24/7 Closing Bell (ORCL, RNOW, CAT, MCD, IVN, PAL, RGLD, MAT, SJM, SLE, CI, HS, ETN, LO, METR, NFLX, TXN, ADLR, MOBI, ASYS, SXCI, DRAM)October 24, 2011 by Paul Ausick
We also want to call out some of the other mergers and acquisitions announced this morning. Mattel Inc. (NYSE: MAT) acquired HIT Entertainment for $680 million. J.M. Smucker Co. (NYSE: SJM) is paying $350 million for the food service coffee and tea business of Sara Lee Corp. (NYSE: SLE). Today’s biggest deal has insurance company CIGNA Corp. (NYSE: CI) paying $3.8 billion for HealthSpring Inc. (NYSE: HS) as the insurance industry keeps on consolidating.
Here are today’s big post-earnings news reactions with prices during the last half-hour of trading: Caterpillar’s shares are up nearly 5%, at $91.66; Eaton Corp. (NYSE: ETN) up about 4.5%, at $44.12; Lorillard, Inc. (NYSE: LO) down less than -0.5%, at $115.16 after missing EPS estimates this morning; Metro Bancorp, Inc. (NASDAQ: METR) down nearly -8% after posting an EPS loss of -$0.41; Netflix Inc. (NASDAQ: NFLX) up more than 1.5% in anticipation of the company’s earnings release after the bell today; and Texas Instruments Inc. (NYSE: TXN) up more than 3.6% on expected earnings after today’s markets close.
Several other standouts from today are as follows…
Adolor Corp. (NASDAQ: ADLR) is up about 132%, at $4.49, on news of its acquisition by Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) for $190 million, or $4.25/share. Adolor’s 52-week trading range is $1.09-$4.53, and the high was set today, anticipating that the company will hit milestones in the acquisition offer that could add up to $35 million to the purchase price.
Sky-mobi Ltd. (NASDAQ: MOBI) is up 42%, at $5.55, on a strategic partnership with SINA Corp. (NASDAQ: SINA). Sky-mobi’s Maopao mobile social network will now be able to offer SINA’s Weibo.com microblog as a downloadable application.
Amtech Systems, Inc. (NASDAQ: ASYS) is up more than 23%, to $11.25. The company, which makes manufacturing equipment for solar makers, is getting boost from today’s rise in solar stocks.
SXC Health Solutions Corp. (NASDAQ: SXCI) is down more than -20%, at $44.98. HealthSpring, which is being acquired by CIGNA, is one of SXC’s biggest customers, accounting for about a third of the company’s sales.
Dataram Corp. (NASDAQ: DRAM) is off more than -10%, at $1.10. Spot prices for dynamic RAM continue to weaken, a trend that caused Micron Technology Inc. (NASDAQ: MU) results to tumble last quarter.