Best Buy Co., Inc. (BBY: Quote) is surging 27 percent to $22.44. Richard Schulze, founder and former Chairman of the company, has submitted a written proposal to acquire outstanding shares for $24.00 to $26.00 per share in cash.
Cognizant Technology Solutions Corp. (CTSH: Quote) is rising 7 percent to $62.20. The company's second quarter profit surged from the same period last year. Revenues improved 20.9 percent and were in-line with Wall Street view. While the company raised its earnings outlook for 2012, it maintained its revenue forecast.
AES Corp. (AES: Quote) is gaining nearly 5 percent to $12.83. The company's second quarter profit and revenues declined from the year-ago quarter. However, the company reaffirmed its full year 2012 forecast for adjusted earnings per share and cash flow and also declared its first quarterly cash dividend since 1993.
Sohu.com Inc. (SOHU: Quote) is rising 4 percent to $36.20. The company's second quarter profit plunged from the year-ago quarter. Revenue from online games improved 35 percent, while wireless revenue climbed 34 percent.
Changyou.com Ltd. (CYOU: Quote), Sohu's online game subsidiary, is surging 21 percent to $23.55. The company's second quarter profit and revenue increased from the prior year period.
Tyson Foods, Inc. (TSN: Quote) is down 2 percent to $15.06. The company's third quarter profit plunged from the year-ago period. The company's sales missed the consensus estimate despite increasing year-over-year. The company also lowered its fiscal 2012 sales guidance citing weak domestic protein demand.
Trading in shares of Knight Capital Group Inc. (KCG: Quote) was halted. The company disclosed that it has entered into an agreement for the sale of aggregate $400 million of 2% convertible preferred stock, in an effort to survive the huge trading loss it incurred on erroneous trades. The Preferred Stock will be convertible into approximately 267 million shares of common stock of the company.
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by RTT Staff Writer
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