SAN FRANCISCO (MarketWatch) — Shares of Palo Alto Networks Inc. and Convergys Corp. surged in the extended session Monday after both companies announced acquisition deals.
Palo Alto Networks Shares of Palo Alto Networks (PANW) rose 2.5% to $59.30 on moderate volume after the network-security firm announced it had acquired Morta Security for an undisclosed sum.
The deal follows a recent acquisition by FireEye Inc. (FEYE) , which announced on Thursday it bought security firm Mandiant Corp. for $1 billion. Shares of FireEye rose more than 30% following that deal.
Convergys (CVG) shares surged 20% to $25 on light volume after the customer management firm announced it will acquire Stream Global Services Inc. for a total enterprise value of $820 million in cash. The acquisition should add about 35 cents a share to Convergys earnings excluding one-time costs, the company said.
Sonic Corp. (SONC) shares rose 3.4% to $19.90 on moderate volume. The company reported adjusted earnings of 13 cents a share on revenue of $126.7 million. Analysts surveyed by FactSet expected a consensus of 13 cents a share on revenue of $127.4 million. The drive-in chain also forecast full-year earnings to rise about 14% to 15%, or about in-line with the analyst consensus of 83 cents a share.
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