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Ford Motor Company (NYSE:F) jumped 8.29% to $7.58 on an unusual massive volume of over 189.75 million shares after it posted a surprise third-quarter profit of 997 million dollars on improvement in its North American business, and said it was on track to become "solidly profitable." The company reported a loss of 129 million dollars the same period in 2008, as Ford continued to restructure to cope with an ailing market amid the worst global downturn in decades. Overall pre-tax operating profit totaled 1.1 billion dollars, an improvement of 3.9 billion dollars from the 2008 July-September period and the first quarterly profit since the first quarter of 2008, the company said. The swing into profit of earnings per share of 26 cents, excluding special items, surprised most analysts who had expected a 12 cent loss.
Encore Acquisition Company (NYSE:EAC) surged 20.50% to closed at $44.67 on an unusual massive volume of 9.75 million shares After Texas-based Denbury Resources Inc. has agreed to purchase Encore Acquisition Corp. in a $4.5 billion transaction that will create one of the largest independent oil exploration and production companies in North America. On the other hand shares of Denbury Resources Inc. (NYSE:DNR) were down by 10.34% to $13.09.
Terra Industries Inc. (NYSE:TRA) soared 6.74% to $33.91 on an unusual volume of 6.49 million shares after CF Industries Holdings, Inc. announced that it is offering to acquire Terra Industries Inc. for $32 in cash and 0.1034 of a share of CF Industries common stock for each Terra share (including the $7.50 per share special dividend declared by Terra). The offer has a value of $40.61 per share, based on closing price for CF Industries common stock. Morgan Stanley has committed $2.5 billion to provide the funds required for the transaction.
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