Late Market Roundup (ENDP, ACAT, ENTR, FLIR)
Shares of Endo Pharmaceuticals Holdings Inc (NASDAQ: ENDP) surged about 8.5% after the company agreed to acquire Qualitest Pharmaceuticals from private-equity firm Apax Partners for $1.2 billion to expand its business in the generic and pain drug markets. Buddy Gumina, partner and co-head of global health care at Apax, said, “Qualitest, and now Endo, represents an important part of the solution to the challenges faced by the U.S. health-care system.”
Shares of Arctic Cat Inc (NASDAQ: ACAT) advanced after analysts at Raymond James upgraded the stock from “market perform” to “strong buy.” ACAT shares are up about 15% following the upgrade.
Entropic Communications Inc (NASDAQ: ENTR) has announced its plans to offer 10 million shares of stock under its public stock offering. ENTR shares dipped about 6% following the announcement.
Shares of Flir Systems Inc (NASDAQ: FLIR) dropped about 4.81% after analysts at Benchmark downgraded the stock to “hold” due to delays in the US defense budget. The analysts said that the fiscal 2011 defense budget "could be delayed until December this year based on discussions with Washington sources." Benchmark added, "There is a possibility the budget could be delayed even further until February/March of next year, given the political environment in Washington, which could further delay contracting activities."
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