BOSTON (MarketWatch) — The following stocks are making notable moves in Monday’s stock market:
A Best Buy aisle on “Black Friday” in 2011.
Best Buy Co. BBY+13.32% shares surged 11%. Founder Richard Schulze offered to take the electronics retailer private at a premium of up to 47% over the shares’ Friday closing level. Read more on Best Buy.
U.S.-listed shares of Changyou.com Ltd. CYOU+18.74% traded up 16% at $22.44 after the online-game developer said majority shareholder Sohu.com SOHU+17.75% approved a plan to float a U.S. initial public offering of its Internet games unit, 7Road.com Ltd. Beijing-based Changyou.com said the number and dollar amount of American depositary shares that would make up 7Road.com’s IPO have not yet been determined.
Cognizant Technology Solutions CTSH+10.97% shares rose 12% after posting a 21% bump in second-quarter profit and raising its full-year earnings target. Read more on Cognizant.
U.S.-listed shares of Nam Tai Electronics NTE+5.29% rose 10% after the firm reported financial results earlier Monday.
Pluristem Therapeutics Inc. PSTI+14.80% shares rallied 21%. The company said that it has saved the life of a second patient with aplastic bone marrow, a condition in which the patient’s marrow doesn’t produce new blood cells. Read more on Pluristem.
Trader agreed to a $400 million rescue plan that would help fill a $440 million hole left by a trading glitch last week. (Photo: Bloomberg)
Sunshine Heart Inc. SSH+10.04% shares added 11% after the company said it has received conditional approval from the Food and Drug Administration for its next-generation C-Pulse Driver, a device designed to provide moderate to severe heart-failure patients with enhanced comfort and performance.
Youku Inc.’s U.S.-listed sharesYOKU+9.84% rose 8%. The Chinese online-television company said its second-quarter loss widened as operating expenses nearly doubled. Revenue increased 96% to the equivalent of $61 million, in line with the company’s revenue-growth estimate of between 90% and 100%. Read more on Youku.
FreightCar America RAIL-8.72% shares slumped 10% after the company said in its latest financial release that “coal demand remained under pressure from low natural-gas prices, high coal inventories and reduced industrial activity.” Read more on FreightCar America.
Knight Capital Group KCG-24.20% shares fell 24%, plummeting amid the fallout of last week’s $400 million–plus trading mistake. Early Monday, the NYSE said it was shifting the firm’s custodial role on a number for stocks to Getco LLC. The market maker also lined up a $400 million equity package involving convertible preferred stock. Read more on Knight.