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Markets started the week with a bang and all the major indices traded in the green territory. While ‘Fiscal Cliff’ is fast becoming the buzz word and Greek woes seem to stay here for quite some time, there seems to be some good news for the US as the country is likely to overtake Saudi Arabia to become the top oil producing country by 2020. However, the stocks did not take long to get in the sell off frenzy, causing the market to dip. In the down ticking market today, there are some news on the corporate level as well. So, let’s have a look at the top movers and shakers of the day:
Jefferies Group Inc. (NYSE:JEF): Jefferies Group is being bought by Leucadia National in an all stock deal. The news has sent the stock soaring and it is currently trading at $15.96, up 11.91 percent from its previous close of $14.27. The stock is trading at the Price Earnings ratio of 14.30. The deal is likely to be worth about $2.6 billion and Jefferies Group will form the biggest unit for Leucadia. Jefferies Group CEO and Chairman Richard Handler will take over as the CEO of Leucadia. Jefferies stock has traded in the range of $9.50 and $19.82 in the past 52 weeks and under this deal, the shareholders will receive 0.81 of a share Leucadia for every share of Jefferies held by them. While the deal has already been approved by both the companies’ boards, it needs to be approved by the companies’ shareholders. Leucadia is currently a diversified conglomerate and has interests in various industries including oil and manufacturing. Jefferies, on the other hand, will remain an investment bank after the deal. Leucadia stock is currently trading 4.75 percent down at $20.78.
Gilead Sciences Inc. (NASDAQ:GILD): There is some good news for this pharma company as it received the study results for its Hepatitis C combo. Its experimental therapies cleared the virus in all the patients included in the trial. The stock jumped to its all time high on the news and is currently trading at $72.63, up 11.71 percent from its previous close of $65.01. The stock had opened at $72.21 and has traded in the range of $71.74 and $73.25 in the current trading session. Gilead Sciences stock commands the Price Earnings ratio of 22.66. With this development, the company scored a point against its competitors vying to capture Hepatitis C market. The news caused cuts in estimates for its competing companies like Vertex Pharmaceuticals. Gilead was also in competition against bigger companies such as Bristol Myers Squibb and Abbott Laboratories for developing new generation Hep C therapy.
Titanium Metals Corp. (NYSE:TIE): The stock has made the biggest move in the market today and is trading at $16.45, up 42.21. It is another takeover story like Jefferies Group as the company is being bought by Precision Castparts for $2.9 billion. Precision is involved in the business of making metal forgings for jet engines. The deal will see Titanium shareholders getting $16.50 per share held by them. The price is placed at 44 percent premium to the stock’s closing price on November 8. Titanium Metals is based out of Dallas and is involved in the business of selling titanium melted and mill products. The company was formed in 1950. The company stock has traded in the range of $10.42 and $16.56 in the past 52 weeks and its beta is 1.56. Titanium Metals currently has market capitalization of $2.88 billion. Precision Castparts is trading 5.72 percent up at $180.24 and it reached its 52 weeks high price of $182.40 in the current trading session. Precision is based out of Portland in Oregon and it was formed in 1949.
Beazer Homes USA Inc. (NYSE:BZH): Since the market is trading down, let’s have a look at the Debbie downer stocks as well. Beazer Homes is trading 14.84 percent down at $14.17. The stock had opened at $15.49 and has traded in the range of $14.10 and $16.25 in the current trading session. The company reported disappointing results for the fourth quarter of the year as its losses widened. Beazer Homes reported its fiscal fourth quarter loss at $66.2 million, up from $43.2 million in loss it had announced for the corresponding quarter of the last year. However, it surpassed consensus estimates for revenue and posted $370.9 million in quarterly revenue, up from $334.9 million for the previous year quarter. Beazer Homes stock commands the beta of 4.41.
