Stocks slumped again as global investors were spooked by a perceived lack of initiative from the Bank of Japan, which during Thursday’s Asian session, did exactly what it did not want to do: Send the yen soaring.
With the yen being one of this year’s preferred safe-haven destinations, stocks could not endure the storm even though oil climbed to its highest levels since early November. The S&P 500 lost nearly 1% while the Dow Jones Industrial Average and the Nasdaq Composite each lost more than 1%.
Obviously, it is Thursday, not Monday, but it felt like a “Merger Monday” today, and that explains why Dreamworks Animation Skg Inc (NASDAQ:DWA), St. Jude Medical, Inc. (NYSE:STJ) and Textura Corp (NYSE:TXTR) are three of today’s best stocks.
Dreamworks Animation Skg Inc
A day after soaring on rumors Comcast Corporation (NASDAQ:CMCSA) could be interested in acquiring the company, shares of Dreamworks surged 24% as cable giant Comcast made a formal offer for the maker of animated movies.
CMCSA said it will buy DWA for $3.55 billion. The deal values DWA at $41 a share, a 27% premium to where DWA closed yesterday.
The transaction is expected to close by year end. DWA CEO Jeffrey Katzenberg will leave the company, but serve as a consultant to CMCSA’s NBC Universal unit.
St. Jude Medical, Inc.
Shares of medical device maker St. Jude Medical climbed 25.6% on about 14 times the average daily volume after Abbott Laboratories (NYSE:ABT) said it will acquire STJ for $19.3 billion in cash and stock. STJ investors will receive $46.75 a share in cash and part of an ABT share for each STJ share they own.
ABT’s offer values STJ at $85 per share, a 37% premium to where the stock closed yesterday. The total deal value is $25 billion when factoring in STJ debt to be assumed by ABT. Boards of both ABT and STJ have approved the deal, which is expected to close in the fourth quarter.
Textura Corp, the cloud-computing firm, jumped 30.7% on volume that was more than 100 times the daily average after Oracle Corporation (NYSE:ORCL) said it will buy the company for $633 million. ORCL’s offer of $26 per share in cash represents a 30% premium for TXTR.
TXTR specializes in construction billing and invoices, serving “85,000 general and subcontractors processing $3.4 billion in payments a month,” according to Barron’s.
TXTR will become part of ORCL’s Primavera business.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.
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