LoopNet Inc. (LOOP) shares spiked 30 percent to $18.32 at the start of trading Thursday, the most intraday since June 2006, after the commercial real estate information provider agreed to be bought by CoStar Group Inc. (CSGP) for $16.50 a share in cash. CoStar said the offer values LoopNet at about $860 million. The deal represents a 31 percent premium over LoopNet’s closing Tuesday share price of $14.31. Volume has exploded with nearly 3 million shares already trading hands compared to a 3-month daily average volume of just 152,217. Day’s range: $17.97 – $18.55.
Motorola Solutions, Inc. (MSI) gained 7 percent to $47.64 in morning trade on the NYSE, the highest intraday PPS since February 2008. The supplier of wireless technology for corporate and govt customers reported first-quarter profit of 54 cents per share, beating the average analyst estimate of 32 cents a share. The Schaumburg, Illinois-based MSI said net income rose to $497 million versus $69 million y/y. Sales to governments, the co.’s largest business, rose 5 percent to $1.2 billion. Today’s trading range for shares of MSI has been between $44.51 and $47.64. Volume: 3.6 million vs daily average of 3.5 million.
Fortinet Inc. (FTNT) advanced as much as 16 percent this morning, to $48.47, the most since the co.’s initial public offering in November 2009. The hardware maker reported Q1 revenue of $93.3 million, an increase of 34% compared to the same period last year, exceeding average analyst estimate of $86.9 million. Fortinet earned $0.17 a share, up from $0.08 a share y/y. Analysts surveyed by Thomson Reuters (TRI) were looking for earnings of $0.14 a share. At last check, FTNT was up $6.01, or 14.40%, to $47.74. Volume: 2.4 million shares traded as of 11:36 p.m. EST vs 921,000 daily (3m) average.
Shares of Vital Images Inc. (VTAL) spiked 32 percent ($18.66) in early trading Thursday, the most in the R2K Index, after the maker of medical-imaging software agreed to be sold to its largest customer, Toshiba Medical Systems Corp., for $273 million in cash. Vital Images’ shareholders will receive $18.75 in cash for each share held. The deal is expected to close by the third quarter. Volume has exploded with 4.7 million VTAL shares already trading hands compared to a 3-month daily average volume of just 52,886.
Citrix Systems, Inc. (CTXS) advanced more than 7 percent to $84.91. The information tech services company reported strong Q1 earnings results. Fort Lauderdale-based Citrix said it earned $74 million, or 38 cents a share, in Q1 profit, up from $47 million, or 25 cents a share, y/y. Revenue jumped 18% to $491 million. The 16 billion market cap Citrix was the S&P 500’s top gainer.