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Chinese solar energy company Trina Solar Ltd. said Monday it has reached a merger agreement with Fortune Solar Holdings Ltd. and one of its units, after which it will be taken private by an investor consortium in an all-cash deal that implies an equity value of $1.1 billion. The investor consortium includes Chief Executive Jifan Gao, Shanghai Xingsheng Equity Investment & Management Co. Ltd., Shanghai Xingjing Investment Management Co. Ltd., Great Zhongou Asset Management (Shanghai) Co. Ltd., Liuan Xinshi Asset Management Co. Ltd. and/or their respective affiliates. The merger consideration is equal to a premium of 21.5% over the closing price of Trina’s American Depositary Share Dec. 11, 2015, the last day before the company announced the receipt of a going-private transaction. It is equal to a premium of 40.6% over the closing price of the ADS on Friday, July 29, the last day prior to Monday’s announcement. The deal is expected to close in the first quarter of 2017. Shares were trading up 27% after a trading halt was lifted. The S&P 500 was up 0.04%.

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From:: Stock Market News

VirnetX Holding Corp.’s stock plunged 44% in active morning trade Monday to a 6 1/2-month low, enough to make it the biggest declining stock listed on U.S. exchanges, after a disappointing court ruling regarding its patent infringement claims against Apple Inc. Volume topped 1.3 million shares, which was already about double the full-day average. The internet security software company said the U.S. District Court for the Eastern District of Texas issued a new order in the case against Apple, vacating the previous order to consolidate the two cases, and to retry them as separate cases. “We are disappointed by the court’s decision to vacate its prior ruling on consolidation and ordering the parties to retry the cases as two separate matters,” said VirnetX Chief Executive Kendall Larsen. In February, VirnetX’s stock soared after a federal Jury in Texas ordered Apple to pay $625 million for infringing on VirnetX’s patents.

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From:: Stock Market News

Amazon.com Inc. has pushed past Exxon Mobil Corp. to become the fourth-largest U.S. company by market capitalization in intraday trade Monday. The e-commerce giant’s stock was up 0.7% in morning trade, to take its market cap up to $362.1 billion, while Exxon Mobil shares shed 2% to take its market cap down to $361.6 billion. In two sessions since Amazon reported second-quarter results late Thursdays, Amazon has moved up from seventh place. Now the top four largest companies are all technology companies: Apple Inc. at $565.9 billion; Alphabet Inc. at $549.6 billion; and Microsoft Corp. at $440.0 billion. Of the four, only Apple and Microsoft are components of the Dow Jones Industrial Average .

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From:: Stock Market News

Shares of ADMA Biologics Inc. tanked 21% Monday, after the company said it had received a complete response letter from the Food and Drug Administration regarding an application for a treatment for primary humoral immunodeficiency disease. Raymond James downgraded the stock to market perform from strong buy on the news, although it said it still expects the treatment to be approved, as the letter stemmed from issues at a third-party manufacturer, and not the clinical efficacy and safety data for the drug, named RI-002. “Although these manufacturing issues are largely addressable, the uncertainty surrounding the timing of the resubmission and review remain the key issue, and therefore we are withdrawing RI-002 revenue estimates from our model until we obtain further clarity as to when and what type of a resubmission is possible,” analysts wrote in a note. With a cash position of $24.6 million and lowered monthly burn rate of $1.2 million, Raymond James is expecting the company to have sufficient cash to get through 2017 and resubmit the application. Shares are down 23% in the year so far, while the S&P 500 has gained about 6%.

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From:: Stock Market News

Worldwide shipments of tablets fell 12% in the second quarter, according to a new report from IDC. Roughly 65% of tablets shipped this past quarter were run on Alphabet Inc.’s Android operating system, followed by Apple Inc.’s ioS, which captured 26% of the market. Apple’s shipments fell by 9% year-over-year, but the launch of a new iPad Pro earlier this year helped to increase average selling prices for iPads, lifting Apple’s total share of the market from 25% last year. Samsung Electronics Co.’s share decreased to 15.6% from 18.2% a year ago, as its shipments plunged 25% during the quarter. Lenovo, Huawei and Amazon.com Inc. rounded out the top five, with Amazon recording growth of 1,208%, thanks to strong sales of Fire tablets on Prime Day. That growth spurt helped to lift Amazon’s market share to 4% from 0.3% in the year-earlier period. Shares of Apple rose 0.6% to $104.79 in Monday morning trade, pushing them up nearly 12% in the past three months. Those of Amazon rose 0.1% to $759.59, pushing them up 15.3% in three months. The S&P 500 , meanwhile, has risen 5% in three months.

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From:: Stock Market News

Diamond Resorts International Inc. said Monday that it will delay the release of second-quarter results, after the vacation destination company’s independent accountant raised questions about accounting practices. The accountant, BDO USA, said Diamond Resorts may not have correctly applied the relative sales value inventory valuation model with it prepared its financial statements since 2014. Diamond Resorts was scheduled to report results on Monday. On Friday, the company agreed to be acquired by Apollo Global Management in a deal valued at $2.2 billion. “Based on our discussions with the company, we are confident this will not impact the timing of our acquisition on the terms previously announced,” an Apollo management said in a statement. Diamond’s stock, which is currently halted for news, had rallied 18% year to date through Friday, while the S&P 500 had gained 6.1%.

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From:: Stock Market News

U.S. stocks opened little changed on Monday following last week’s gains that brought the S&P 500 within a whisker of a record closing high. On Monday, the market’s expectations of a Federal Reserve interest-rate hike this year appeared to wane, while a sharp drop in oil prices dampened risk appetite. Investors also braced for data on U.S. manufacturing that could help shape future U.S. monetary policy. The Dow Jones Industrial Average added 10 points, or less than 0.1%, to 18,442, the S&P 500 index was unchanged at 2,173, while the Nasdaq Composite Index rose 5points, or 0.1%, to 5,166. Among individual companies, Tesla Motors Inc. and SolarCity Corp. shot up over 7% premarket before being halted, after the two companies said they have reached a merger agreement.

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From:: Stock Market News

Tesla Motors Inc. and SolarCity Corp. held a call with analysts early Monday morning to defend a proposed deal between the two companies and tout the cost synergies that would occur if the two combined. Earlier on Monday, Tesla announced an offer to buy SolarCity for roughly $2.6 billion. The deal, subject to SEC review and majority approval from the independent shareholders of both companies, is expected to close in in the fourth quarter. On the call, the companies said they expect to achieve $150 million in cost synergies within the first year. Within three to five years, they expect every single system across the two portfolios to include both solar and storage. Elon Musk, who serves as chairman of both companies, said synergies will include the streamlining of production on the backside, the improvement of customer acquisition costs, and the ability to educate consumers about the benefits of combining solar production and storage. Shares of Tesla rose 0.2% to $235.31 in premarket trade, while those of SolarCity plunged 6.2% to $25.05. As of Friday’s close, SolarCity’s shares had declined by 12% in the past 12 months and 54% in the past year. The S&P 500 , meanwhile, is up 5.2% in three months and 3.3% in the past 12.

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From:: Stock Market News