Diamonds and Dogs
Courier Corporation (CRRC)
Courier Corporation is delivering to its investors today, up 35.96% to $19.70. The book publisher saw its shares pop after news of a possible buyout by Quad/Graphics Inc. Under terms of the agreement, Quad/Graphics will acquire Courier in a transaction valued at approximately $260 million, with Courier shareholders receiving $20.50 per share. Quad/Graphics is interested in Courier in an attempt to transform their book platform. Shares of Courier climbed over $5.00 today to a new 52-week high of $19.93 intraday.
Precision Castparts Corp. (PCP)
Precision Castparts is trading in the red today, down 9.16% to $199.59. The metal component and product company fell after low preliminary third quarter for the results. For the quarter, Precision expects sales in the range of $2.42 billion to $2.47 billion and earnings per share in the range of $3.05 to $3.10. Analysts estimates were for revenue of $2.56 billion and an EPS of $3.41. Management cited, "lower demand in oil and gas end markets, further aerospace engine destocking at a single customer, year-end customer inventory management actions, and an extended equipment upgrade," for the lower earnings. Shares of Precision fell over $20.00 today to a new 52-week low of $186.17.