Shares of Sirius XM Radio Inc. (NASDAQ:M SIRI) slumped nearly 3% after the company said in an SEC filing that through Dec. 31, it won’t raise the price of its basic satellite radio service, other programming packages or its Internet streaming services. Sirius XM also said existing subscribers will be able to renew their subscription plans at current rates. Sirius XM also said it won’t object to requests to reimburse the lawsuit plaintiff for $13 million in legal fees and expenses.
Netflix Inc. (NASDAQ: NFLX) dropped more than 2% after the company said that it signed a deal with Miramax Films that will give its users access to such movies as “Pulp Fiction,” “Good Will Hunting” and “The English Patient,” beginning in June.
SanDisk Corporation (NASDAQ: SNDK) rallied more than 5% after the company agreed to acquire Pliant Technology, Inc., a leading developer of enterprise solid state drives (SSD). Under the terms of the agreement, SanDisk will pay approximately $327 million in cash and provide certain equity-based incentives. The transaction, which has been approved by the boards of directors of both companies, is subject to customary closing conditions, including regulatory review and approval, and it is expected to close by the end of SanDisk's second fiscal quarter.
Shares of Cninsure Inc. (NASDAQ: CISG) surged more than 30% after the Chinese property, casualty and life insurer said that a consortium led by its Chief Executive Yinan Hu proposed to take the company private in a deal valued at $953 million. The offer of $19 per American depositary share in cash by TPG Asia; Kingsford Resources Ltd, a company controlled by CNinsure's CEO; and CDH Inservice Ltd represents a premium of 44 percent to the stock's Friday close.
EnerNOC, Inc. (NASDAQ: ENOC) jumped more than 28% after the company announced that it now expects over $275 million of PJM demand response revenue in 2014. This expectation is based on results of PJM's 2014/2015 Reliability Pricing Model Base Residual Auction announced on May 13.
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