Afternoon Market Update
Shares of ResCare Inc (NASDAQ: RSCR) jumped about 6% after the company entered into a definitive agreement with Onex Corporation’s affiliate Onex Partners III LP. Onex will acquire all the outstanding shares of RSCR, under the agreement. Onex will purchase the RSCR’s shares for $13.25 per share in cash, representing a 30.7% premium to RSCR’s closing price on August 13, 2010.
Credit Suisse has lowered its projections for 2010 US light vehicle sales from 12 million to 11.4 million cars and trucks, to reflect the slow pace of recovery in the labor market. Wall Street expects the sales of 11.7 million vehicles during the same period. Credit Suisse has also reduced its 2011 and 2012 outlook from 13.5 million to 12.8 million and from 14.5 million to 13.8 million, respectively.
China Sky One Medical (NASDAQ: CSKI) has lowered its revenue projections for fiscal 2010 to $128 million to $136 million, down from its earlier guidance of $160 million to $164 million. The company has also announced the termination of "several major distributor relationships." CSKI’s chief financial officer, Stanley Hao, has also resigned due to health reasons. Shares of CSKI dipped more than 27% following the news.
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