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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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 Bloomberg TV reported that the firm determined that outdated software was accidentally triggered when new software was loaded onto Knight's system.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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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.