Shares of Ventana Medical Systems Inc. soared in Tuesday's premarket trading session, following news that Roche Holding AG made a $3 billion hostile bid for the medical testing products maker.
Roche, a Swiss pharmaceutical company, said the acquisition would help broaden its diagnostic product offerings and complement its in-vitro diagnostic systems and cancer therapies.
Ventana, however, recommended that shareholders take no action in response to the $75-per-share cash bid.
Still, Ventana shares jumped $26.57, or 51.3 percent, to $78.31, after ending at $51.74 in regular trading.
Also rising in early trading were shares of Baidu.com Inc., after an analyst said China's e-commerce sector is "growing explosively," which will benefit the Chinese Internet company.
Susquehanna Financial Group analyst C. Ming Zhao also said Baidu.com will benefit from the initial public offering of Alibaba.com _ a rival in Hong Kong.
"We believe Alibaba.com going public will push Baidu to develop its own e-commerce products to stay competitive," Zhao wrote in a client note.
The stock rose $2.39 to $156.45, after ending at $154.06 in regular trading.
Losers included Lennar Corp., which gave up 78 cents, or 2 percent, to $27.97.
The homebuilder delivered another weak message about the health of the housing sector, swinging to a fiscal second-quarter loss. It was weighed down by a hefty charge related to write-offs of option deposits, among other costs.
Lennar also forecast a loss in the fiscal third quarter, saying that the supply of new and existing homes has continued to increase, resulting in declining home prices across many markets.
Shares of Lennar ended at $38.75 on Monday.
source:www.chron.com
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