Mid-Day Alerts for September 13: Equinix Inc. (EQIX), McEwen Mining Inc. (MUX), Firstmerit Corp. (FMER)
Shares of Equinix Inc. (NASDAQ: EQIX), a company engaged in connecting businesses with partners and customers worldwide through a global platform of data centers, are soaring in today’s trading.
At last check, EQIX shares were trading 8.72% higher at $202.81, with volume up from daily average of 750,154 to 4.89 million. The stock hit a 52-week high of $212 in today’s trading.
EQIX shares are gaining in today’s trading after the company’s Board approved a plan to pursue conversion to a real estate investment trust (REIT). The Board reached the decision following thorough analysis of various structures designed to maximize long-term value for shareholders.
Steve Smith, CEO of Equinix, said that as a REIT, the company will be able to provide its shareholders with regular distributions from earnings. Smith said that while operating as a REIT, the company will continue to fully execute its global growth strategy of expanding in markets where demand and financial return warrant.
Shares of McEwen Mining Inc. (NYSE: MUX), a mining company engaged in the exploration for and production of precious metals in the U.S., Mexico and Argentina, are soaring in today’s trading.
At last check, MUX shares were trading 8.18% higher at $4.63, with volume up from daily average of 1.92 million to 2.93 million. The stock touched a 52-week high of $4.65 in today’s trading.
Year-to-date, MUX shares have gained more than 34%, outperforming the S&P 500. The stock has a 52-week high of $6.30.
Shares of Firstmerit Corp. (NASDAQ: FMER), a bank holding company, are sinking in today’s trading.
At last check, FMER shares were trading 10.20% lower at $15.41, with volume up from daily average 816,879 to 6.98 million. The stock fell to an intra-day low of $15.03 in today’s trading.
FMER shares are falling even as the company announced that it would acquire Citizens Republic Bancorp (NASDAQ: CRBC) in an all-stock deal valued at approximately $952 million. The acquisition will allow FMER to expand its footprint in Michigan and Wisconsin.
Under the terms of the agreement, CRBC shareholders will receive 1.37 FMER shares for each share they tender to the offering. Based on FMER’s closing price on Wednesday, the offer price represents a premium of 18%.
Paul Greig, CEO of Firstmerit, said that with a five-state reach that will extend from Western Pennsylvania to Wisconsin, FMER looks to become the bank of choice among businesses and individuals across the upper Midwest.
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