The markets have been posting some nice rebounds today as we approach closing time. The dow is currently up 171 points a gain of 1.37%. The Nasdaq and S&P 500 are posting gains of 23 and 19 points respectively. Some financials have made some interesting gains led by Morgan-Stanley which has posted better than expected results in its recently reported quarter. Those results have allowed Morgan-Stanley to outperform rival Goldman Sachs Group and led the financials sector of the S&P index. Another factor helping the markets is the perception that the White House and and the U.S. Senate are getting closer to a balanced deficit deal. Several stocks have been performing extremely well today lets look at what is making them move.
SFN Group, Inc (NYSE:SFN) shares have moved up today rising 51% to $13.93 per share. Volume is very heavy as nearly 24 million shares have been traded on news that Randstad Holding NV has agreed to purchase SFN for $770 million. Randstad has agreed to pay $14 per share a 53% premium over SFN’s previous close. The acquisition is one that fits both companies very well as they both have comparable services available in the U.S. The combination will result in annual pretax savings of nearly $30 million.
Robert Half International Inc. (NYSE:RHI) shares are up today and have climbed 15% to $29.78 per share with and intraday high $30.16. Volume is up over five times normal on news that net income tripled to $36.4 million or $.25 per share up from $12.2 million last year. Another factor helping RHI is today’s upgrade by the Robert W. Baird research firm from Neutral to Outperform. Revenue for the quarter ending June 30 rose to $938 million from last years $769 million from the same quarter.
Motorola Mobility Holdings, Inc (NYSE:MMI) shares are up 12% to $25.14 per share with an intraday high of $27.70. Volume is up as well with some 26 million shares being traded on news that Icahn asks Motorola to explore alternatives for its patent portfolio. After the recent sell of Nortel’s patent portfolio several other companies are beginning to explore the possibility of selling the rights to the intellectual property in their patent portfolios. Along with beliefs that Motorola’s patents could bring a hefty price tag some analyst feel that the Motorola could be undervalued right now with the recent frenzy of Patents going up for auction.