GM spikes higher on stock buyback
Jon "DRJ" Najarian | email@example.com
200 Million Shares From Treasury
General Motors said this morning that it will purchase 200 million shares from the Treasury Department for $5.5 billion as the auto maker begins to end its federal bailout arrangement. That represents a price of $27.50, a premium of 7.9 percent above yesterday's close. The company expects to buy back all of the government's stock in 12 to 15 months. GM is up 8.47 percent $27.65 on tradeMONSTER's extended-hours platform.
Oracle Beats on Top, Bottom Lines
The database giant reported adjusted earnings of $0.64 per share for its fiscal second quarter yesterday evening, exceeding the consensus estimate of $0.61 EPS. Revenues of $9.1 billion topped the $9.01 billion that analysts had been looking for. Revenues were down in its hardware business, but software remained strong. ORCL is up 2.8 percent to $33.80 this morning.
Rocky Mountain Chocolate Soaring
The candy maker has reportedly received a bid from PST Capital to buy the company for $13.50 a share. The offer is more than 27 percent higher than Rocky Mountain's closing price yesterday. RMCF has been halted at $12.43 in pre-market trading, up 17.26 percent.
Energen Falls on Production Outlook
The oil and natural-gas company cut its production outlook for 2012 and 2013 after the market closed yesterday, saying it had encountered infrastructure problems. The company expects to produce 400,000 fewer barrels of oil equivalent for this year and next. EGN was last indicated down 5.58 percent to $42.77 in extended trading.