Thursday, November 15, 2012

OshKosh, InterDigital Soar in Midday Trading

Here’s what’s hot in the market today: A big day for computer technology stocks as Blackboard Inc. jumps following an acquisition bid from Providence Equity Partners, DemandTec plummets after catastrophic Q1 earnings, and InterDigital gains interest following a Nortal asset fire sale. First Republic Bank dipped after pricing a secondary offering and Oshkosh Corporation got a big boost after Carl Icahn picked up a nearly 10% stake in the company.

Blackboard Inc. (NASDAQ: BBBB), the educational software company, was up nearly 2% on almost 27 million shares after Providence Equity Partners announced it would acquire Blackboard for almost $2 billion at $45 per share. Blackboard was trading near $44 per share by midday.

First Republic Bank (NYSE: FRC) fell more than 3% to just above $31 on almost 12 times normal trading. The commercial bank announced the pricing on a secondary offering of 13 million common shares at $31.75.

DemandTec (NASDAQ: DMAN), a software company specializing in retail services, fell almost 21% to about $7.25 after reporting earnings for its fiscal first quarter that ended May 31st. A Raymond James analyst lowered his target price on DemandTec from $14.50 to $11, calling the Thursday earnings conference call “the worst conference call I have ever listened to as a publishing analyst.” Revenues came in at $22.5 million while GAAP gross profits were $13.5 million.

Oshkosh Corporation (NYSE:OSK) was up more than 12% to top $32.40 on more than 4 million shares. Noted investor Carl Icahn and his partners acquired a nearly 10% stake in the truck and range vehicle manufacturer on Thursday after the markets closed.

InterDigital (NASDAQ:IDCC), a holding company in the computer technology sector, was up almost 14% to $46.58 following the sale of competitor Nortel’s intellectual property assets to Microsoft (NASDAQ: MSFT) and Apple (NASDAQ: AAPL). The sale implies that InterDigital is currently undervalued considering its breadth of IP assets.

As of this writing, Anthony John Agnello did not own a position in any of the stocks named here. Follow him on Twitter at�@ajohnagnello and�become a fan of�InvestorPlace on Facebook.

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