Diamonds and Dogs
3/13/13Dole Food Company Inc. (DOLE)
Dole is making its investors go banana's today, down 9.12% at $10.66. The fresh fruit and vegetable company saw its shares fall after releasing earnings late Tuesday. For the quarter, Dole announced an adjusted loss of $0.59 per share. Revenue dropped 8 percent to $888 million, year over year. Analysts' were expecting the company to have revenue of $1.3 billion, with an EPS loss of $0.01. CEO Michael Carter said the lower than expected numbers were "mainly due to banana market conditions and non-recurring charges for Itochu transaction related costs, provisions for certain previously-disclosed legal-related matters, and charges related to Typhoon Bopha in Asia." Dole shares managed to stay trading well above its 52-week low of $8.29.
MakeMusic Inc. (MMUS)
MakeMusic is making its shares pop today, up 31.08% at $4.85. The music composition and learning software company saw its shares bounce after news it would be acquired. MakeMusic announced that it would be acquired by LaunchEquity Partners LLC in an all cash deal. Under the terms of the agreement, LaunchEquity will pay MakeMusic shareholders $4.85 per share, which represents a 31% premium to Tuesday's closing price. The acquisition is expected to close in the second quarter of 2013. Chairman of the Board for MakeMusic, Robert Morrison said, "The special committee and board believe this transaction represents an attractive value and are pleased to recommend it to MakeMusic's shareholders." MakeMusic is pushing above its 52-week high intraday, but close just short of the high of $4.90.
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