Walker & Dunlop Jumps On Acquistion (WD, NTAP, PPO, SGEN, IMAX)
Walker & Dunlop, Inc. (NYSE:WD) soared 6.57% to $12 after the company agreed to acquire CWCapital LLC for $220 million, $80 million in cash and approximately $140 million in Walker & Dunlop stock, subject to potential adjustment based on changes in the Company’s stock price pending closing. Upon the transaction’s close, it is expected that CW Financial will become the Company’s largest shareholder.
NetApp Inc. (NASDAQ:NTAP) slid 2.36% to $30.57 as analyst at Barclays Capital downgraded the stock to “equal weight.” Barclays said its checks with storage buyers indicate significant interest for EMC’s Isilon product line, especially the new Isilon software upgrade this fall. “Macro and competitive pressures actually represent a larger percentage of NetApp’s guidance and expect downside to current consensus estimates,” analyst Ben Reitzes wrote in a note to clients. A sizeable amount of NetApp’s sales come from Europe, where a debt crisis has shaken confidence in the economy and policy-makers fear Greece could pull out of the euro zone.
Polypore International, Inc. (NYSE:PPO) jumped 2.23% to $35.33 as analyst at Needham says the company should benefit from increased Volt sales. The firm expects significantly higher electric vehicle adoption rates in the U.S. this year, and GM is already on track to sell more Volt electric vehicles in the first half than it did in all of last year. Needham reiterates a Strong Buy rating on the stock with a $62 price target.
Seattle Genetics, Inc. (NASDAQ:SGEN) soared over 6% to $23.78 after analyst at Needham lifted the price target on the stock by 25% to $25, citing positive data presented at ASCO regarding the company’s ongoing Adcetris clinical trials. Needham believes the company may succeed in adding re-treatment to the drug’s label later this year, and thinks it will fill an important role in future oncology procedures.
IMAX Corporation (USA)(NYSE:IMAX) surged about 4% as the company wants to add 400-450 screens in Europe, the Middle East, and Africa over time, according to Andrew Cripps – a top exec. The company also plans to start utilizing two screens at theaters, a move that could help it reach more foreign-speaking moviegoers.