No Respite Seen in Second Half
The printer maker issued a weak preliminary earnings report for the second quarter, with profit no more than $0.55 a share. It had previously forecast $0.87 to $0.89. Management also expects to mark down the rest of the year when full results come out later this month. LXK plunges 15 percent before the bell on my tradeMONSTER platform.
Acme Rallies on Buyback Authorization
Acme Packet plunged last week on a poor earnings preannouncement, but yesterday announced its board authorized share buybacks totaling as much as $200 million. That's sending APKT higher by 7 percent before the bell.
Blackstone Deal Lifts Hovnanian
Hovnanian Enterprises agreed to collaborate with Blackstone Group to monetize the value of its land. BX buy parcels and lease them back to HOV for development. The investment firm also increased its investment in the debt-laden homebuilder. HOV is up 4 percent on the news.
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