Shares of Myers Industries are higher by about 20% in midday trading today to 8 dollars and 91 cents per share, after the company announced preliminary earnings expectations of between 11 cents and 14 cents per share for the quarter, inclusive of restructuring costs. Excluding such costs, the earnings range is 21 cents to 24 cents per share. Shares of MYE have traded as low as 2 dollars seventy nine cents this year.
Genworth Financial's application to become a savings and loan has not been approved by the Office of Thrift Supervision in time for the deadline that had been set by the U.S. Treasury. The Treasury will not extend the deadline, meaning that Genworth will not be able to complete its acquisition of InterBank, and will not be eligible to participate in the Treasury's Capital Purchase Program. Shares of Genworth were down nearly 23% to 2 dollars and 12 cents per share. Genworth shares traded north of 20 dollars a share just one year ago.
Shares of infrastructure company SPX Corporation are down nearly 10 dollars a share after the company lowered its earnings expectations by about 18%, citing deteriorating global economic conditions, and corporate restructuring actions.
Tanzanian Royalty Exploration Corporation is down about 16% after a critical article appeared in Barron's over the weekend. CEO James Sinclair published a response which stated, among other things, "It became quite clear during my short Thursday conversation with the author of the Barron's article that his story line was made up before our exchange. Sadly, this seems to be the rule rather than the exception in this era of tabloid journalism. To be a failed exploration company you need to be two things: First you must fail, and secondly you must be an exploration and development company. Seeing the majority of our properties fall under royalty agreements, this is hardly a fair categorization of the company by Barron's."
On Friday, the company had announced it sold 1 and a half million dollars worth of stock to Mr. Sinclair in a private placement. Sinclair owns an approximate 3% equity interest in Tanzanian Royalty Exploration, obtained primarily by private placements at market prices.
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