Hot Stocks in Focus: Synovus Financial Corp. (NYSE:SNV), Compuware Corporation (NASDAQ:CPWR), Standard Pacific Corp. (NYSE:SPF), The Dow Chemical Company (NYSE:DOW)
Synovus Financial Corp. (NYSE:SNV) stock climbed 2.37% to $3.46. The company on July 22 announced the commencement of an underwritten public offering of $130 million of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C. Synovus intends to use the net proceeds from the offering together with the proceeds of its recently announced $185 million common stock offering and internally available funds (including a $680 million dividend from its wholly owned subsidiary, Synovus Bank) to fund the redemption of all 967,870 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued to the U.S. Treasury through the Capital Purchase Program established under the Troubled Asset Relief Program (“TARP”), for an aggregate purchase price of $967.87 million.
Compuware Corporation (NASDAQ:CPWR) shares climbed 2.36% and closed at $11.72. The company, on July 23, announced financial results for its first quarter, fiscal year 2014 ended June 30, 2013. Non-GAAP net income for the quarter was $22.4 million, or $0.10 per diluted share, compared to $19.1 million, or $0.09 per diluted share in the year-ago period. GAAP net income for the first quarter was $10 million, or $0.05 per diluted share, compared to $10.5 million, or $0.05 per diluted share in the year-ago period.
Standard Pacific Corp. (NYSE:SPF) shares increased 2.34% to $8.32. The company on August 1 announced the pricing of its previously announced public offering of senior notes and the increase in the amount of the offering to $300 million aggregate principal amount of notes. Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC acted as joint book-running managers for the notes offering.
Additionally, the company on July 25 announced results for the second quarter ended June 30, 2013. Revenues from home sales for the 2013 second quarter increased 58%, to $434.3 million, as compared to the prior year period, resulting primarily from a 34% increase in new home deliveries and an 18% increase in the Company’s consolidated average home price to $397 thousand.
The Dow Chemical Company (NYSE:DOW) shares jumped 2.32% and closed at $36.22 in the last trading session. The company will consider selling its paint, construction and chlorine businesses as it joins industry rivals in shedding units vulnerable to commodity price swings, its chief executive said on July 25.
The company also reported a better-than-expected quarterly profit due to strong margins in its plastics business and higher sales of pesticides to farmers. The company’s net income rose 72 percent to $2.34 billion, or $1.87 per share, in the second quarter, helped by the $2.2 billion received in damages from Kuwait’s state chemicals company for pulling out of the K-Dow petrochemical venture in 2008. Excluding the arbitration award and other one-time items, the company earned 64 cents per share.