Silicon Image, Inc. (NASDAQ:SIMG), Commscope Holding Company Inc (NASDAQ:COMM) and Radius Health Inc (NASDAQ:RDUS) reached midday with notable gains this Tuesday. Starting the day with losses are Microsoft, Packaging Corp Of America (NYSE:PKG) and E2open Inc (NASDAQ:EOPN).
Acquisition News Spurs Silicon Image Surge
Silicon Image surged +23.22% early in the day in the wake of news that connectivity chipmaker Lattice Semiconductor plans to acquire it. The deal is worth an estimated $600 million. Billionaire George Soros picked up a 1.4-million-share position in SIMG during the third quarter of 2014.
CommScope Holding Company reached midday up +14.99% – the result of reports yesterday that Swiss electronics company TE Connectivity Ltd. is nearing a deal to sell its network equipment unit to the company. George Soros has a stake in the firm, as does Leon Cooperman.
Microsoft Tumbles After Income Stumble
Microsoft plunged -9.27% this morning after announcing a decline in net income in Q4 as a result of the company’s decision to cut prices in its Windows and Xbox businesses. While the moves won’t produce results immediately, the expectation is that they will pay off in the long term. A number of Wall Street hedge fund magnates have positions in the tech giant, including Steve Mandel and Ray Dalio.
The share price of Packaging Corp. of America fell -8.49% this Tuesday after the company missed the mark with its earnings report. Ray Dalio’s Bridgewater Associates has a small 15,000-share stake in the containerboard producer, which is down about -4% year-to-date.