Companies whose shares are expected to trade actively in today’s session are Sprint Nextel Corporation (NYSE:S), Life Technologies Corp. (NASDAQ:LIFE), Citigroup Inc (NYSE:C), QLT Inc. (NASDAQ:QLTI) (TSE:QLT) and Discovery Laboratories, Inc. (NASDAQ:DSCO).
Sprint Nextel Corporation (NYSE:S): The telecom operator has received an unsolicited offer of $25.5 billion from DISH Network Corp (NASDAQ:DISH) in an attempt to trash the merger of Sprint with Japanese telecom giant Softbank Corp (PINK:SFTBF) (TYO:9984). The offer values Sprint Nextel Corporation (NYSE:S) at $7 per share, a 13 percent premium to its closing price on Friday. Dish Network will pay $4.76 in cash and $2.24 in stock. Sprint shares surged 15.92 percent to $7.21 in the early session.
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Life Technologies Corp. (NASDAQ:LIFE): The laboratory equipment maker is finally being swallowed by Thermo Fisher Scientific Inc. (NYSE:TMO) for $13.6 billion. Analysts say that Life Technologies shares are highly undervalued. A few days ago, Life Technologies had also received a joint bid from private equity firms Carlyle Group LP (NASDAQ:CG), KKR & Co. L.P. (NYSE:KKR), The Blackstone Group L.P. (NYSE:BX) and Temasek Holdings. Shares surged 7.66 percent to $73.21 in early trading session.
Citigroup Inc (NYSE:C): The banking giant’s first quarter earnings soared 30 percent to $3.8 billion or $1.23 per share. The profits were more than three times higher than the last quarter’s as revenues from capital markets business improved. Earnings handily beat Wall Street estimates. Shares rose 2.52 percent to $45.92 in the early session.
QLT Inc. (NASDAQ:QLTI) (TSE:QLT): The Canadian biotechnology company’s board has approved a special cash distribution of $200 million to shareholders. That’s two times bigger than what analysts were expecting as the company reviewed various options to return money to shareholders. Shares were up 2.76 percent to $8.57 in the early trading session.
Discovery Laboratories, Inc. (NASDAQ:DSCO): The bio-therapeutics company said that the USFDA has provided recommendations and requested clarifications on the product specifications of its Surfaxin drug. Surfaxin is used to prevent respiratory distress syndrome. The company plans to respond within two months. Shares skidded 15.90 percent to $2.01 in early trading.