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.
MORE ON MSN MONEY
Copyright © 2013 Microsoft. All rights reserved.
The rollout of the new national health care plan has been far from perfect, but some sectors may get an Obamacare bump.
VIDEO ON MSN MONEY
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.