Midday movers: Perrigo, Saks, Synta

Stocks are lower in a session highlighted by mergers and acquisitions headlines.

By MSN Money Partner Jul 29, 2013 1:44PM
copyright SuperStock, CorbislogoInformation provided by Theflyonthewall.com

Advertising giants Publicis (PUBGY) and Omnicom (OMC) agreed to merge to form a company that will have a combined equity market capitalization of over $35B based on recent stock prices. Omnicom and Publicis shares trading in New York were both higher initially but gave up all of their gains by midday.

Other advertising firms, however, advanced following the deal, notably Interpublic Group (IPG), which rose nearly 5% near noon.

Perrigo (PRGO) agreed to buy Elan (ELN) for $8.6B in cash and stock. Following the announcement, Elan shares rose about 4%, while Perrigo slid over 6%.

Saks (SKS) agreed to sell itself to Canada's Hudson’s Bay, the parent company of Lord & Taylor, for $16 per share in cash in a deal valued at $2.9B, including debt. Saks, which may still seek another buyer for 40 days, advanced 3.5% to trade near $15.85.

Amazon (AMZN) said it plans to add 5,000 full-time jobs at its fulfillment centers, which is roughly a 25% increase in its warehouse staff. 

Among the notable gainers were 3D printer 3D Systems (DDD), which rose almost 6%, and Stratasys (SSYS), which gained over 3%, after research firm Brean Capital initiated coverage of both with "buy" ratings and a Piper analyst said both experienced stronger than expected demand last quarter. 

Also higher were shares of Synta Pharmaceuticals (SNTA), which surged 45% after reporting that results from the ENCHANT-1 clinical trial support transition to the next stage of the study. 

Among the noteworthy losers were Francesca's (FRAN), which slid more than 5% after being downgraded to "neutral" at Wedbush, and RF Micro Devices (RFMD), which fell about 4% after Barclays downgraded the stock to "equal weight."
0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

129
129 rated 1
281
281 rated 2
444
444 rated 3
732
732 rated 4
629
629 rated 5
623
623 rated 6
610
610 rated 7
440
440 rated 8
303
303 rated 9
126
126 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
BBBYBED BATH & BEYOND INC10
TWXTIME WARNER Inc10
COPCONOCOPHILLIPS9
HDHOME DEPOT Inc9
VZVERIZON COMMUNICATIONS9
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.