Despite Doha disappointment and a tepid reaction to news of Brazil’s president moving closer to impeachment, U.S. stocks mustered an impressive start to the week with the S&P 500 adding 0.65%. The Dow Jones Industrial Average rose 0.6% while the Nasdaq Composite finished higher by 0.44%.
Overall, it was a solid showing for U.S. stocks, especially when considering the plunge seen in S&P 500 futures overnight following the Doha meeting and some less-than-impressive homebuilders data out earlier Monday.
What should have been a trying day for stocks turned into a banner day for BofI Holding, Inc. (NASDAQ:BOFI), Cvent Inc (NYSE:CVT) and Dow component Walt Disney Co (NYSE:DIS).
BofI Holding, Inc. (BOFI)
Shares of BofI Holding, the parent company of BofI Federal Bank, surged 7% on more than double the daily average after the company issued a statement regarding the recent volatility in BOFI shares.
Even with today’s gain, BOFI is down more than 15% in just the past five trading sessions.
BOFI “continues to be the target of anonymous short-seller hit pieces designed to manipulate the market in a veiled effort to benefit themselves at the expense of BofI’s shareholders. Upon a closer examination, these anonymous pieces are based on speculation, innuendo, and outright misrepresentations,” according to a statement issued by the California-based company.
BOFI says a recent “hit piece” on the company dredges up an old lawsuit against the company that has recently been amended. The company says the amended suit is “is riddled with numerous and material factual inaccuracies.”
Cvent Inc (CVT)
Software maker Cvent soared 65.4% on more than 75 times the average daily volume after the company said it has agreed to be taken private by private equity firm Vista Equity Partners for $1.65 billion in cash. CVT will have to pay a breakup fee of $45.3 million if the deal does not work out.
CVT expects the deal to close next quarter. Vista Equity’s offer values CVT at $36 per share.
Walt Disney Co (DIS)
Walt Disney climbed 2.9% after Pivotal Research upgraded the stock to “buy” from “hold” with a $121 price target, implying significant upside from Monday’s closing price.
“The Jungle Book,” released by DIS, hauled in $103.6 million at the box office over the weekend.
“We can point to investors already pricing in many concerns (such as the potential impact of cord-shaving on ESPN) but can also identify many reasons for optimism, such as the opening of Shanghai Disney Resort in June as well as the company’s upcoming film slate,” according to part of Pivotal’s note on DIS posted by CNBC.
DIS is a member of the Dow Jones Industrial Average.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.
