Cash and Stock Deal Carries Huge Premium
PLX Technology agreed to be acquired by Integrated Device Technology for $7 a share in cash and stock. The company may also solicit superior proposals from third parties for a "go shop" period of 30 calendar days continuing through May 30. PLXT is ripping higher by 66 percent before the bell.
QuinStreet Drops on Weak Results
QuinStreet, a provider of business services, reported $0.06 a share on revenue of $90.5 million. Analysts had expected $0.24 in profit and $102.5 million of revenue. Guidance was also weak and QNST is lower by 11 percent in the premarket session on my tradeMONSTER platform.
Earnings, Outlook Lift Veeco Instruments
Veeco Instruments earned $0.49 in the first quarter, beating the $0.19 average analyst forecast. Revenue totaled $139.9 million, way ahead of the $126 million consensus number. Guidance was also strong, and VECO is up more than 15 percent before the bell.
Avis Budget Forecast Surprises To the Upside
Avis Budget Group issued preliminary first-quarter results, with revenue of $1.6 billion. Analysts had expected $1.59 billion. Even more important, the company now sees full-year earnings of $2.35 to $2.65 a share, crushing the $1.59 billion consensus number. CAR pops 15 percent in early trading.