Facebook Falters to $28s, Chesapeake and Monster Stay Green
Shares of Facebook (NASDAQ:FB) declined over 9 percent to continued new lows today. Reports indicate that Mark Zuckerberg is preparing to build a smartphone by hiring several former Apple Inc. (NASDAQ:AAPL) engineers. Facebook options also become available for trading today. Shares traded at $29.06, marking a new low for shares.
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Chesapeake Energy Corp. (NYSE:CHK) shares jumped more than 7 percent in morning trading, but have since settled down to just up a little over 1 percent. In a filing with the Securities and Exchange Commission, Carl Icahn disclosed owning roughly 7 percent of the natural gas giant.
Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) shares plunged 13 percent in trading. The company released corrected data that showed its cystic fibrosis treatments did not improve lung function on as many patients as previously thought. “The corrected data appear weaker than the original data,” ISI Group analyst Mark Schoenebaum explained.
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Lecroy Corp. (NASDAQ:LCRY) shares surged almost 55 percent in early trading. Teledyne Technologies Inc. (NYSE:TDY) announced it would purchase LeCroy for $240.5 million in cash. The total value of the deal is estimated to be almost $300 million, including stock options, stock appreciation rights and debt.
Shares of Monster Beverage Corp. (NASDAQ:MNST) were up 1 percent in afternoon morning. The energy drink company received an upgrade from SunTrust to Buy from Neutral. The firm cited Monster’s strong first-quarter results and improving margins. SunTrust also increased their price target on shares to $90.
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