Morning Session Movers (SINA. MCP, AVP, MSG, DELL)
SINA Corporation (USA) (NASDAQ:SINA) declined 3.16% to $2.95 in the opening session. The 52 week trading range for the company is $46.86 – $147.12. The company is currently trading at a volume of 169K shares. SINA is an online media company and MVAS provider in the People’s Republic of China (PRC) and the global Chinese communities.
Molycorp, Inc. (NYSE:MCP) is trading at $34.86, gaining 3% in the opening session after Bloomberg’s Real M&A column highlighted the stock as an attractive takeover target. The Moreover, the company’s recent deal to buy Neo Material Technologies will enhance Molycorp’s magnet-making ability and help protect investors from the wild price swings.
Avon Products, Inc. (NYSE:AVP) increased 20.04% to $23.24 afterAvon has received a non-binding proposal from Coty Inc. for $23.25 per share in cash in a mutually agreeable and negotiated transaction. The proposal, valued at approx. $10 billion, represents a premium of 27% over the three month volume-weighted average price for Avon shares.
The Madison Square Garden Co (NASDAQ:MSG) fell 0.50% to $34.03. The 52 week trading range for the company is $21.12 – $34.65. Needham & Company reiterated a ‘Buy’ on Madison Square Garden with a price target of $37.00. The company is a fully-integrated sports, entertainment and media business.
Dell Inc. (NASDAQ:DELL) gained 0.15% to $16.62 in the opening session. The company today said that it has agreed to acquire Wyse Technology. The transaction has been approved by the board of directors of both companies. However, the financial terms of the deal were not disclosed. The acquisition will bolster Dell’s desktop virtualization capabilities and expand its enterprise solutions portfolio. The deal is expected to close in the second quarter of Dell’s fiscal 2013.