NASDAQ Top Movers; (ORCC), (FTNT), (JDSU), (IQNT)
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Visit: Online Resources Corp.
New York, New York - January 31, 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 31st, 2013.
Online Resources Corp., (NASDAQ:ORCC) trading at $3.815 jumped up $1.72 or 81.67% on a volume of 6,309,991 shares, making it today's top percentage gainer on the NASDAQ.
In an announcement earlier today; ACI Worldwide will buy Online Resources for $3.85 per share. Based on 32.89 million shares outstanding Online Resources' equity is valued at about $126.6 million. The per share offer is an 83 percent premium to Online Resources' closing stock price of $2.10 Wednesday on the Nasdaq. ACI Worldwide was able to finance the deal with a $300 million term load financed by Wells Fargo.
ACI Worldwide said the deal is valued at an enterprise value of about $263 million, which includes the redemption of Online Resources' preferred stock.
This deal will broaden ACI Worldwide's customer base with the addition of 1,000 banks, credit unions, billers, credit card issuers, and other credit and payment service providers. For the last year, ending September 30, the companies combined generated pro forma revenue of about $860 million.
Levi & Korsinsky is now investigating the Board of Directors of Online Resources Corp., for possible breaches of fiduciary duty and other violations of state law in connection with the sale. The investigation concerns whether the Online Resources Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether ACI Worldwide, Inc. is underpaying for Online Resources shares, thus unlawfully harming Online Resources stockholders. In particular, Online Resources stock has a reported book value of $4.04 per share for the most recent quarter.
Fortninet Inc., (NASDAQ:FTNT) trading at $23.455 moved up $4.11 or 21.21% on a volume of 8,450,037 shares.
For the quarter ended Dec. 31 (Q4), Fortinet beat expectations on revenues as well as expectations on earnings per share. Compared to the prior-year quarter, revenue grew significantly and GAAP earnings per share increased significantly.
Shares of Fortinet went shooting up earlier this morning with an open price 20.3% higher than Wednesday's closing price. The stock closed at $19.35 Wednesday and opened today's trading at $23.28.
JDS Uniphase Corporation (NASDAQ:JDSU) trading at $14.525 gained $2.13 or 17.14% on a volume of 12,536,346 shares.
Shares of JDS Uniphase jumped more than 18% to $14.74 earlier today after yesterday afternoon, when the maker of telecommunications networking equipment swung to a profit for the second fiscal quarter, beating expectations. It also projected a revenue range for the current period that was slightly above analysts' forecasts. Alex Henderson of Needham & Co. upgraded the stock to a buy rating based on upgrades in capital spending by telecommunications carriers.
Neutral Tandem Inc., (NASDAQ:IQNT) trading at $3.03 rose by $0.44 or 16.99% on a volume of 1,393,948 shares.
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