Agricultural equipment maker AGCO (NYSE:AGCO) lowered its outlook, disappointing investors. Lower than expected demand in Europe is expected to drive a 30-35% sales decline in the third quarter compared to the same period last year, and the company now expects to break even or post a small loss for the quarter. AGCO said it plans to announce its results for the quarter on October 27. On Wednesday morning, AGCO shares fell about 10 percent.
Also lowering its guidance is communication technologies company Premiere Global Services (PGI), citing continuing weak economic conditions, high unemployment, and lower business activity in its industry. Revenue and profit will be below prior expectations when the company reports its results for the quarter on October 22. Shares were down over 8 and a half percent in early trading Wednesday.
China North East Petroleum Holdings (NYSE:NEP) announced it will sell 4 million common shares in a registered direct offering, at a price of 4 dollars and 60 cents each, raising about 18.4 million dollars. Investors in the offering will also receive warrants to purchase an additional 800 thousand shares, at an exercise price of 6 dollars per share. The company said it will use the proceeds to help fund its future business expansion plan. Rodman & Renshaw (AMEX:RODM) was the exclusive placement agent for the offering. Shares of China North East Petroleum were off about 7%.
And Helicos BioSciences Corporation (HLCS) is also raising capital. The life sciences company announced it priced an offering of shares with warrants, raising about 10 million dollars. Investors in the offering include Atlas Ventures, Flagship Ventures, Highland Capital Partners, as well as the company's own CEO Ron Lowy. Helicos said it would use the proceeds to help fund working capital requirements. Shares were down over 7% in early trading Wednesday.
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