Gainers:
Hess Corp. (HES) is gaining more than 3 percent to $69.00. The company announced several initiatives, including intention to fully exit its downstream businesses, including retail, energy marketing, and energy trading. The company also stated that it plans to raise its dividend to $1 per share and repurchase shares worth up to $4 billion.
Yahoo! Inc. (YHOO) is up 1 percent to $22.20. The company announced on Friday that it is shutting down seven unsuccessful products in a move to sharpen its focus on its more important assets. Yahoo will be ending Yahoo app for BlackBerry devices, Yahoo App Search, Yahoo Clues, Yahoo Message Boards, Yahoo Updates API, Yahoo Clues and Yahoo Avatars.
Stratasys Ltd. (SSYS) is rising 11 percent to $71.75. The company's fourth quarter loss narrowed from the prior year period and non-GAAP profit rose 40 percent on a pro forma combined basis. The company forecast fiscal year 2013 non-GAAP earnings per share in-line with analysts' estimate and revenue above the consensus estimate.
Transocean Ltd. (RIG) is rising 3 percent to $53.80 following the release of its quarter results.
Ferro Corp. (FOE) is jumping 30 percent to $6.74. A. Schulman, Inc. (SHLM) has offered to acquire Ferro for $6.50 per share, representing an estimated total enterprise value of approximately $855 million including debt. Trading in shares of SHLM was halted.
Outdoor Channel Holdings, Inc. (OUTD) is up 14 percent to $8.60. Kroenke Sports & Entertainment LLC has offered to buy the company for $8.75 per share. Last November, Outdoor Channel has agreed to merge with InterMedia Outdoors Holdings.
Trading halt:
Trading in shares of Depomed, Inc. (DEPO) was halted. The FDA's Reproductive Health Drugs Advisory Committee is meeting this morning to discuss the company's NDA for SEFELSA, investigational, oral, twice daily formulation of gabapentin, to treat moderate to severe vasomotor symptoms due to menopause.
Trading in shares of TranS1, Inc. (TSON) was halted. The company has agreed to acquire privately-held medical device maker Baxano, Inc. The company also agreed to sell approximately 7.5 million shares of its common stock at $2.28 per share, which will result in net proceeds of approximately $17.2 million. The company also reported a wider loss in its fourth quarter and guided its first quarter revenues below Wall Street view.
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