The electronics retailer
Circuit City (NYSE:CC) plans to lay off about 3,400 store workers and replace them with lower-paid employees. The company also plans to eliminate 130 information-technology jobs at the corporate level. Circuit City Stores Inc. had shares up $0.35 at $19.23.
Beazer Homes USA Inc. (NYSE:BHZ) is under investigation by a host of government agencies for its mortgage-lending practices as well as other financial dealings. The company said it is complying with a request for documents from a federal prosecutor. The company’s shares were down $2.64 to close at $28.77.
Archer Daniels Midland Co. (NYSE:ADM), a producer of corn-based ethanol and corn syrup for foods, saw its shares up $0.91 at $36.84. The company is expected to benefit should corn prices fall amid an expected bump in supply.
Vyyo Inc. (NDAQ:VYYO), the maker of communications equipment, received $35 million in funding from Goldman Sachs & Co. Shares rose $0.97 to end at $8.44.
Syntax-Brillian Corp.’s (NDAQ:BRLC) shares rose $0.48 to $8.41. The maker of high-definition televisions sold 2.1 million shares for $15.5 million in a private transaction with two affiliates. The company plans to use proceeds in part to expand its manufacturing base and to market its Olevia brand televisions worldwide.
AtheroGenics Inc. (NDAQ:AGIX) had a decline in its shares, down $0.44 at $2.80. Analysts predict AstraZeneca PLC will end a partnership with the drug developer.
American Depositary Shares of
eTelecare Global Solutions Inc. climbed Wednesday in their trading debut on the Nasdaq Stock Market. Shares of the Philippines-based outsourcing company rose $1.63, or 12%, to close Wednesday at $15.13. The IPO offering was priced at $13.50 per ADS for the 5.5 million of U.S.-traded shares. The IPO price was at the midpoint of the expected price range of $12.50 per ADS to $14.50 per ADS.
Programmable chip maker
Altera (NDAQ:ALTR) lost $0.89, or 4.3%, to $20.05 after a Bear Stearns analyst lowered his 2007 earnings estimates for the company, partly based on weak business in Asia Network Appliance, a provider of network-attached storage systems, shed $1.60, or 4.2%, to $36.42.
Video game publisher
Activision Inc. (NDAQ:ATVI) rose $0.88, or 4.9%, to $19.01 on the heels of a solid Q4 and full-year report from No. 1 game retailer GameStop Inc. Activision hit a 52-week high of $19.19 during the session.