Progressive Software Corporation (NASDAQ: PRGS) jumped 10.80 % on Thursday after the company reported better-than-expected third quarterly earnings even as revenue fell short of expectations.
In the fiscal third quarter, the Company said that net income stood at $5.8 million or $0.09 per share, compared to $9 million or $0.13 per share in the year earlier quarter. Adjusted earnings for the quarter came at $20 million or $0.31 per share, against $21 million or $0.32 per share in the same period of last year. Quarterly revenue contracted to $107 million, from $125 million in the corresponding period of the last year. Analysts’ consensual estimate was for earnings of $0.24 per share (on adjusted basis) on revenue of $112.32 million.
Tempur-Pedic International Inc. (NYSE: TPX) climbed 14.41% on Thursday after it announced that it will acquire its rival mattress manufacturer Sealy Corp (NYSE:ZZ) in a deal estimated about $242 million. The deal has received the approval from boards of respective companies and is likely to close by the end of first half of 2013. According to the deal, TPX will acquire all outstanding shares of ZZ for $2.20 a share, a 3% premium over Wednesday’s closing price of $2.14 a share. The deal will result in the creation world’s largest specialty bedding provider. After the acquisition, both TPX and ZZ will continue to operate independently with Sealy’s current Chief Executive Larry Rogers maintain his position; however, he will report to Tempur Pedic’s Chief Executive, Mark Sarvary.
Stem cells Inc. (NASDAQ: STEM) leaped 9.84% on Thursday after it announced that that the first patient with an imperfect spinal cord injury has been enrolled in the Company’s Phase I/II clinical trial in chronic spinal cord injury and transplanted with the Company’s proprietary treatment known as HuCNS-SC neural stem cells. The patient who is a Canadian man; and is going through a thoracic spinal cord injury arising due to a sports-related accident. On Thursday, he was administered the cells at Balgrist University Hospital, University of Zurich. Commenting over the development, Stephen Huhn, Vice President and Head of the CNS Program at StemCells, Inc, said in a statement, “This is an important milestone for StemCells and the spinal cord injury community as it is the first time anyone has ever transplanted neural stem cells into a patient with an incomplete injury.”
Research In Motion Limited (NASDAQ: RIMM) gained 2% on regular trading hours and leaped 20.45% in aftermarket hours after the Blackberry maker reported better-than-expected revenue and lighter-than-expected operating losses in its second quarter even as it posted a third successive quarterly loss which ended September 1. The company also said that it subscribers’ base also increased significantly and cash position improved in the period. Lately, the RIMM has been under tremendous pressure as it kept losing its market-share to other smart phone makers such as Apple Inc (NASDAQ:APPL), Samsung’s Galaxy and Goggle’s own operating system Android.
Eagle Materials Inc. (NYSE: EXP) rallied 9.49% after the company announced that it intends to sell three million shares to help generate funds for its planned acquisition of Lafarge SA’s total, cement and concrete activities in Missouri and Oklahoma. The company said that it wants to take benefit of U.S. construction industry’s strong recovery by including two cement plants owned by Lafarge.