HP, 3PAR, Focus Media To Witness Heavy After-Hours Trading (HPQ, DELL, FMCN)
Hewlett-Packard (NYSE: HPQ) and 3PAR Inc. (NYSE: PAR) shares are set for a busy late Monday after HP sparked a bidding war with Dell Inc. (NASDAQ: DELL) to acquire 3PAR. Focus Media Holding Ltd. (NASDAQ: FMCN) is expected to release its latest quarterly results on Tuesday.
HP shares fell 1.76% to $39.15 after the company announced its plans to buy 3PAR Inc. for $1.6 billion, all cash. PAR shares surged 42.41% to $25.69 following the announcement. Earlier last week, Dell had announced its plans to buy 3PAR. HP today entered the fray and outbid Dell by more than 33%.
Chinese advertising firm Focus Media also saw its shares rise by 3.04% to $18.66 before its scheduled second quarter earnings report on Tuesday. According to analysts surveyed by FactSet Research, FMCN is expected to report $0.23 a share in earnings for 2Q. Revenue is expected to fall 16% to $143.7 million. Shares of the company were up more than 2% at $18.57 ahead of the release, and are up 17% this year.
Also, some late activity is expected in Potash Corp. of Saskatchewan (NYSE: POT) shares. POT is searching for alternative buyers after a failed hostile takeover bid by BHP Billiton (BHP). POT is trading at $152.32, up 1.77%. BHP is trading at $67.42, down 0.03%.
