Market Focus

DreamWorks Animation

DreamWorks Animation could soon have a new Japanese owner. According to reports Japan’s media and communications company SoftBank is looking to buy DreamWorks, the studio behind animated movies like “Shrek” and “Madagascar.” The reported offer price is almost $3.5 billion of the $32 a share. That’s a big premium over its closing price today, even as shares soared 26 percent to $28.18.

Encana & Athlon Energy

Encana, a Canadian natural gas company, is buying Athlon Energy, a Texas shale oil producer for almost $6 billion. The move will give the Canadian company a foothold in one of North America’s most oil-rich regions and it will let the company move away from the low-priced natural gas business and into more lucrative oil production. Shares of Athlon surged almost 25 percent to $58.32. Encana rose two percent to $21.59.

Tibco Software

Tibco Software has agreed to be taken private by Vista Equity Partners for about $4 billion. Tibco has been looking for potential suitors as an activist investor has been pressuring the company to maximize shareholder value. Shares were 21 percent higher to $23.65.

Iron Mountain

Iron Mountain shares rose on a Bloomberg report that it’s in talks to buy Recall Holdings for more than $2 billion. The data storage and information management company is said to be working with Evercore Partners on the potential deal. Shares jumped more than six percent to $33.90.

Merck, AstraZeneca & Roche

Three drug makers announced promising drug results at an oncology conference in Europe this weekend. Merck’s advanced Melanoma drugs show it may have promise in treating other cancers like gastric, bladder, lung and other forms. AstraZeneca presented promising, but early data for its lung cancer drug combination. Roche’s breast cancer treatment has shown “unprecedented” benefits in extending lives in its trial. Shares of all three drug makers barely budged today.

GoPro

GoPro launched a new line of cameras sending its shares to an all-time high. The new hero line up includes models ranging in price from about $500 to $130, which is the company’s lowest priced camera yet. The company’s founder and CEO Nick Woodman says the newly public company is prepared for the roll out. Shares popped nearly 11 percent to $90.94.

FedEx

FedEx announced a new stock buyback program up to 15 million shares after the bell. That would cost almost $2.5 billion based on its current stocks. Shares were little changed after hours, during the regular trading day the stock was up 1.5 percent to $162.18.

 

 

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