NASDAQ Morning Movers; (MLNK), (SOMH), (AEZS), (SWIR)
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New York, New York - January 29, 2013 (www.investorideas.com newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research for independent investors reports on the top percentage gainers on the NASDAQ for January 29th, 2013.
ModusLink Global Solutions Inc., (NASDAQ:MLNK) trading at $2.86 rose by $0.67 or 30.59% on a volume of 648,454 shares, making it today's top "morning mover" on the NASDAQ.
Somerset Hills Bancorp (NASDAQ:SOMH) trading at $11.40 gained $2.27 or 24.86% on a volume of 50,447 shares.
Somerset Hill Bancorp stocks rose with news of Lakeland Bancorp Inc. LBAI announced earlier today its interest in paying $12 a share to buy Somerset Hills Bancorp. Lakeland Bancorp expects to issue 5.78 million shares of its common stock in the merger, and will also assume outstanding Somerset Hills Bancorp stock.
This combined with a large amount of insider trading, which saw buying by Chief Financial Officer Alfred J. Soles, has seen the stock rise.
AEterna Zentaris Inc., (NASDAQ:AEZS) trading at $3.294 moved up $0.54 or 19.78% on a volume of 2,996,002 shares.
Sierra Wireless Inc., (NASDAQ:SWIR) trading at $10.47 gained $1.31 or 14.30% on a volume of 743,389 shares.
Earlier yesterday Netgear (NASDAQ:NTGR) announced that it has agreed to acquire "select assets and operations" of Sierra Wireless' AirCard mobile broadband device business.
Netgear will pay approximately $138 million cash to acquire "customer relationships, certain intellectual property, inventory and fixed assets of the Sierra Wireless AirCard." Regulators permitting, the deal is expected to close in March.
Sierra Wireless said the deal covering "substantially all" of the AirCard business also includes roughly $6.5 million in assumed liabilities. Some 160 employees will be transferred to Netgear. Sierra Wireless expects to realize net cash proceeds of approximately $100 million from the sale and use proceeds to continue its acquisition strategy in the machine-to-machine (M2M) market.
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