Mid Day News Review (ZZ, SWK, ARNA, VRSN, MRK)
Sealy Corporation (NYSE:ZZ) is trading lower by over 1% after announcing that it acquired a non-controlling stake in Comfort Revolution in a move that will add to its portfolio of specialty mattress products. While shares of rivals in the sector were unwound by a dire FY12 warning from Tempur-Pedic, Sealy has held up relatively well.
Stanley Black & Decker, Inc. (NYSE:SWK) has placed its hardware and home-improvement unit up for sale, according to the WSJ. Due to the company’s disparate product lines, the sum of its parts is worth more than the company itself. Shares of SWK are down 1.10% to $62.83. Stanley Black & Decker Inc. is a diversified global provider of power and hand tools, mechanical access solutions (automatic doors, commercial and residential locking systems), electronic security and monitoring systems and products and services for various industrial applications.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) added 4.84% to $8.26 after as the FDA is expected to soon approve Arena’s weight loss drug lorcaserin, market players aren’t totally sure why shares are rocketing. One reason could be short covering, and another optimism that the FDA approval will come without the need for a risk-management plan.
Verisign, Inc. (NASDAQ:VRSN) added 1.44% to $40.88 after as applications pour in for domain names tied to new suffixes. The new suffixes could provide a boost to Verisign’s domain name registration business. Also, Verisign today is announcing its participation in a program that will create transliterations for .com and .net domain names based on non-Latin scripts such as Arabic, Indian, and Simplified Chinese.
Merck & Co., Inc. (NYSE:MRK) jumped 0.44% to $38.60 as the company’s potential blockbuster insomnia drug suvorexant performs well in two-late stage trials, helping patients fall asleep faster and stay in dreamland for longer than a placebo. Suvorexant is designed to minimize morning grogginess, although the major side effects were headaches and tiredness. Still, Merck intends to file for FDA approval this year.