Emmis Communications (NASDAQ:EMMS) jumped 4.7% after a federal court rules in favor of Emmis (NASDAQ:EMMS) regarding dissident preferred shareholders. The judge now orders final judgement in the case. This ends a two-year fight with preferred shareholders who objected to Indianapolis-based media company’s decision to eliminate stock dividends and remove voting rights.
Emmis Communications (NASDAQ:EMMS) is trading near the high end of a 52-week price range of $1.43 – $3.67 per share. Tuesday’s 4.7% intraday advance to $3.33 per share is on heavy volume of 743,000, more than five-times average daily volume.
Delta Air Lines (NYSE:DAL) shares rose to a near seven-year high on Tuesday after the airline reported February consolidated passenger unit revenue gained 4% on strong domestic demand and gains in Trans-Atlantic operations. The shares recently traded at $34.50, up 5.9%, with a session peak of $34.72, the highest since April 2007, or all-time high.
The 52-week range is now $13.94 to $34.72. Delta (NYSE:DAL) cancelled nearly 8,000 flights during the month because of severe winter weather. February’s consolidated passenger unit revenue includes 0.5 points of benefit from weather-related cancellations. Delta (NYSE:DAL) completed 95.5% of its flights in February and ran an on-time arrival rate of 77.5%.
BP (NYSE:BP) was instructed by a federal appeals court Tuesday that it must accept the terms of the Gulf of Mexico $9.2 million settlement and resume payments. US Circuit Judge Leslie Southwick wrote regarding the April 2010 blowout off Louisiana’s coast, “we conclude the settlement agreement does not require a claimant to submit evidence that the claim arose as a result of the oil spill.” Earlier Tuesday, the oil and gas company will form a separate business that will manage its onshore oil and gas assets in the US Lower 48.
According to BP (NYSE:BP), the US Lower 48 oil and gas business environment is unique, and the move will improve the company’s competitiveness. BP (NYSE:BP) shares are slightly higher on average volume in Tuesday afternoon trade, up 0.48% at $49.23 per share.
Sensient Technologies (NYSE: SXT) rose 3% and notched a 52-week high on a restructuring plan, share buyback and dividend hike. Earlier, trading was halted ahead of the news. In a Schedule 14A filing, the fragrance and flavoring manufacturer said the restructuring plan will generate savings between $20 million and $25 million annually upon scheduled completion in 2015.
“This extensive plan will eliminate underperforming operations, consolidate manufacturing facilities and improve efficiencies within the Company,” the company said in the SEC filing. Sensient (NYSE: SXT) also announced it will repurchase 2 million shares in the open market, and is raising its quarterly dividend 9% to $0.25 per share.
The cash dividend will be paid on June 2 to shareholders of record on May 9. In afternoon trade, Sensient (NYSE: SXT) was up 3.09% to 54.37.