Inverness Medical Innovations (IMA) has further extended its offer to exchange up to $100 million in aggregate principal amount of 7.875% Senior Notes due 2016, for a like principal amount of its outstanding unregistered 7.875% Senior Notes due 2016, to 5:00 p.m., New York City time, on Friday, June 11, 2010, unless further extended.
The exchange offer had been scheduled to expire on Friday, June 4, 2010.
Inverness has been advised that, as of that time, $98 million in aggregate principal amount, or approximately 98% of the aggregate principal amount, of outstanding unregistered 7.875% Senior Notes due 2016 had been validly tendered to the exchange agent.
Today shares of Inverness are lower by 18.9% on heavy volume.
The Pep Boys — Manny, Moe & Jack (PBY) announced that sales for the thirteen weeks ended May 1, 2010 increased by $13.5 million, or 2.7%, to $510.0 million from $496.5 million for the thirteen weeks ended May 2, 2009.
Net earnings for the quarter increased to $12.0 million, or $0.23 per share, from $10.9 million, or $0.21 per share recorded in the same period last year.
Shares of The Pep Boys are down 13.4%.
Global Geophysical Services (GGS) is trading lower today by 10.4% on light to average volume. The company provides high density three dimensional land and transition zone seismic data acquisition solutions domestically and globally.
New York & Company (NWY) projects its second quarter loss per share to widen from its previous expectations provided on May 20, 2010. Comparable store sales are expected to be approximately flat and merchandise margins are projected to decrease by approximately 900 basis points versus last year. Buying and occupancy costs are expected to slightly increase as a percentage of net sales from the year-ago period. Selling, general and administrative expenses are expected to increase as a percentage of net sales by approximately 300 basis points compared to last year.
Shares of New York & Company are down 32% on the outlook.
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