Gainers:
Flow International Corp. (FLOW) is up 3 percent to $4.15 based on the news that it has initiated a process to evaluate strategic alternatives, including potential sale of the company. The company forecast fourth quarter revenue below Street view and also announced certain steps to reduce operating expenses.
Elan Corporation, plc (ELN) is rising 5 percent to $4.15 following the news that Royalty Pharma raised its offer for the company to $13.00 in cash per share plus a contingent value right worth between zero and $2.50 per Elan share.
Decliners:
TiVo Inc. (TIVO) is falling 18 percent to $11.25. The company announced that it has settled its pending patent litigation with Motorola, Cisco (CSCO) and Time Warner Cable (TWC). TiVo has agreed to enter into certain patent licensing arrangements with Arris, Cisco, and Google. As part of the settlement, Google and Cisco will pay TiVo an upfront lump-sum payment of $490 million.
Equinix, Inc. (EQIX) and Lamar Advertising Co. (LAMR), which are planning conversion of REIT status, are down 8 percent to $186.50 and down over 8 percent to $41.66, respectively based on the news that the U.S. Internal Revenue Service has decided to study the current legal standards it uses to define "real estate" for purposes of the REIT provisions of the U.S. Internal Revenue Code of 1986, as amended.
Quiksilver Inc. (ZQK) is down 12 percent to $6.73 following the release of its quarterly results.
For comments and feedback: editorial@rttnews.com