Hires Banks to Review Possible Deal
Research In Motion fell sharply in extended-hours trading after announcing last night that it anticipates a first-quarter operating loss and a "significant" number of layoffs. The BlackBerry maker also hired JP Morgan and RBC Capital to review strategic options, opening the door to a possible partnership or sale. RIMM was last down 10.06 percent to $10.10.
Pep Boys Falls After Buyout Is Canceled
The auto-parts retailer is in a free-fall this morning after disclosing late yesterday that its sale to private-equity firm Gores Group had fallen through. A $791 million cash deal had been struck in January but ran into problems a month ago. PBY is down 24.53 percent to $8.37 in this morning.
FormFactor Jumps on Strong Outlook
The maker of chip-testing equipment spiked higher on positive guidance after the close yesterday. Management projected second-quarter revenues of $50 million to $54 million versus the consensus forecast of $44.93 million. FORM is up 9.03 percent to $6.28 in the pre-market.
Perfect World Doesn't Live Up to Name
The Chinese game company plummeted after posting first-quarter earnings of $0.72 per share, a penny worse than what analysts had been looking for. It also reported revenues of $114.1 million versus the $117.37 million consensus estimate. PWRD is down 11.83 percent to $10.14.
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Happy demi-anniversary, stock market rally. Will the honeymoon ever end?