NEW YORK (CNNfn) - Corporate buyout news sent several companies' shares soaring Monday as high-flying stocks strongly outpaced losing ones.
In one of the early session's biggest gains, reports of a generous takeover bid pushed shares of OmniQuip International Inc. (OMQP) higher.
Textron Inc (TXT), the diverse manufacturer, said Monday it is buying the Port Washington, Wis.-based machinery maker for $477 million cash. Textron will pay $21 for each OmniQuip share, a hefty premium over Friday's 13-1/8 closing price.
OmniQuip stock soared on the news, climbing 7-1/2, or 57 percent, to 20-5/8.
Similarly, shares of Forte Software Inc. (FRTE) catapulted after Sun Microsystems (SUNW) said Monday it is buying the business software maker for $540 million in stock.
Stock of Oakland, Calif.-based Forte climbed 3-11/16, or 22 percent, to 20-11/16.
Finally, a transaction sent stock in Transaction Network Services Inc. (TNI) surging. PSINet (PSIX), an Internet service provider, said Monday it is buying the Reston, Va.-based company, which processes sales over the Web, for $720 million.
Stock of Transaction Network Services rose 10-3/8, or 30 percent, to 44-5/8.
And showing that proximity to Microsoft can bring riches, stock in Stamps.com (STMP) rose after the online stamp retailer said its services will be offered through one of Microsoft's Web sites.
Shares of Santa Monica, Calif.-based Stamps.com gained 5-3/16, or 17 percent, to 35-13/16.
In one of the few prominent stock slides Monday, shares of Carolina Power & Light Co. (CPL) fell after the company said it will buy fellow utility Florida Progress Corp. (FPC) for cash and stock worth $5.3 billion.
Shares in the Raleigh, N.C.-based utility dropped 2-15/16, or 8 percent, to 36-1/16.
Stock in MyPoints.com Inc. (MYPT), the Internet direct marketer, rose handsomely in the company's second day of trading.
Shares of San Francisco-based MyPoints jumped 3-15/16, or 36 percent, to 14-15/16.
|
