U.S. Movers: GE, Men's Wearhouse, Sirius XM, T-Mobile, Twitter

Mukesh Buch
06 Jan, 2014
New York City

GE agreed to acquire some business from Thermo Fisher for $1.06 billion. Men''s Wearhouse raised offer for Jos. A. Bank Clothiers. T-Mobile agreed to buy spectrum licenses from Verizon for $2.4 billion. Twitter falls on comments.

[R]11:45 AM New York – GE agreed to acquire some business from Thermo Fisher for $1.06 billion. Men''s Wearhouse raised offer for Jos. A. Bank Clothiers. T-Mobile agreed to buy spectrum licenses from Verizon for $2.4 billion. Twitter falls on comments.[/R]

Bank of America Corp ((BAC)) rose 1.5% or 25 cents to $16.66 after the bank settled $17.3 million lawsuit linked to Countrywide Financial Inc. worth $17.3 million. Under the terms, a part of settlement fee of $6 million will be paid to the state agencies and balance will be used to compensate investors.

General Electric Company ((GE)) slid 6 cents to $27.43 after its healthcare unit agreed to acquire a gene modulation and magnetic beads business from Thermo Fisher Scientific for $1.06 billion. The deal is expected to close in the first quarter of 2014.

The Men''s Wearhouse, Inc ((MW)) jumped 2.5% or $1.27 to $51.86 after it raised its offer to about $1.61 billion or $57.50 per share from its prior offer of $55 per share, or $1.54 billion for Jos. A. Bank Clothiers and took the bid directly to rival’s shareholders.

In December, Jos. A. Bank rejected the previous offer of Men''s Wearhouse.

Sirius XM Holdings Inc ((SIRI)) soared 6.9% or 24 cents to $3.82 after the Liberty Media Corporation ((LMCA)) proposed a deal in a tax-free transaction and offered 0.0760 of a new share of Liberty Series C common stock.

T-Mobile US Inc ((TMUS)) increased 2% or 65 cents to $32.94 after the wireless carrier agreed to buy spectrum licenses from Verizon Wireless for about $2.4 billion in cash.

Twitter Inc ((TWTR)) plunged 7.4% or $5.10 to $63.90 after Morgan Stanley downgraded the social media network provider from “equal-weight” to “under-weight” with a price target of $33.

Zep, Inc ((ZEP)) gained 1.7% or 31 cents to $18.28 after the cleaning and maintenance chemicals provider said net sales in the first-quarter ending in November jumped 4.3% to $164.9 million.

Net income in the quarter was nearly flat at $3.1 million or 14 cents per diluted share compared to $3.5 million or 16 cents per share.