Market Update
Shares of ISTA Pharmaceuticals Inc (NASDAQ: ISTA) jumped about 56% after Valeant Pharmaceuticals International Inc (NYSE: VRX) offered to buy ISTA Pharmaceuticals for $6.50 per share in cash.
Shares of Adobe Systems Incorporated (NASDAQ: ADBE) surged about 7.8% after the company reported a 35% decline in its Q4 earnings. Adobe's quarterly earnings came in at $0.67 per share, excluding items, on sales of $1.15 billion. However, analysts were expecting earnings of $0.60 per share on sales of $1.09 billion.
Shares of Brown & Brown Inc (NYSE: BRO) gained about 2.1% after the company agreed to acquire Arrowhead General Insurance Agency Inc for $395 million in cash.
Shares of AK Steel Holding Corp (NYSE: AKS) surged about 2.4% after the company projected a rise in its shipments and selling prices in the fourth quarter. AK Steel projected an operating loss of $40 to $45 per ton for the fourth quarter. It expected shipments to rise 3% to $1.4 million tons. AK Steel projected average per-ton selling prices to climb 5% y/y. However, it expects average per-ton selling prices to drop 8% sequentially.
Shares of Salesforce.com Inc (NYSE: CRM) rose about 0.8% after the company announced its plans to buy Rypple for an undisclosed sum. The transaction is likely to close by the end of April 2012.
