Unusual 11 Mid-Day Movers 08/27: (KNXA) (HCBK) (SRPT) Higher; (PPHM) (GAGA) (DDMG) Lower
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Kenexa Corporation (NYSE: KNXA) 41.6% HIGHER; entered into a definitive agreement for IBM (NYSE: IBM) to acquire Kenexa , a publicly held company headquartered in Wayne, Pa. , in a cash transaction at a price of $46 per share, or at a net price of approximately $1.3 billion.
Hudson City Bancorp, Inc. (Nasdaq: HCBK) 16.3% HIGHER; Hudson City and M&T Bank Corporation (NYSE: MTB) ("M&T") announced today that they have entered into a definitive agreement under which Hudson City will merge into a subsidiary of M&T, expanding the premier community banking franchise in the eastern United States. Under terms of the agreement, each Hudson City share will receive consideration valued at 0.08403 of an M&T share in the form of either M&T stock or cash, based upon the election of each Hudson City shareholder, subject to proration as specified in the merger agreement (which provides for an aggregate split of total consideration of 60% common stock of M&T and 40% cash).
Sarepta Therapeutic (Nasdaq: SRPT) 15.8% HIGHER; ThinkEquity started coverage on Sarepta with a Buy and $15 target.
Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) 15.5% LOWER; lower on a SeekingAlpha blog post.
Saba Software, Inc. (Nasdaq: SABA) 12.6% HIGHER; higher on Kenexa deal.
Zalicus Inc. (Nasdaq: ZLCS) 12.0% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has approved the supplemental new drug application (sNDA) filed by Mallinckrodt Inc., a subsidiary of Covidien plc, for the 32 mg dose strength of EXALGO (hydromorphone HCl) Extended-Release Tablets (CII), for the management of moderate to severe pain in opioid-tolerant patients requiring continuous, around-the-clock opioid analgesia for an extended period of time.
Hertz Global Holdings, Inc. (NYSE: HTZ) 10.9% HIGHER; Hertz and Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) entered into a definitive merger agreement under which Hertz would acquire Dollar Thrifty for $87.50 per share in cash
Le Gaga Holdings Ltd (Nasdaq: GAGA) 9.8% LOWER; 9.8reported Q2 EPS of $0.06, $0.09 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $19.4 million versus the consensus estimate of $21.6 million.
Digital Domain Media Group (NYSE: DDMG) 8.0% LOWER; pressured below the $3.60 support level. Hitting a new annual low at $3.42.
Universal Display (Nasdaq: PANL) 7.6% LOWER; lower on possibly drop in sales from Apple/Samsung case.
Deltek, Inc. (Nasdaq: PROJ) 7.8% LOWER; entered into a definitive agreement under which Deltek will be acquired by leading private equity investment firm Thoma Bravo, LLC for $13 per share cash.
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Hudson City Bancorp, Inc. (Nasdaq: HCBK) 16.3% HIGHER; Hudson City and M&T Bank Corporation (NYSE: MTB) ("M&T") announced today that they have entered into a definitive agreement under which Hudson City will merge into a subsidiary of M&T, expanding the premier community banking franchise in the eastern United States. Under terms of the agreement, each Hudson City share will receive consideration valued at 0.08403 of an M&T share in the form of either M&T stock or cash, based upon the election of each Hudson City shareholder, subject to proration as specified in the merger agreement (which provides for an aggregate split of total consideration of 60% common stock of M&T and 40% cash).
Sarepta Therapeutic (Nasdaq: SRPT) 15.8% HIGHER; ThinkEquity started coverage on Sarepta with a Buy and $15 target.
Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) 15.5% LOWER; lower on a SeekingAlpha blog post.
Saba Software, Inc. (Nasdaq: SABA) 12.6% HIGHER; higher on Kenexa deal.
Zalicus Inc. (Nasdaq: ZLCS) 12.0% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has approved the supplemental new drug application (sNDA) filed by Mallinckrodt Inc., a subsidiary of Covidien plc, for the 32 mg dose strength of EXALGO (hydromorphone HCl) Extended-Release Tablets (CII), for the management of moderate to severe pain in opioid-tolerant patients requiring continuous, around-the-clock opioid analgesia for an extended period of time.
Hertz Global Holdings, Inc. (NYSE: HTZ) 10.9% HIGHER; Hertz and Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) entered into a definitive merger agreement under which Hertz would acquire Dollar Thrifty for $87.50 per share in cash
Le Gaga Holdings Ltd (Nasdaq: GAGA) 9.8% LOWER; 9.8reported Q2 EPS of $0.06, $0.09 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $19.4 million versus the consensus estimate of $21.6 million.
Digital Domain Media Group (NYSE: DDMG) 8.0% LOWER; pressured below the $3.60 support level. Hitting a new annual low at $3.42.
Universal Display (Nasdaq: PANL) 7.6% LOWER; lower on possibly drop in sales from Apple/Samsung case.
Deltek, Inc. (Nasdaq: PROJ) 7.8% LOWER; entered into a definitive agreement under which Deltek will be acquired by leading private equity investment firm Thoma Bravo, LLC for $13 per share cash.
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