Midday movers: Amerigroup, FX Alliance, Luminex
Stocks head lower as investors remain cautious after a disappointing jobs report Friday and news of higher bond yields in both Spain and Italy.
Amerigroup (AGP) shares rose 38% to $88.80 in morning trading on news it will be acquired by WellPoint (WLP) for $92 per share, or about $4.9 billion. Shares of the acquirer WellPoint rose as well, adding $1.88, or about 3%.
In other M&A news, Campbell Soup (CPB) announced plans to acquire Bolthouse Farms, a maker of super-premium refrigerated beverages, from a private equity firm for $1.55 billion in cash.
Among the notable gainers were FX Alliance (FX), up 40%, on news it will be acquired by Thomson Reuters (TRI) for $22 per share, and Centene (CNC), up almost 21%, WellCare (WCG), up about 20%, and Molina Healthcare (MOH), up over 15%, as all three rallied on read-through from Amerigroup being acquired for a 43% premium.
Among the noteworthy losers were Bridgepoint Education (BPI), down 22%, following its Ashford University getting denied accreditation by a regional accrediting commission, and Luminex (LMNX), down over 14%, after agreeing to acquire privately-held GenturaDx in a deal it expects to be dilutive in 2012.
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The S&P 500 manages to keep a deathgrip on 2,000, but key areas of the market are already buckling under pressure.
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