Shares of Spreadtrum Communications Inc. (ADR) (NASDAQ: SPRD) catapulted about 12.90% by afternoon trade on Friday after the smartphone chip maker announced that it has agreed to be acquired by China’s Tsinghua Holdings Co for $1.78 billion. The offer price of $31 per ADS implies a premium of 17% over SPRD closing stock price on Thursday, which was $26.45. This was a sweetened offer from Tsinghua. Earlier in June, Tsinghua offered $28.50 per ADS.
Shares of RadioShack Corporation (NYSE: RSH) jumped about 8.75% by afternoon trade.
The beleaguered electronic goods retailer said on Thursday that it was considering hiring a financial adviser so as to bolster its balance sheet. The Company has failed to deliver a quarterly profit since 2012, as both margins and sales have been declining consistently. Moreover, its debts are maturing. The Company said that it wants to ensure that does not burn cash even as it looks to get rid of excessive stockpile of inventories. Speaking to Debtwire, a trade publication, RadioShack Corporation’s spokesman Kirk Brewer said, “Like many companies, we have discussions with investment banks to help us evaluate ways to further strengthen our balance sheet and manage it efficiently. That has been the sole focus of these discussions.” Earlier in February 2013, the Company appointed Joseph Magnacca as its new CEO. The Company since then implemented several conceptual experiments but to no avail.
Shares of Five Below Inc. (NASDAQ:FIVE) climbed about 2.70 by afternoon trade.
Credit Suisse reaffirmed its “neutral;” rating on the retailer’s stock on Friday. The Brokerage firm also raised its price target on the stock to $43.00 from $37.00. Credit Suisse said that the Company has been posting impressive quarterly results due to its ability to pick right merchandises for its stores. (Five Below has posted positive results in last 28 successive quarters).
“We view merchandising and assortment planning as core to FIVE’s success and part of its competitive advantage over potential rivals, with comp levels well above the typical dollar store,” said Credit Suisse in its research report.
Shares of WebMD Health Corp. (NASDAQ: WBMD) skyrocketed 25.80% by afternoon trade after the health information services provider raised its full year revenue forecast, citing stronger demand for advertising and sponsorship services. The Company also handed better-than-expected fiscal second quarter revenue guidance. For the full fiscal year, the Company expects revenue to be in the range of $485 million to $505 million while analysts’ consensus estimate was for $476.4 million.
Shares of Quality Systems Inc. (NASDAQ: QSII) soared about 9.30% by afternoon trade. analysts at Robert Baird upgraded the stock to “outperform” from “neutral” and set a price target of $26, which implies about 20% upside potential from its current valuation.
Shares of Valero Energy Corporation (NYSE: VLO) edged up about 2.40% by afternoon trade. Downbeat earnings forecast didn’t seem to have bothered investors. Valero expects second quarter profit to be in the range of 91 cents to $1.01 per share, excluding certain items, while analysts’ expectation was for $1.27 a share. . The refiner attributed several factors for the gloomy forecast. The Company said fewer discounts for heavy sour crude oil, and increase in natural gas costs will impact its bottom line.
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