SUPERVALU INC.(NYSE:SVU) shares jumped 3.51% to $2.36. The company decided to shutter about 60 underperforming stores or non-strategic stores by the end of November in order to cut costs. The company said it intends to use the cash proceeds from these actions to reduce outstanding debt and for other general corporate purposes. The closures will also be accretive to net earnings.
SeaChange International(NASDAQ:SEAC) posted a second quarter net loss of $5.3 million, or $0.16 per share, as compared with net income of $787,000, or $0.02 per share, in the same quarter a year earlier. Adjusted earnings were $0.04 per share, well short of expectations of $0.08 per share. Total revenue dropped 4% to $36.7 million but marginally beat analysts' expectations. Shares of SEAC fell 6% to $8.10.
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Enbridge Energy Partners, L.P.(NYSE:EEP) stock declined 4.04% to $28.51 after the company said that it has commenced an underwritten public offering of about 14 million of its Class A Common Units
representing limited partner interests, subject to market conditions. The company noted that it expects to use the net proceeds from the offering to fund a portion of its capital expansion projects, for general partnership purposes or any combination of such purposes.
Wright Express Corp(NYSE:WXS) shares soared 9.39% to $73.13 after Wright Express Corp and Fleet One announced that they have entered into a definitive agreement whereby Wright Express will acquire Fleet One from private equity firms LLR Partners and FTV Capital for $369 million in cash. The all cash
transaction will be financed through the Company’s existing credit facility and is anticipated to be immediately accretive to the Company's adjusted net income, which is a non-GAAP measure, excluding one-time charges related to the transaction. The transaction is anticipated to close in the fourth quarter of 2012, subject to regulatory approval and other customary closing conditions.
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OCZ Technology Group Inc.(NASDAQ:OCZ) stock plunged 21.08% to $4.23 after the company announced that for the second quarter of 2013, it expects preliminary revenue to be approximately $110 to 120 million compared to the previously guided revenue range of $130 to $140 million. Analysts were expecting the company to report revenue of $134 million for the second quarter of 2013.