Unwired Planet Soars on News of Lenovo Patent Agreement

Unwired Planet Soars on News of Lenovo Patent Agreement

Today’s midday gainers are Unwired Planet Inc (NASDAQ:UPIP), LIN Media LLC (NYSE:LIN) and Dex Media Inc (NASDAQ:DXM). The midday losers are Symantec Corporation (NASDAQ:SYMC), Nimble Storage Inc (NYSE:NMBL) and PBF Energy Inc (NYSE:PBF).

Unwired Planet Surges

Today’s top gainer by a wide margin is Unwired Planet Inc (NASDAQ:UPIP), up +55.38%. It shocked markets with the announcement of an agreement to sell a portfolio of its patent to Chinese technology company Lenovo. This is great news for shareholder George Soros.

According To Jim Chanos, This Is The Biggest Story No One Is Talking About

Jim ChanosWhen a liquidity crisis struck China's Evergrande Group in the summer of 2021, it shook the global markets. Debt payments by China's second-largest property developer by sales were estimated in the hundreds of billions of dollars, and the company missed several payments. Those missed payments led to downgrades by international ratings agencies, but the Chinese Read More

Second is LIN Media LLC (NYSE:LIN), which surged +22.20%. The company is being acquired by Media General (NYSE:MEG) in a deal worth $1.6 billion. Leon Cooperman has a position in LIN, and Warren Buffett in MEG.

Taking the last spot on this Friday’s list of midday gainers is Dex Media Inc (NASDAQ:DXM), up 15.35%. The provider of social, local and mobile marketing solutions it is still on rise after last week’s results release. John Paulson currently owns assets of DXM.

CEO Changes Have Symantec Investors Nervous

Our top midday loser is virtual security provider Symantec Corporation (NASDAQ:SYMC), down -12.70%. The company’s top management has been rattled by a CEO switch-up. Tiger Global Management and Ray Dalio have allocations in Symantec.

Second is Nimble Storage Inc (NYSE:NMBL), which slipped -5.90%. Despite positive ratings from several analysts, Nimble can’t seem to catch a break and is down -9.49% YTD. This is also a Tiger Global pick.

Rounding out today’s list of losers is PBF Energy Inc (NYSE:PBF), its stock price having fallen -5.78% following today’s announcement of a secondary offering of 15 million shares. The petroleum products refiner and supplier is in Seth Klarman’s books.

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