AK Steel (NYSE: AKS) rallied more than 3% on Tuesday after the company announced that it will increase current spot market base prices for all carbon flat-rolled steel products, effective immediately with new orders. Base prices will increase by $50 per ton for hot rolled and cold rolled carbon steel products, and by $60 per ton for coated carbon steel products. AK Steel said that the price increase is needed to recover higher costs for steelmaking inputs, and is supported by a recent increase in the order intake rate for carbon steel products.
El Paso Corporation (NSE: EP) jumped more than 6% after the company announced that its Board of Directors has granted initial approval of a plan to separate the company into two publicly traded businesses by year end 2011. The company also raised its full-year adjusted earnings outlook to $1 to $1.10 a share. It previously expected to earn 90 cents to $1.05 a share. El Paso also boosted its guidance because its results to date have exceeded expectations.
Sify Technologies Limited (NASDAQ: SIFY) soared more than 35% after the company announced partnership with Deutsche Telekom International Carrier Sales & Solutions, the international wholesalearm of Deutsche Telekom. This partnership will provide customers and partners with top-of-the-line IP and VPN services in India and Europe, by leveraging on each others investments in Submarine, Terrestrial Networks and local network reach as well as regional partnership to reach new growth markets in South Asian, Middle East & Africa markets.
Valeant Pharmaceuticals International, Inc. (NYSE: VRX) rallied more than 4% after the company agreed to acquire Lithuania-based AB Sanitas for about €314 million ($442.1 million) in cash, and assume about €50 million of debt.
Identive Group, Inc. (NASDAQ: INVE) sank more than 12% after the company announced that it has priced its underwritten public offering in the United States of 7,843,137 shares of its common stock at a price to the public of $2.55 per share. The gross proceeds to Identive, before underwriting discounts and commissions and other offering expenses, from the sale of the shares is expected to be approximately $20,000,000. Cowen and Company, LLC and Morgan Joseph TriArtisan LLC are underwriters and joint book-running managers for the public offering. Identive also granted the underwriters a 30-day option to purchase up to 1,176,470 additional shares to cover over-allotments, if any. If the underwriters exercise their over-allotment option in full, gross proceeds from the offering, before underwriting discounts and commissions and other offering expenses, will be approximately $23,000,000. The offering is expected to close on May 27, 2011, subject to customary closing conditions. Identive intends to use the net proceeds it receives from the offerings to fund continued growth, acquisitions, working capital and general corporate purposes.
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