LONDON, February 21, 2013 /PRNewswire/ --
NetSpend Holdings, Inc., the alternative financial service
solutions company, was the biggest gainer in the Nasdaq yesterday.
The stock gained $3.52 to
$15.81 after global financial
services provider Total System Services Inc. (TSS) announced its
pact to acquire leading prepaid debit card provider NetSpend
Holdings Inc. (NTSP) for $1.4
billion. The deal is scheduled to culminate by mid-2013,
once the regulatory compliances are fulfilled.
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Herbalife Ltd. (NYSE: HLF) - Shares of HLF declined sharply on
Wednesday, making the stock the one of the biggest losers on the
NYSE. The stock closed down 4.93% following it's earnings report
that topped analysts' estimates and raised its earnings forecast
for this year as sales rose in Asia. Net income increased 12 percent to
$117.9 million, or $1.05 a share, from $105.4
million, or 86 cents, a year
earlier, the Cayman Islands-based
company said yesterday in a statement. Analysts projected profit of
$1.03 a share, the average of seven
estimates compiled by Bloomberg. Herbalife is fighting accusations
from Bill Ackman, founder of
New York hedge fund Pershing
Square Capital Management LP, who accuses the company of using
inflated pricing, misleading sales information and a complicated
incentive structure to hide a pyramid scheme. The company has
repeatedly denied these allegations, saying it is retail-oriented
and sells products with unique ingredients.
Millennial Media, Inc. (NYSE: MM) - MM hit a new 52-week low on
Wednesday at $8.78 a share. The stock
closed with a decline of 37.54% at $8.95. This decline was due to a
disappointing Q4 financial report by the mobile advertising
solutions provider. Adding to the pressure, Morgan Stanley
analyst Jordan Monahan cut his
rating on the stock today to Equal Weight from Overweight,
asserting that competition in the mobile ad space has emerged
sooner than previously expected. MM traded 16,677,196 shares on
Wednesday, significantly higher than the stock's average of 829,251
shares.
Office Depot, Inc. (NYSE: ODP) - ODP shares closed off 16.73% at
$4.18 per share on Wednesday on
volume of 129,803,834 shares traded. The company has agreed
to combine with rival OfficeMax Inc. (NYSE: OMX) in an all-stock
deal worth about $1.2 billion that
would transform the office-supply retail sector by helping the No.
2 and No. 3 chains compete against industry behemoth Staples.
The transaction is expected to close by the end of 2013,
subject to shareholder and regulatory approval. "This
combination will create a stronger, more global, efficient
competitor able to meet the growing challenges of our rapidly
changing industry," said OfficeMax CEO Ravi
Saligram in a call with analysts.
Staples, Inc. (NASDAQ: SPLS) - SPLS saw it's shares decline
7.17% to close Wednesday at $13.60.
The office supply retailer saw it's share tumble as of it's
top rivals merging & erased nearly all of the stocks' Tuesday
gains. Nomura analyst Aram
Rubinson stated Staples would eventually be a winner as the
company stands to pick up sales from store closings and it would
also stand to benefit from contract sales that "shake out" from the
merger. While the terms of the deal weren't known at the time
of his report, Rubinson said the potential benefit to Staples would
be similar regardless of the structure and price paid.
Bank of America Corporation. (NYSE: BAC) - Bank of America Corp
was yet another loser on the NYSE yesterday closing down 3.20%. The
stock reached a high of $12.29
earlier in the trading day before following the overall market
indices lower. Trading volume was unusually high with over 2.7
million shares traded. Plug Power Inc. engages in the design,
development, commercialization, and manufacture of fuel cell
systems for the industrial off-road markets worldwide. One month
ago shares of plug were trading at more than double its current
price at $0.59. On Tuesday the
company disclosed Chief Executive Brian
Moynihan's pay increased 73 percent in 2012 from the
previous year to $12.1 million, as
the bank gave him a bigger package of stock awards. The
second-largest U.S. bank gave Moynihan a raise when other CEOs on
Wall Street received a pay cut, after Bank of America's stock
soared in 2012 and it made progress in resolving lawsuits from the
financial crisis.
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