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Winners and Losers - December 18th - December 22nd (SKYF, RHT, JBL)
Winners:
Shareholders for Sky Financial Group, Inc. (SKYF) have much to be happy about as the market's wind down into the holiday season as its share price leaped from $24.24 to $28.07 (or a gain of 15.8%). This is all due to the news that Huntington Bancshares Incorporated (HBAN) announced that it will acquire the Sky Financial in a cash and stock transaction deal worth around $30.22. ( Sky Financial shareholders will receive $3.023 in cash and 1.098 shares of Huntington for each Sky Financial Group share). By acquiring Sky Financial, Huntington will not only gain a new market in Pennsylvania, but will be able to cut expenses by over $100 million.
After falling into the loser's section twice in the last 3 months, Red Hat Inc. (RHT) has finally landed on the good side of things as the company's shares went from $17.25 to $22.44 (or a gain of 30.1%) this week. Financial results for the previous quarter indicate that the company's revenues have grown 45% since the same quarter of last year (from $73.1 million to $105.8 million). This is encouraging news to shareholders who have had to weather the effects of Oracle Corp's (ORCL) and Microsoft Corp's (MSFT) recent efforts to displace Red Hat as the world's top Linux provider. But many analysts warn that the effects of those actions have yet to come, so it may a little premature to break out the party hats and celebrate.
Loser:
On the other hand, shareholders for Jabil Circuits Inc. (JBL) received a pre-Christmas lump of coal in the form of 10.7% drop in share price (the stock fell from $27.09 to $24.13). The drop came as a result of several analysts downgrading the company's stock and subsequently reducing the stock's target price. While Jabil Circuits reported that its revenue for the last quarter exceeded analyst expectations ($3.2 billion vs $3.17 billion), analysts claim that the company is in rough shape due to a weakening in demand for its circuit boards and other electronic parts. Furthermore, due to a federal investigation into the company's options granting practices, other types of financial information such reports on the company's earnings and margins were not released, but analysts believe that it is unlikely that the company's margins and earnings will be positive news.
Shareholders for Sky Financial Group, Inc. (SKYF) have much to be happy about as the market's wind down into the holiday season as its share price leaped from $24.24 to $28.07 (or a gain of 15.8%). This is all due to the news that Huntington Bancshares Incorporated (HBAN) announced that it will acquire the Sky Financial in a cash and stock transaction deal worth around $30.22. ( Sky Financial shareholders will receive $3.023 in cash and 1.098 shares of Huntington for each Sky Financial Group share). By acquiring Sky Financial, Huntington will not only gain a new market in Pennsylvania, but will be able to cut expenses by over $100 million.
Loser:
On the other hand, shareholders for Jabil Circuits Inc. (JBL) received a pre-Christmas lump of coal in the form of 10.7% drop in share price (the stock fell from $27.09 to $24.13). The drop came as a result of several analysts downgrading the company's stock and subsequently reducing the stock's target price. While Jabil Circuits reported that its revenue for the last quarter exceeded analyst expectations ($3.2 billion vs $3.17 billion), analysts claim that the company is in rough shape due to a weakening in demand for its circuit boards and other electronic parts. Furthermore, due to a federal investigation into the company's options granting practices, other types of financial information such reports on the company's earnings and margins were not released, but analysts believe that it is unlikely that the company's margins and earnings will be positive news.
by
Albert Phung
Albert Phung is a writer and analyst for Investopedia.com. He graduated from the University of Alberta with degrees in psychology and finance.
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