To: 2MAR$ who wrote (1940 ) 3/25/2014 11:02:27 PM From: 2MAR$ Respond to On The Fly: After Hours Movers NOTABLE: Facebook (FB) announced a deal to acquire virtual reality technology company Oculus in a cash and stock deal worth about $2B. The deal, which is Facebook's second major acquisition of 2014, includes $400M in cash, about $1.6B worth of Facebook common stock, and $300M in additional earn-outs based on the achievement of certain milestones... King Digital (KING), which makes the popular "Candy Crush" mobile game, priced its initial public offering of 22.2M shares at $22.50, as the company is expected to make its debut on the New York Stock Exchange tomorrow. Mobile gaming peer Zynga (ZNGA) was down about 1% in the after hours. HIGHER: Five Below (FIVE), up 15% after reporting earnings and revenue that beat expectations and gave a fiscal 2014 profit and sales outlook that was in-line with expectations... Insmed (INSM), up 3.8% after the company said it will announce results from its Phase 2 clinical trial of Arikayce to treat lung infections tomorrow morning. LOWER: International Game (IGT), down 8.4% after cutting its fiscal 2014 earnings outlook, giving a second quarter earnings view that was well below expectations, and announcing plans to cut 7% of its global workforce... Body Central (BODY), down 21% after its fourth quarter earnings missed expectations and the company said its losses and negative cash flows, "raise substantial doubt about [the company's] ability to continue as a going concern"... Global Cash Access (GCA), down 9.2% after announcing that its cash access deals with Caesar's (CZR) were not renewed, with the company saying it was not willing to accept the business and financial terms proposed by Caesar's. GCA reaffirmed its fiscal 2014 earnings and adjusted EBITDA outlooks... Panera Bread (PNRA), down 1.6% after the company reaffirmed its first quarter and fiscal 2014 outlooks but said that, given the rollout of certain of its strategic initiatives, it will not presently provide earnings guidance beyond 2014. :theflyonthewall.com
19:08 EDT FB theflyonthewall.com: Facebook buys Oculus for $2B in cash and stock Facebook (FB) announced a deal to acquire virtual reality technology company Oculus for about $2B, in the company's second major acquisition of 2014. WHAT’S NEW: Facebook announced a deal to acquire Oculus for $2B, including $400M in cash and 23.1M shares of Facebook common stock, valued at $1.6B based on an average stock price of $69.35 per share over the last 20 trading days ended March 21. The deal also provides for an additional $300M earn-out in cash and stock based on the achievement of certain milestones. The deal is expected to close in the second quarter. WHAT’S NOTABLE: Oculus develops and sells virtual reality technology, including the Oculus Rift virtual reality headset, for which the company said it has received more than 75,000 orders. Facebook CEO Mark Zuckerberg said that Oculus "has the chance to create the most social platform ever, and change the way we work, play and communicate." On its webcast following the announcement of the Oculus deal, Facebook emphasized that Oculus will continue to operate independently inside of the company. On the webcast, Zuckerberg also called Oculus the "clear leader" in the virtual reality technology space. This is Facebook’s second major acquisition of the year, with the social network also announcing a deal in February to buy messaging app developer WhatsApp for $16B. PRICE ACTION: In after-hours trading, shares of Facebook are down 0.9% to $64.30. :theflyonthewall
