Investors returned from a long weekend Tuesday to news that homebuilder Standard Pacific Corp. received an equity investment worth more than $530 million from affiliates of private equity firm MatlinPatterson Global Advisers LLC.
The Irvine, Calif.-based company issued an additional 50 million shares of common stock priced at $3.05 each _ a premium of 37 percent over last week's closing price.
Investors sent the stock surging nearly 50 percent to end the day at $3.29. It was the top performing stock on the S&P SmallCap 600 Index that day, with shares traded at more than five times their average volume.
On Friday, Standard Pacific shares closed unchanged at $3.14, but still ended the week 41.4 percent higher.
KeyCorp said in a regulatory filing Wednesday it expects higher-than-expected loan charge-offs in 2008, sending shares tumbling.
The Cleveland-based regional bank said it anticipated charge-offs _ or loans that will be written off as not being repaid _ to range between 1 percent and 1.3 percent of total loans for the year. Previously, it expected charge-offs to amount to between 0.65 percent and 0.9 percent.
The bank cited rising losses in its residential homebuilder, education and home improvement loan portfolios. Shares plunged 10.4 percent to end the day at $19.66.
The stock recovered to $20 on Thursday but retreated further to end the week at $19.47, down 11 percent since the start of the week.
On Thursday, drug maker Bristol-Myers Squibb Co. said it would pay $5.50 per share in cash for cancer therapy maker Kosan Biosciences Inc. in a bid to enhance its cancer treatment pipeline.
The price was more than triple Kosan's Wednesday close of $1.65. Shares nearly caught up to the buyout price, surging more than 229 percent to end the day at $5.43. On Friday, the stock lost 1 cent to $5.42, capping the week up 243.7 from last week's close of $1.58.
On Friday, shares Marvell Technology Group Inc. soared after the chip maker said it swung to a larger-than-expected profit in the first quarter thanks to higher sales and lower costs.
Adjusted for one-time charges, the company said its profit came in at 24 cents per share _ nearly what analysts polled by Thomson Financial had expected.
The stock rocketed $3.28, or 23.3 percent from Thursday's close of $14.08, to end the week at $17.36. That's 20 percent higher than last week's close of $14.44.
Terms & Conditions
RSS Headlines
Fool UK