Home Banking Traders Recap: Zale Corporation , Multiband Corp, Saks Inc, Ariad Pharmaceuticals Inc

Traders Recap: Zale Corporation , Multiband Corp, Saks Inc, Ariad Pharmaceuticals Inc


Zale Corporation (NYSE:ZLC) shares gained 25.74% to $6.79. The company on May 22 reported net income of $5.1 million, or 13 cents per share, compared with a loss of $4.5 million, or 14 cents per share, in the same quarter the year before. Revenue edged down less than 1 percent to $442.7 million, but that also topped Wall Street estimates of $440 million, according to FactSet.

Is ZLC a Buy After The Recent Gain? Find Out Here

Multiband Corp (NASDAQ:MBND) shares gained 24.42% to $3.21 in the morning hour. Goodman Networks Inc., and Multiband Corp. on May 22 announced that they have signed a definitive merger agreement, buy which Goodman Networks will acquire Multiband.

As per the terms of the agreement, Goodman Networks will pay $3.25 per Multiband common share, redeem all of Multiband’s outstanding preferred stock and repay Multiband’s outstanding bank indebtedness in an all cash transaction totaling approximately $116 million. This represents a premium of approximately 26.0% over the closing price of Multiband’s common stock on May 21, 2013.

Saks Inc(NYSE:SKS) shares jumped 12.95% to $15.44 following a report the upscale luxury retailer has hired advisers for a possible sale. The New York Post reported the company had hired Goldman Sachs Holdings Inc. to explore strategic alternatives including a sale. Likely bidders include private-equity firms KKR and Leonard Green & Partners, according to the Post.

Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) shares jumped 7.53% to $18.85. The company on May 7 reported financial results for the first quarter, including revenue from its first cancer medicine, Iclusig(R) (ponatinib), which was approved last December by the U.S. Food & Drug Administration. Net loss for the quarter ended March 31, 2013 was $64.7 million, or $0.36 per share, compared to net loss of $55.9 million, or $0.35 per share, for the same period in 2012. Net sales of Iclusig were $6.4 million for the quarter ended March 31, 2013.