Mid Day News Recap (EGLE, LNDC, ARNA, NEI, BBY)
Eagle Bulk Shipping Inc (NASDAQ:EGLE) jumped up 13.52% to $3.19. The Company has been given another week to resolve a dispute over restrictive covenants linked to credit facilities backed by the Royal Bank of Scotland. The Company is working towards a resolution with lenders under a broader attempt to restructure debt analysts note.
Landec Corporation (NASDAQ:LNDC) increased 5.56% to $7.97. So far this year, the stock is up over 44%. The 52-week range for the stock is $4.85 and $8.19.The stock recorded a new 52-week high of $8.19. The median Wall Street price target on the stock is $9.50 and the high target is set at $10.0 with majority of analysts have a strong buy rating on the company’s stock. The stock has the 50- Day Moving Average and 200-Day Moving Average prices of $6.92 and $6.37 respectively.
Arena Pharmaceuticals Inc (NASDAQ:ARNA) moved up 9.28% to $10.25. The stock is up due to an expected decision on its new diet-drug lorcaserin by U.S. regulators. The Food and Drug Administration is slated to decide on whether to approve the product by June 27,2012.
Network Engines Inc (NASDAQ:NEI) among the gainers and the stock went up 81.68% to $1.42. UNICOM Systems Inc will acquire Network Engines Inc for $1.45 per common share in cash. The deal value is approximately $63.2 million. The Boards of Directors of both NEI and UNICOM have unanimously approved the transaction. The transaction is currently expected to close within September 30, 2012.
Best Buy Co Inc (NYSE:BBY) soared 3.33% to $20.46. mindSHIFT, a subsidiary of Best Buy has acquired White Glove Technologies. White Glove Technologies is one of the leading managed services providers in Texas and an MSPmentor 100 company. This purchase reflects Best Buy’s strong commitment to the MSP and cloud services markets, two critical areas that could help the struggling big box retailer to reinvent its business.