Clarient (CLRT) was the next biggest gainer within the Russell 2000, rising 38.7% in the Oct. 18-Oct. 22 timeframe to close the week at $4.97.
Again, a healthy premium in an acquisition was the driver as General Electric (GE) anted up for the Aliso Viejo, Calif.-based provider of cancer testing services on Friday, agreeing to buy Clarient for $580 million, or roughly $5 per share, in cash.Prior to the offer arriving from GE, Clarient shares had been up a little less than 10% year-to-date. The company's third-quarter results are still on tap for Nov. 1 with the average estimate of analysts polled by Thomson Reuters calling for earnings of a penny a share on revenue of $29.3 million. Clarient will be part of GE Healthcare when the deal is completed in either late 2010 or early 2011, said GE, whose shares are up a little more than 6% year-to-date. In its press release disclosing the Clarient deal, GE said it expects it can build a $1 billion-plus business for diagnostic services, including oncology and other areas.
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