Diamonds and Dogs
SAAS is playing NICE. Cloud software and networking company, inContact (SAAS) jumped over 50% today after agreeing to be acquired by Nice Systems (NICE) for $14 in cash per share or $940 million. Nice Systems' stock jumped as well, up 4% on the news so it looks like Wall Street likes this cloud computing merger. So many good things are happening in the clouds.
Today's dog missed the dart board completely. The 6th largest merchandise store company, Target (TGT) saw their shares drop over 7% on a cautious outlook. The company released their first quarter earnings report which beat EPS expectations and grew 16.5% year-over-year, but on the negative side their total sales declined by 5.4% during the quarter from the prior period and missed analyst expectations. The company expects price discounting to intensify as retailers try to shed excess inventory after a slow season. Target also said apparel sales rose during the quarter and were stronger than other retailers', but unseasonable weather hurt demand. That darn weather.
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