Hospira Inc. (HSP) is a big mover this session with its shares spiking 36% on the day. The move comes on a massive volume too with the issue trading 29 million shares compared to the average volume of 1.01 million shares. Pfizer Inc. (PFE) announced its plans to acquire Hospira for $90 per share, which represents a 39% premium to Hospira’s Wednesday closing PPS of $64.80. The companies put the transaction’s value at about $17 billion including debt.
Hospira’s shares rose about 23 points in early trading on the NYSE.
Microchip Technology Inc (MCHP) gained nearly 3% in early trading today. About 7.3 million shares of Sunnyvale, Calif.-based manufacturer of semiconductor product were traded as of 11:30 a.m. est, compared to the normal trading volume of 1.78 million shares a day. The company yesterday announced its intention to offer $1 billion aggregate principal amount of convertible senior subordinated notes due 2025.
Shares of MCHP are currently trading up $1.36 to $47.69.
Stein Mart Inc. (SMRT) is trading at unusually high volume Thursday with 860K shares changing hands. It is currently at 8x its average daily volume and trading up 12% at $15.91. Stein Mart announced a $5.00 per share special dividend and a $275 million credit facility.
SMRT climbed 12.11% to $15.91.
Tableau Software, Inc. (DATA) shares are up 17% in late morning trading. The move comes on a big volume too with the issue currently trading more than 3.2 million shares, well above the average of 858K for a full session over the past month. The company reported at Wednesday’s market close a blowout 4Q and sales guidance.
Shares traded recently at $99.37, up 18 percent.
Michael Kors Holdings (KORS) shares tumbled 3.40% to $69.03 in early trade Thursday after the company reported mixed Q3, light Q4 guidance. The volume of KORS traded as of 12:13 p.m. est was 10.6 million shares, 3X higher than normal.
Michael Kors Holdings Limited shares are currently priced at 18.18x this year’s forecasted earnings compared to the industry’s 24.54x earnings multiple. Ticker has a PEG and forward P/E ratio of 0.86 and 14.26, respectively. Price/Sales for the same period is 3.74 while EPS is $3.80.
Shares are down 20.61% year-over-year, and down 4.95% year-to-date.