offer (BBY, SSH, REN,CHK, SMP)

Resolute Energy Corp (NYSE:REN) shares climbed 7.68% to $9.25 in the morning hour after the company posted second-quarter net income of $22.82 million, as compared to $25.67 million in the same quarter last year. Earnings were $0.37 per share, flat with the same quarter last year. Total revenue increased to $64.48 million from $59.91 million in the prior-year quarter. Analysts expected the company to report earnings of $0.03 per share on revenues of $57.91 million.

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Sunshine Heart Inc (NASDAQ:SSH) stock gained 9.80% to $9.30 after the company announced that it has received conditional approval from the United States Food and Drug Administration (FDA) for its next generation C-Pulse System driver. This new iteration is designed to provide moderate to severe heart failure patients with enhanced patient comfort and performance.

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Best Buy Co., Inc. (NYSE:BBY) stock surged 18.82% to $20.95 after the company announced that Richard Schulze, Founder and former Chairman of the Company has submitted a written proposal to the Company's board of directors to acquire all of the outstanding shares of the Company that he does not already own for a price of $24.00 to $26.00 per share in cash. The purchase price represents a premium of 36% to 47% to its closing stock price of $17.64 on August 3, 2012.

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Standard Motor Products, Inc. (NYSE:SMP) shares climbed 17.27% to $16.50 in the early hour after the company reported second quarter earnings from continuing operations of $0.58, which was flat with the prior year result. The consensus estimate was for EPS of $0.53.

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Additionally, the company announced that the board of directors has approved payment of a quarterly dividend of $0.09 per share on the common stock outstanding. The dividend will be paid on September 4, 2012 to stockholders of record on August 16, 2012.  

Chesapeake Energy Corporation (NYSE:CHK) shares declined 1.34% to $17.65 in the morning hour primarily due to slumping oil and natural-gas prices pressurize to exacerbate a cash crunch at Chesapeake Energy, hereby adding pressure on Chief Executive Officer Aubrey McClendon to sell oilfields from Texas to Ohio.

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