Early Edge: Fitbit, Starz, Adept Tech, Sirona Dental Systems

Among the companies announcing new or potential partnerships are FIT and TGT, STRZA and AMCX, ADEP and OMRON, and SIRO and XRAY

Sep 16, 2015 at 9:57 AM

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Wall Street headlines are chock-full of new and potential partnerships, led by a massive takeover proposition in the beer universe. Also making noise are wearable tech concern Fitbit Inc (NYSE:FIT) and retailer Target Corporation (NYSE:TGT); entertainment issues Starz (NASDAQ:STRZA) and AMC Networks Inc (NASDAQ:AMCX); robot concerns Adept Technology Inc (NASDAQ:ADEP) and OMRON Corporation; and dental products makers Sirona Dental Systems, Inc. (NASDAQ:SIRO) and DENTSPLY International Inc. (NASDAQ:XRAY).

FIT is up 4.3% at $34.51, after TGT said it will offer activity trackers to 335,000 U.S. employees. The partnership -- which marks a biggie for FIT -- will ideally help TGT improve employee health and reduce healthcare costs. It seems Wall Street already loves Fitbit Inc, which has enjoyed some generous analyst attention of late.

STRZA has jumped 3.8% to $40.25, after Bloomberg said AMCX is in talks to bid for the firm. Starz -- once rumored to be a potential Lions Gate Entertainment Corp. (USA) (NYSE:LGF) takeover target -- could be spooking the shorts, as nearly 11% of the stock's float is sold short, representing seven sessions' worth of pent-up buying demand, at the security's average daily trading volume.

ADEP has skyrocketed 62% to sit at $12.94 -- a new annual high -- after Japan-based OMRON offered $13 per share for the firm. No doubt short sellers are ruing their positions, as Adept Technology Inc's short interest ratio stands at 13.7 days to cover.

SIRO, meanwhile, is down 3% at $96.37, as traders pan an all-stock merger with peer XRAY, which was last seen 2.8% lower at $52.84. The deal values Sirona Dental Systems, Inc. shares at $98.60. The combined company -- to be called Dentsply Sirona -- will be the biggest of its kind in the world

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