Marvel, Exponent, Satyam, E*Trade Surge

123jump.com Staff
31 Aug, 2009
New York City

Marvel Entertainment surged after Disney offered $50 a share buyout. BJ services gained more than 7% after Baker Hughes agreed to acquire the company for $5.5 billion. E*Trade increased after Citadel canceled its plan to sell shares.

[R]1:00 PM New York – Marvel Entertainment surged after Disney offered $50 a share buyout. BJ services gained more than 7% after Baker Hughes agreed to acquire the company for $5.5 billion. E*Trade increased after Citadel canceled its plan to sell shares.[/R]

Of the stocks in S&P 500 index, 52 increased, 446 declined and 2 were unchanged.

American International Group, Inc led the decliners in the S&P 500 index with a loss of 9.1% followed by losses in Baker Hughes Incorporated of 7.4%, in Citigroup Inc of 5.9%, in MBIA Inc of 5.5% and in Gannett Co., Inc of 4.9%.

BJ Services Company led gainers in the S&P 500 index with a rise of 7.7% followed by gains in GameStop Corp 2.1%, in Harley-Davidson, Inc of 1.8% and in Walgreen Company of 1.6%.

Other Movers

American International Group, Inc ((AIG)) lost 8.1% or $4.09 to $46.14 after surging more than 50% in the last three days of trading.

Baker Hughes Incorporated ((BHI)) the oilfield services industry slipped 6.8% or $2.62 to $35.47after it agreed to acquire BJ Services for $5.5 billion. The BJ Services shareholders will receive 0.40035 share of Baker Hughes stock and $2.69 in cash per share. The offer was priced at 16.3% premium to Friday’s closing price.

Upon the completion of the merger, BJ Services shareholders will control 27.5% of Baker Hughes’ outstanding shares.

BJ Services Company ((BJS)) surged 7.1% or $1.11 to $16.54.

China Mass Media Corp ((CMM)) added 2.9% or 15 cents to $5.19 after the television advertising company in China said second quarter revenues rose 13.7% to Rmb 77.4 million from Rmb 68.1 million a year ago. Net income for the quarter fell 95.4% to Rmb 0.4 million or Rmb 0.02 per diluted share compared to net income of Rmb 8.70 million or Rmb 0.63 per share a year ago.

E*Trade Financial Group ((ETFC)) surged 9.8% to $1.80 after Citadel Inc, its largest shareholder cancelled the plan to sell 120 million shares according to a statement issued by Citadel.

Exponent Inc ((EXPO)) increased 12.7% to $28.64 after the company was selected to replace Kirby Corp in S&P 600 Small Cap index. Kirby ((KEX)) edged lower 2 cents to $36.65.

GameStop Corp ((GME)) rose 2.5% or 62 cents to $24.07.

KKR Financial Holdings LLC ((KFN)) advanced 12.9% or 42 cents to $3.67 after the debt-investment affiliate of buyout firm was upgraded from “market outperform” to “market perform” at JMP Securities. The analyst at the company cited improved credit market and better liquidity position of the company.[/R]

Marvel Entertainment, Inc ((MVL)) surged 26.0% or $10.07 to $48.72 after the character based entertainment company agreed to be acquired by the Walt Disney in stock and cash transaction. Disney will offer per Marvel share $30 a share cash and 0.745 of its stocks in a deal that values the company at $4 billion or $50 a share.

MBIA Inc ((MBI)) rallied 7.3% or 48 cents to $6.95.

Pacer International, Inc ((PACR)) surged 9.3% or 38 cents to $4.44 after the provider of trucking, freight and transportation logistics services said enters into amended and restated credit agreement.

Rackspace Hosting, Inc ((RAX)) decreased 7.5% to $12.71 and the company recently hosted conference call at investors gathering of JMP Securities.

Satyam Computer Services Ltd ((SAY)) increased 12.8% to $6.18 and Syntel, Inc ((SYNT)) decreased 1.1% to $39.96. Other India based software services provider decreased after market indexes in Mumbai declined. Infosys ((INFY)) and Cognizant Technology ((CTSH)) fell more than 1.5%.

Tessera Technologies, Inc ((TSRA)) the designer of packaging for computer chips fell 1.0% or 22 cents to $24.84.

Valero Energy Corp ((VLO)) decreased 2.2% to $18.57 and Tesoro Corp ((TSO)) declined 2.1% to $13.90 after crude oil prices and gasoline futures fell more than 3%.