Shares of SolarCity Corp. (NASDAQ: SCTY) soared about 30% by afternoon trade. Shares of The San Mateo, California-based Company, which made its IPO back in December, have jumped almost four times so far. The Company is slated to report its quarterly results after the closing bell but investors are already excited about its future projects. Lately, the Company announced completion of two projects in Sacramento. The Company also said that installations of solar panels on about 6,500 homes in Marine and Navy bases in Hawaii are under way.
Shares of Canadian Solar Inc. (NASDAQ: CSIQ) soared about 12% by afternoon trade after the European Union said that it will impose heavy import duties on solar panels that are imported by China. The move seeks to prevent dumping of cheap Chinese solar panels in Europe. Meanwhile, Beijing has reacted cautiously to EU’s decision, calling for further dialogue.
Shares of Perion Network Ltd. (NASDAQ:PERI) surged after digital media Company reported better-than-expected fiscal first quarter results and said that it will probably meet or top its 2013 earnings guidance. The results were boosted by Company’s latest Incredimail unified messaging application used in Apple’s iPad.
Theravance Inc. (NASDAQ: THRX) skyrocketed about 15% by afternoon trade after Irish pharmaceutical Company Elan Corporation Plc (ADR) (NYSE: ELN) said on Monday that it will pay Thervance $1 billion in order to receive royalties on four respiratory treatments developed Theravance in partnership with U.K’s GlaxoSmithKline Plc (ADR) (NYSE: GSK). The deal is likely to close by the end of June, subject to an approval from the shareholders of Elan.
Shares of Pharmacyclics Inc. (NASDAQ: PCYC) rallied about 9% by afternoon trade after analysts at RBC Capital upgraded the stock with “outperform” rating on Monday. Earlier on May 7, analysts at Goldman Sachs initiated coverage on the stock with “neutral” rating. On April 22nd, analysts at Roth Capital boosted their price target on the stock to $103.00 from $93.00 with a “buy” rating. However, on May 8th analysts at Zacks downgraded the stock to “neutral” rating and set a price target of $95.00.
At present, nine equity research firms keep a “hold” rating while nine firms maintain a “buy” rating on the stock. On average, the stock has a “buy” rating and price target of $96.36.
Shares of CFS Bank Corp Inc. (NASDAQ: CITZ) leaped about 9.50% by afternoon trade after First Merchants Corp announced that it has agreed to purchase CFS Bank Corp in an all-stock deal estimated at $115 million. The deal would allow First Merchants Corp to become the second largest financial holding firm in Indiana. According to the terms of the deal, CFS shareholders will be offered 0.65 shares of First Merchants for each share held in CFS Bank Corp, which implies a share price of about $10.49 and a premium of 14% over the closing stock price on Friday.
Shares of Yum! Brands Inc. (NYSE: YUM) fell about 2% by afternoon trade after the owner of Pizza Hut and KKC brands said that same-store-sales in China plunged 29% in April.
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