Stocks that are most likely to grab investors’ attention today are Red Hat, Inc. (NYSE:RHT), Pinnacle Entertainment, Inc (NYSE:PNK), Research In Motion Limited (NASDAQ:RIMM) (TSE:RIM), Halozyme Therapeutics, Inc. (NASDAQ:HALO), Micron Technology, Inc. (NASDAQ:MU) and Everest Re Group Ltd (NYSE:RE).
Red Hat, Inc. (NYSE:RHT): The software company posted better than expected third quarter revenues and earnings. It also announced the acquisition of the privately-held firm ManageIQ in a cash deal of $104 million. Shares gained 4.66 percent to $55.06 in early market trading.
Michael Mauboussin: Challenges and Opportunities in Active Management And Using BAIT #MICUS
Michael Mauboussin's notes from his presentation at the 2020 Morningstar Investment Conference, held on September 16th and 17th. Q2 2020 hedge fund letters, conferences and more Michael Mauboussin: Challenges and Opportunities in Active Management Michael Mauboussin is Head of Consilient Research at Counterpoint Global in New York. Previously, he was Director of Research BlueMountain Capital, Read More
Pinnacle Entertainment, Inc (NYSE:PNK): In an attempt to diversify its geographical reach, the company is acquiring Ameristar Casinos Inc. (NASDAQ:ASCA) for $869 million in cash. Pinnacle Entertainment, Inc (NYSE:PNK) offered $26.50 per Ameristar share, about 20 percent premium on its closing price Thursday. Pinnacle shares were up 12.66 percent to $15.04 in early trading.
Research In Motion Limited (USA) (NASDAQ:RIMM) (TSE:RIM): The beleaguered Blackberry maker swung back to the profit zone in the third quarter. This initially cheered investors, but shares began to plunge after CEO Thorsten Heins announced that the company will change its service-revenue model significantly in 2013. The service revenue fee generates one-third of Research In Motion Limited (NASDAQ:RIMM) (TSE:RIM)’s total revenues. The company’s subscriber base also declined slightly. Shares were down 17.39 percent in early trading to $11.65.
Halozyme Therapeutics Inc. (NASDAQ:HALO): The bio-therapeutics firm signed an agreement with to commercialize its medicines. The deal is valued at $500 million. Halozyme Therapeutics, Inc. (NASDAQ:HALO) shares surged 19.20 percent to $6.58 percent.
Micron Technology, Inc. (NASDAQ:MU): The chipmaker said manufacturing hiccups have added to the company’s long-time woes. The prices of memory chips are already declining. The company posted its sixth quarterly loss in a row. The companies in chip making industry are worried over falling prices and weaker demand of DRAM (dynamic random access memory). Shares plunged 8.25 percent to $6.25.
Everest Re Group Ltd (NYSE:RE): The insurer expects to be hammered at $220 million from Superstorm Sandy. The company said it reached these estimated figures based on the industry-wide loss of $20 billion to $25 billion due to the storm.