|
Knight said a group of investors agreed to buy $400 million of preferred stock that can be converted into a 73 percent stake in the firm. Knight takes orders for stock trades from brokers like TD Ameritrade and E-Trade and banks. It then routes them to the exchanges where stocks are traded, like the New York Stock Exchange. Its future was thrown into doubt after the trading malfunction cost the firm $440 million. Going in the opposite direction was Best Buy Co., which jumped 13 percent after founder and former CEO Richard Schulze offered to buy the company at a premium to its stock price. Schulze, 71, is its largest shareholder with a 20 percent stake. Among other stocks making big moves: Cognizant Technology Solutions jumped $6.34, or 11 percent, to $64.21 after the consulting company's second-quarter results beat Wall Street's estimates. The company raised its full-year earnings forecast. The Interpublic Group fell 86 cents, or 8 percent, to $10.11 after rival Publicis Groupe of France shot down a report that it was weighing a bid to buy the American advertising company. Tyson Foods fell $1.23, or 8 percent, to $14.17 after the nation's biggest meat company reported that income dropped 61 percent in the quarter partly due to lower U.S. consumer demand for chicken and beef. Pluristem Therapeutics climbed 49 cents, or 15 percent, to $3.80. The Israeli drugmaker said a cancer patient's life was saved with the use of certain cells it had developed.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor