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The Nasdaq Now: Savannah Bancorp Soars After News of Impending Merger


Priceline falls after poor guidance is reported.

MINYANVILLE ORIGINAL Wall Street's three-day winning streak might be kept alive, at least for another day, after stocks emerged out of the early morning red to mild gains in afternoon trading, even if concerns about the weak overall economic outlook continue to abound.

The Nasdaq Composite (^IXIC) is up 0.05% (1.40) to 3,017.26 points, on trading volume of 891.24 million.

Up a massive 61.80% to $8.98 is Savannah Bancorp (SAVB). The Savannah, Georgia-based company announced today that it will be acquired by the Columbia, South Carolina-based SCBT Financial Corp. (SCBT) (-1.07% to $36.81) in a $67.1 million deal. The new entity will boast of approximately $5.3 billion in total assets, with $4.5 billion in deposits, $3.8 billion in loans, and a network of 87 branches in Georgia, North Carolina, and South Carolina.

Under the terms of the merger, shareholders of Savannah Bancorp will receive 0.2503 shares of SCBT Financial common stock for each share of Savannah Bancorp common stock.

Also recording an impressive gain is Gulfport Energy (GPOR), now at $26.59 (+18.39%), which is a three-month high. The company's share volume for the day is 1.8 million, up from Tuesday's 1.4 million shares. After the close yesterday, Gulfport reported second-quarter net profit of $0.45 per share, below the $0.57 from a year ago.

A big Nasdaq loser is EZchip Semiconductor (EZCH), down 25.38% to $29.16. The Israel-based networking processor announced that it expects a "significant sequential decline" in third-quarter revenue, with overall revenue for the second half of the fiscal year to come in lower than expected as well.

Priceline (PCLN) tumbled 16.19% to $569.74 after reporting disappointing guidance for the third quarter. The company expects Q3 earnings of between $11.10 and $12.10 per share, which is well below the consensus estimate of $12.76. At least 11 analysts have revised their price targets on the online travel company downwards.

Twitter: @sterlingwong
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