S&P 500
7,615.20
-0.09%
Dow Jones
51,320.00
-0.10%
Nasdaq 100
30,651.40
-0.21%
Russell 2000
2,928.58
-0.15%
FTSE 100
10,383.00
-0.05%
Nikkei 225
68,424.20
+1.37%

Investing

IT Staffing Services Acquisition Boosts On Assignment (ASGN, MAN, KELYA, RHI)

Photo of Paul Ausick
By Paul Ausick Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
Staffing agencies, both for temporary and permanent hires, have been having a pretty good year so far. Things got better today as On Assignment Inc. (NASDAQ: ASGN) announced the acquisition of privately held Apex Systems in a cash and stock deal worth more than $500 million, plus the assumption of $100 million in existing Apex debt.

The deal creates a company with a pro forma revenue of $1.3 billion, and On Assignment will become the second-largest IT staffing company in the US. On Assignment’s share price has risen more than 22% so far this year, not counting today’s spike. Competitor Robert Half has seen its share price rise about 7.4%, while Manpower Group (NYSE: MAN) is up nearly 30%, Kforce Inc. (NASDAQ: KFRC) is up about 19% and Kelly Services Inc. (NASDAQ: KELYA) is up nearly 14%. Lower unemployment, more job openings, and an overall improvement in the US economy have led to the higher share prices.

On Assignment’s shares are up about 28% today, at $17.50 after posting a new 52-week high of $18.25 earlier today. The stock’s 52-week range is $6.27-$18.25.

DISCLOSURE:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options  Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
Follow 24/7 Wall St. on Google
Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Douglas A. McIntyre |

Today’s Market Movers (STX, ERIC, MHS, SFN, PWAV)

We’re seeing some big moves in the just after opening this morning. Some is good news, and some is not.…

Jon C. Ogg |

Can This Many Tech Buyouts Take Place? Rumor Mill Overdrive (AKAM, LVLT, LLNW, AOL, EK, IDCC, MOTR, NFLX, NUAN, PTGI, RIMM, SNE, ERIC, YHOO)

You know the Wall Street rumor mill goes into overdrive from time to time.  This is not so much of…

Paul Ausick |

Dean Foods, General Electric Visit Monday’s 52-Week Low Club

General Electric, Dean Foods, MiMedx Group, and ARCA biopharma all posted new 52-week lows Monday.

Paul Ausick |

Expected Price Gains for Chip Maker Stocks (INTC, AMD, TXN, BRCM, MRVL, XLNX, AMAT, ARMH, NVDA, QCOM)

Nearly every forecast for PC sales indicates slower growth in desktop and laptop sales, waning sales of netbooks, and rising,…

Paul Ausick |

24/7 Wall St. Closing Bell (CHK, ENB, LULU, NTAP, QCOM, CSUN, DCI, GME, HP, SJM, SHLD, DLTR, ZOLL, ANGI, RMBS, VIAS, DQ)

Traders started off this morning on a bit of a selling spree, but for most of the morning the indexes…

CEO’s Electronic Arts Stake Shrinks by $2 Million
Trey Thoelcke |

CEO’s Electronic Arts Stake Shrinks by $2 Million

Why did Electronic Arts CEO Andrew Wilson reduce his stake in the company by 40%? Are there signs that the…

Short Interest in Solar Stocks Fell, but Was It Too Soon?
Paul Ausick |

Short Interest in Solar Stocks Fell, but Was It Too Soon?

Short interest moves among solar and alternative energy stocks mostly increased during the two-week reporting period that ended on December…

Paul Ausick |

24/7 Wall St. Closing Bell (AIXG, AZN, HON, HUM, PAA, ALU, FTEK, IRDM, XIDE, WMS, JRCC, PKT, RJET, OPXA, DYN, TRGT, MSSR, SZYM)

Equities started the day with a solid move up, but lost momentum after about half an hour. The downward move…

Are Short Sellers Picking Solar Energy Survivors?
Paul Ausick |

Are Short Sellers Picking Solar Energy Survivors?

Short interest moves among solar and alternative energy stocks were mixed during the two-week reporting period that ended on March…

Top Gaining Stocks

Hewlett Packard Enterprise
HPE • Vol: 153,197,465
Enphase Energy
ENPH • Vol: 8,360,053
Corning
GLW • Vol: 18,152,646
Alexandria Real Estate Equities
ARE • Vol: 4,337,015
Aptiv
APTV • Vol: 6,761,325

Top Losing Stocks

Trade Desk
TTD • Vol: 21,905,513
Intuit
INTU • Vol: 7,383,018
Coterra Energy
CTRA • Vol: 73,319,495
Cboe Global Markets
CBOE • Vol: 5,000,011
HP
HPQ • Vol: 29,259,826