Market Roundup (CROX, BBI, AA, GOOG, PLCM)
Crocs (NASDAQ: CROX) shares had a nice run up after Piper Jaffray reiterated its “overweight” rating and raised its price target from $8.50 to $9. Following its two-day meeting with CROX senior management, Piper Jaffray’s confidence in the company’s leadership, growth strategies and global market opportunities strengthened. Piper Jaffray recommended CROX for potential earnings outperformance.
Following last night's bankruptcy warning, Blockbuster (NYSE: BBI) shares slumped 32% to about $0.27. BBI had given similar warnings last year before opting for refinancing its long-term debt in the fall. However, shareholders and debtholders are taking a cautious stance, resulting in another 2.9 points fall in 9% notes to $0.22 on the dollar.
Alcoa (NYSE: AA) is leading Dow stocks after Italy's parliament approved the upgrading of power lines that connect the mainland with Sardinia and Sicily. Italy has also offered discounts to industrial customers. AA had threatened to idle its aluminum smelters over a power dispute.
Facebook has overtaken Google (NASDAQ: GOOG) in the number of visitors to the site per week. This is indicative of the web becoming “more sociable than searchable."
FT cited unidentified sources as saying that Apax Partners is in talks to acquire Polycom (NASDAQ: PLCM) in a deal exceeding $3 billion, or about $37 per share. The negotiations for the video conferencing developer began in November. Since then, PLCM shares have surged over 40%. This jump in share price can ultimately work against a bid.
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