Buzz Stocks: Infoblox Inc, Avnet, Inc., and Isle of Capri Casinos

Today's stocks to watch in the news include Infoblox Inc (BLOX), Avnet, Inc. (AVT), and Isle of Capri Casinos (ISLE)

by Kirra Fedyszyn

Published on Sep 19, 2016 at 9:28 AM

Stocks are signaling a strong start to the week, as traders cheer a rally in oil futures. Among specific equities in focus on this Merger Monday are network solutions specialist Infoblox Inc (NYSE:BLOX), tech stock Avnet, Inc. (NYSE:AVT), and casino issue Isle of Capri Casinos (NASDAQ:ISLE).

  • BLOX is up 15% in electronic trading -- on track to tap a new 12-month high -- after the company agreed to be bought by Vista Equity Partners in a deal valued at $1.6 billion, or $26.50 per share --- a 16% premium over Infoblox Inc's Friday close of $22.83. Rumors the company would sell itself had the stock rallying in recent weeks, hitting an annual high at $23.37 just last Wednesday. Lingering short sellers may be wishing they had hit the bricks earlier, though. At the moment, more than 9% of BLOX's total float is tied up in these bearish bets -- representing nearly a week's worth of trading, at the stock's typical daily volume.

  • AVT is set to pop 9.6% higher at the bell, on news it will sell its technology solutions business to Tech Data Corp (NASDAQ:TECD) in a $2.8 billion cash-and-stock deal. The shares of AVT have had a choppy year so far, currently down 8.5% in 2016 as of last week's finish at $39.21, but have found an area of support at the $39 level. Still, analysts don't appear to think much of Avnet, Inc. Of the eight brokerage firms providing coverage, just two maintain a rating better than "hold."

  • ISLE has added a whopping 30.5% in pre-market trading -- on pace to hit a fresh nine-year high at the open -- following news it will be bought by sector peer Eldorado Resorts Inc (NASDAQ:ERI) in a cash-and-stock deal worth $1.7 billion, or $23 per ISLE share -- a 35.8% premium over the stock's Friday settlement at $16.93. Isle of Capri Casinos is already up 21.5% year-to-date, and the shares recently found a foothold above their 120-day moving average. But the stock has been slumping in recent months, even while some other casino stocks soared.

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