NightHawk plans stock buyback

Shares of NightHawk Radiology Holdings Inc. jumped Wednesday after the radiology services company backed its 2008 outlook and said it will begin a stock repurchase plan.

After the close of trading on Tuesday, Coeur d’Alene-based NightHawk reiterated its full-year forecast for adjusted profit of 64 cents to 67 cents per share and revenue of $165 million to $168 million.

Analysts polled by Thomson Reuters expect income of 66 cents a share on revenue of $166.6 million.

NightHawk also will begin a buyback of up to $10 million in stock, which NightHawk’s board approved in July.

Shares of the company Wednesday soared 83 cents, or 31 percent, to $3.50.

They have ranged from $2.08 to $21 over the past year.

The full-year forecast suggested NightHawk will earn as much as 14 cents a share in the fourth quarter on revenue of up to $40.1 million.

Analysts project income of 14 cents a share on revenue of $38.7 million.

Chicago

Office Depot to close stores

Office Depot Inc. will close about 9 percent of its North American stores and cut 2,200 jobs over the next three months while planning to open fewer locations next year in an effort to cut costs.

Shares of the office supply chain rose more than 12 percent after Wednesday’s announcement.

The plan to shutter 112 stores will reduce the chain’s base to 1,163.

It plans to close 45 stores in the Midwest, 40 in the Northeast and Canada, 19 in the West and eight in the South.

San Francisco

Yahoo investor calls for deal

A large Yahoo Inc. shareholder has joined a growing chorus urging the beleaguered Internet company to set aside its past differences with Microsoft Corp. and renew negotiations to sell its search operations to the spurned suitor.

In a letter sent Wednesday to Yahoo’s board, Ivory Investment Management called upon the directors to make amends for “acting unreasonably” in their earlier talks with Microsoft by quickly closing a deal with the software maker