Midday movers: Hertz, Best Buy, Universal Display

Stocks are slightly higher, with Apple's big patent win over Samsung helping to support the Nasdaq.

By MSN Money Partner Aug 27, 2012 1:13PM
Image: Wall Street sign (© Corbis/SuperStock)Information provided by Theflyonthewall.com

Apple (AAPL) shares advanced 2% to over $677 after a jury awarded the company $1.05 billion in damages after determining that rival Samsung (SSNLF) infringed on six of its patents. 

Shares of Microsoft (MSFT) and Nokia (NOK) also gained after the ruling and Google's (GOOG) stock slid as investors bet on the wide array of expected winners and losers on the fall-out from the landmark patent case.

Hertz Global (HTZ) and Dollar Thrifty (DTG) came to a final agreement for their discussed merger, with Hertz set to buy Dollar Thrifty for $87.50 per share in cash. The deal was applauded by shareholders of both, with Hertz rising about 11% to $14.58 and Dollar Thrifty gaining over 7% to $87.

Among the other notable gainers Monday were a number of other companies involved in buyouts and mergers: Kenexa (KNXA) surged 41% to $45.83 after agreeing to be acquired by IBM (IBM) for $46 per share in cash and Hudson City Bancorp (HCBK) rose 16% to $7.48 following its agreement to merge with M&T Bank (MTB). 

Also higher were shares of Best Buy (BBY), up over 5%, after the company's board agreed to a deal permitting founder Richard Schulze to conduct due diligence as part of his offer to take the company private. 

Among the noteworthy losers was Universal Display (PANL), down nearly 7% near noon following the Apple/Samsung patent ruling, though Universal was defended at Goldman Sachs and Cowen. Also lower were shares Deltek (PROJ), down about 8% to $12.93, after the company agreed to be acquired by Thoma Bravo for $1.1 billion, or $13 per share in cash.

(Microsoft owns and publishes Top Stocks, an MSN Money site.)
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