Pre-Open Movers: UAP Holding and Activision Soar On Merger News, E*Trade Sinks On BofA Sell Rating (UAPH, ATVI, ETFC)
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StreetInsider.com Pre-Open Movers:
UAP Holding Corp. (NASDAQ: UAPH) 28% HIGHER; Agrium Inc. (NYSE: AGU) will acquire UAP Holding for $39 per share in cash for an aggregate transaction value of approximately $2.65-billion, including an estimated $487-million of assumed debt.
Activision (Nasdaq: ATVI) 23% HIGHER; Vivendi (NYSE: VIV) SA and Activision announced plans for a merger valued at $18.9 billion. Under the terms, Vivendi would hold a roughly 52 percent majority of the merged company by contributing Vivendi Games, valued at $8.1 billion, and $1.7 billion in cash. Within five days of the closing, Activision Blizzard would launch a $4 billion all-cash tender offer to purchase up to 146.5 million Activision shares at $27.50.
Technologies, Inc., (AMEX: ONT) 22% HIGHER; announced that Unilever has chosen its On2 Flix Publisher solution to provide enterprise video encoding and delivery services to Unilever's global community of marketers.
Domtar (NYSE: UFS) 21% LOWER; was informed that the Government of the Province of Saskatchewan is not prepared to participate in the financing of the redevelopment of the Prince Albert pulp mill as set forth in a Memorandum of Understanding signed on September 12, 2007.
E*Trade (Nasdaq: ETFC) 13.9% LOWER; Banc of America downgrades E*Trade (Nasdaq: ETFC) from Neutral to Sell and lowered their price target from $9 to $2. The analyst said they no longer think the value of the company's retail brokerage business can offset negative value at the bank. Last week, E*Trade received a $2.5 billion cash infusion from Citadel and ousted its CEO.
PeopleSupport Inc. (Nasdaq: PSPT) 6.7% HIGHER; confirmed that it received a letter from IPVG Corp. and AO Capital Partners proposing to acquire PeopleSupport for $15.00 per share.
Research In Motion Ltd. (Nasdaq: RIMM) 4% LOWER; Morgan Keegan downgrades Research In Motion Ltd. from Outperform to Market Perform.
Netflix, Inc. (Nasdaq: NFLX) 3.9% HIGHER; Piper Jaffray upgrades Netflix from Neutral to Buy and raises their price target from $26 to $28, saying Blockbuster's change in strategy continues to be positive for Netflix.
Cbeyond, Inc. (Nasdaq: CBEY) 1% HIGHER; Wachovia upgrades Cbeyond from Market Perform to Outperform and sets a $50-$55 valuation range.
IBM (NYSE: IBM) 1% HIGHER; Plans To Repurchase $1B in Stock By End of February
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UAP Holding Corp. (NASDAQ: UAPH) 28% HIGHER; Agrium Inc. (NYSE: AGU) will acquire UAP Holding for $39 per share in cash for an aggregate transaction value of approximately $2.65-billion, including an estimated $487-million of assumed debt.
Activision (Nasdaq: ATVI) 23% HIGHER; Vivendi (NYSE: VIV) SA and Activision announced plans for a merger valued at $18.9 billion. Under the terms, Vivendi would hold a roughly 52 percent majority of the merged company by contributing Vivendi Games, valued at $8.1 billion, and $1.7 billion in cash. Within five days of the closing, Activision Blizzard would launch a $4 billion all-cash tender offer to purchase up to 146.5 million Activision shares at $27.50.
Technologies, Inc., (AMEX: ONT) 22% HIGHER; announced that Unilever has chosen its On2 Flix Publisher solution to provide enterprise video encoding and delivery services to Unilever's global community of marketers.
Domtar (NYSE: UFS) 21% LOWER; was informed that the Government of the Province of Saskatchewan is not prepared to participate in the financing of the redevelopment of the Prince Albert pulp mill as set forth in a Memorandum of Understanding signed on September 12, 2007.
E*Trade (Nasdaq: ETFC) 13.9% LOWER; Banc of America downgrades E*Trade (Nasdaq: ETFC) from Neutral to Sell and lowered their price target from $9 to $2. The analyst said they no longer think the value of the company's retail brokerage business can offset negative value at the bank. Last week, E*Trade received a $2.5 billion cash infusion from Citadel and ousted its CEO.
PeopleSupport Inc. (Nasdaq: PSPT) 6.7% HIGHER; confirmed that it received a letter from IPVG Corp. and AO Capital Partners proposing to acquire PeopleSupport for $15.00 per share.
Research In Motion Ltd. (Nasdaq: RIMM) 4% LOWER; Morgan Keegan downgrades Research In Motion Ltd. from Outperform to Market Perform.
Netflix, Inc. (Nasdaq: NFLX) 3.9% HIGHER; Piper Jaffray upgrades Netflix from Neutral to Buy and raises their price target from $26 to $28, saying Blockbuster's change in strategy continues to be positive for Netflix.
Cbeyond, Inc. (Nasdaq: CBEY) 1% HIGHER; Wachovia upgrades Cbeyond from Market Perform to Outperform and sets a $50-$55 valuation range.
IBM (NYSE: IBM) 1% HIGHER; Plans To Repurchase $1B in Stock By End of February
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