Physicians Formula Holdings, Inc. (NASDAQ:FACE)
stock soared 14.40% to $4.21 after Physicians Formula Holdings and Swander Pace
Capital announced that they have entered into a definitive merger agreement
under which affiliates of Swander Pace will acquire Physicians Formula. Under
the terms of the merger agreement, Swander Pace, through its affiliates, will
acquire all outstanding shares of the common stock of Physicians Formula for
$4.25 per share in cash, or approximately $65 million.
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FACE Continue To Move Higher? Find Out Here
Additionally, the company announced that for fiscal
2012, it expects net sales growth to be between 10% and 13% and diluted
earnings per common share (EPS) to be between $0.17 and $0.23. The Company
reported revenue of $80.94 million in fiscal 2012. Analysts on an average were
expecting the Company to report revenue of $89.15 million and EPS of $0.16 for
fiscal 2012.
Netflix, Inc. (NASDAQ:NFLX) stock gained 2.43% to
$63.26 after the company said that it will launch its video streaming service
in Norway, Denmark, Sweden and Finland before the end of the year. Netflix's
Nordic push comes after its Europe debut earlier this year with launches in the
United Kingdom and Ireland. However, the company's move to expand globally has
taken a toll on its profitability.
The New York Times Company (NYSE:NYT) shares climbed
1.43% to $9.22 after the company named outgoing BBC Director-General Mark
Thompson as its next president and CEO. Thompson is expected to join the group
in November, and will report to Arthur Sulzberger, Jr., chairman of the Times.
Thompson will also be inducted to the company's Board.
Knight Capital Group Inc. (NYSE:KCG) shares fell
1.34% to $2.95 after a televised report suggested that the firm has discovered
more than $400 million trading loss earlier this month. Bloomberg TV reported
that the firm determined that outdated software was accidentally triggered when
new software was loaded onto Knight's system. The old software glitch
multiplied the firm's stock orders by 1,000, the report said.
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KCG Rebound? Find Out Here
Kraft Foods Inc (NASDAQ:KFT) stock fell 0.49% to
$40.70 after the company’s board of directors approved the spinoff of its North
American grocery business to shareholders, with the date for the spinoff set
for October 1. On that date, each Kraft Foods Inc shareholder will receive one
share of the spun-off business, Kraft Foods Group, for every three shares of
Kraft Foods Inc that they hold.
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