The Nasdaq finished at a record Tuesday amid mixed broader trading as reports of a new variant strain of the coronavirus in the U.K. dimmed optimism about Congress's passage of a $900 billion pandemic relief package.
Here are some of the big movers in the stock market Tuesday:
1. IAC | Increase 14%
IAC (IAC) - Get Report shares jumped after Barry Diller’s media/internet titan said it would spin off its stake in video hosting and software company Vimeo to IAC holders. IAC plans a stockholder meeting in the first quarter to review and approve a proposal to implement the spinoff. If it's approved, it's expected to go into effect in the second quarter.
2. Sportsman's Warehouse | Increase 40%
Sportsman’s Warehouse (SPWH) - Get Report shares surged after the outdoor sporting goods retailer agreed to be bought by Great American Outdoors, parent of Bass Pro Shops, for $785 million in cash. Great American will pay $18 a share for Sportsman’s Warehouse, a 42% premium from Monday’s close.
3. Colonnade Acquisition | Increase 37%
Colonnade Acquisition (CLA) - Get Report was climbing following news that lidar-sensor startup Ouster will go public through a merger with the special purpose acquisition company. If the deal closes, the new company will trade on the New York Stock Exchange under the ticket symbol OUST.
4. Vista Outdoor | Increase 22%
Vista Outdoor (VSTO) - Get Report advanced after Cowen analyst Gautam Khanna upgraded shares of the sporting goods company to outperform from market perform with a price target of $33, up from $29. The current ammunition demand upcycle is "apt to extend," and Vista's current valuation is "compelling," he said.