Midday movers: Transocean, Ferro Corp.

Stocks are down slightly, with no notable economic data reported.

By MSN Money Partner Mar 4, 2013 3:04PM

Wall Street sign copyright Corbis, SuperStock

Information provided by Theflyonthewall.com

Rig builder and operator Transocean (RIG) reported adjusted earnings that beat expectations on revenues that were a bit short of consensus and said it will resume paying a dividend, sending its shares up about 0.5%.

However, activist investor Carl Icahn, who was calling for the company to institute an even larger dividend payment, called its plan "too little, too late" and said he will continue to push for changes to the company's board.

Among the notable gainers was Ferro Corporation (FOE), which rose 30% to $6.78 after another chemical company, A. Schulman (SHLM), revealed that it had made an offer to acquire Ferro for $6.50 per share, which was rejected. A. Schulman urged Ferro's Board to reconsider the offer and engage in talks, which could result in the offer being adjusted, and saw its shares trade nearly unchanged.

Also higher were shares of Forestar Group (FOR), up 12% following a positive mention in this weekend's edition of Barron's. Among the noteworthy losers was DragonWave (DRWI), which declined 22% after the company warned that lower than expected revenue from Nokia Siemens Networks (NOK, SI) during the fourth quarter will cause it to miss its prior guidance. Also lower were shares of Select Comfort (SCSS), which slid 16% after it reported it has experienced below-plan sales since Feb. 1 and will likely miss its internal goals for Q1.

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