Google & Titan Aerospace
Google says it has agreed to buy Titan Aerospace, the drone maker that Facebook was once reportedly in buyout talks with. The internet search giant wants to use the high-altitude solar-powered drone to collect images and get more of the world’s population online. There’s no word on how much Google paid for Titan. Facebook did end up purchasing its own drone company called Ascenta. Shares of Google Class A rose nearly 1.5 percent to $545.20.
Facebook is apparently no longer content with being just the largest social media website in the world. It’s reportedly preparing to provide online financial services, starting in Ireland. According to those reports, Facebook just needs the approval of the Irish regulatory board to offer users several types of financial transactions. Shares were up slightly to $58.89.
Web MD says it expects to report strong first quarter results at the end of the month. It anticipates reaching the upper end of its annual earnings and revenue projections. The health information provider says 32 percent more people used its website in the first three months of the year. That gave a big boost to ad sales. Shares surged 16.5 percent to $43.87.
General Motors gained ground today after saying it’s replacing the executives in charge of communication and human resources. The company insists the changes are not linked to its ongoing safety crisis over faulty ignition switches. Instead GM attributes the moves to CEO Mary Barra, who took over in February, making her own hires in key positions as she builds her own team. Shares rose about two percent to $32.55.
Edward Lifesciences & Medtronic
Medical device maker Edward Lifesciences was the best performer on the S&P 500 today. It got a favorable court ruling on a key patent. A federal judge has reaffirmed an earlier ruling that Medtronic’s core value system infringes on Edward’s patent for a replacement heart valve. Shares of Edward Lifesciences surged 11 percent to $81. Medtronic fell about two percent to $58.08.
Shares of Goodrich Petroleum surged on news that it drilled its second successful well in the Tuscaloosa Marine Shale. That bolstered confidence in the field and the production potential of that area, which spans parts of Louisiana and Mississippi. The stock rose more than 30 percent to $23.96.
Twitter moved higher today after its co-founders Jack Dorsey, Evan Williams and CEO Richard Costolo all said they have no plans to sell any of their company shares. Twitter debuted at $26, jumped more than $74 in less than two months, but since has pulled back sharply. Shares closed today at $40.87, a gain of two percent.