MARKET PULSE-GrubHub, Genco, Opower, Halozyme, Aetrium, IMS Health, Five9
(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks dipped on Friday and the Nasdaq fell sharply as weakness in momentum stocks weighed on indexes and erased earlier gains in the wake of the March payrolls report. The Dow Jones industrial average was down 0.24 percent at 16,532.89, the S&P 500 was down 0.52 percent at 1,879 and the Nasdaq Composite was down 1.93 percent at 4,156.027.
** GRUBHUB INC, $36.51, +40.42 pct
Shares of the company jumped as much as 57 percent in their market debut as investors scrambled for a piece of the biggest U.S online food-delivery service, which delivers everything from expensive steaks to bento boxes.
The stock, sold for $26 in the initial public offering, jumped to a high of $40.80, valuing the company at $3.2 billion.
** GENCO SHIPPING & TRADING LTD, $2.01, +31.37 pct
The drybulk shipper said on Thursday that it had reached a restructuring plan with its lenders, that would be implemented through a Chapter 11 bankruptcy protection filing.
The company said its $1.1 billion credit facility would be converted into equity worth more than an 80 percent stake in the new company. About $125 million of convertible notes would also be converted into a roughly 8 percent stake, the company said in a regulatory filing.
Genco said that existing shareholders would get 6 percent of the new company in the form of warrants. Continued...