Market Overview

Market Update

Shares of X-Rite Inc (NASDAQ: XRIT) surged about 38.7% after Danaher Corp (NYSE: DHR) announced its plans to buy X-Rite for $467.8 million. Danaher will offer $5.55 per share to buy X-Rite, represting a 39% premium to the stock's last closing price.

Shares of Sony Corp (NYSE: SNE) fell about 7.8% after the company reported that it now projects to post a net loss of $6.4 billion for the last fiscal year. In yen terms, Sony now expects a net loss of Y520 billion, versus an estimated loss of Y220 billion in its earlier forecast. For this fiscal year ending March 2013, Sony expects to swing back to an operating profit of Y180 billion.

Supervalu Inc (NYSE: SVU) surged about 17.3% after the company reported stronger-than-expected fiscal fourth-quarter earnings and issued an upbeat full-year profit view. Supervalu posted a quarterly net loss of $424 million, or $2 a share, versus a year-ago profit of $95 million, or $0.44 per share. Excluding items, the company earned $0.38 per share, versus analysts' estimates of $0.35 per share. Supervalu's net sales dropped 5% to $8.23 billion, versus analysts' estimates of $8.31 billion. Supervalu expects fiscal 2013 earnings of $1.27 to $1.42 per share, versus analysts' estimates of $1.19 per share.

Shares of Corning Inc (NYSE: GLW) gained about 1.2% after the company announced its plans to acquire the majority of Discovery Labware unit of Becton Dickinson & Co (NYSE: BDX) for $730 million in cash. Corning expects the deal to close later this year.

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