Market Update

Shares of Clovis Oncology Inc CLVS gained about 1.48% after the company announced a proposed underwritten public offering of $75 million of shares of its common stock. Shares of Pengrowth Energy Corp PGH fell about 1.41% after the company announced its plans to buy NAL Energy Corp NOIGF for around C$8.56 per share in stock. Under the terms of the deal, NAL shareholders will receive 0.86 of a PGH share for each NAL share. The offer price represents 9.7% premium over NAL's closing price of C$7.80 per share on Thursday. Shares of PCTEL Inc PCTI fell about 7.0% after the company cut its revenue forecast for the quarter ending March 31, 2012. PCTEL lowered its first-quarter revenue forecast to $16.5 to $17.2 million, versus its earlier forecast of $19 to $20 million. Shares of Michael Kors Holdings Limited KORS fell about 2.64% after the company priced the secondary offering of 25,000,000 ordinary shares by certain selling shareholders at a price of $47.00 per share.