NEW YORK ( TheStreet) -- Shares of China Security & Surveillance Technology ( CSR) were soaring 24% to $5.08 a share on Tuesday after Chairman and CEO Guoshen Tu offered to buy out the company for $6.50 per share. The offer is for outstanding shares of common stock currently not owned by Tu. The chairman currently owns 21% of the stock. US Airways ( LCC) was gaining 9% to $9.06 after Deutsche Bank analysts reiterated a buy on the stock. Other regional airlines including AirTran Holdings ( AAI) and JetBlue Airways ( JBLU) were also up 1.8% and 4% respectively. Airlines have been hiking fares and rolling out surcharges to deal with rising fuel prices. Cooling oil prices on Tuesday appeared to have also helped boost sentiment surrounding airline stocks.
Broadsoft ( BSFT) was among the biggest gainers on Tuesday afternoon trading after the networking software company reported strong earnings and revenue growth for its fiscal fourth quarter after the bell on Monday. For the three months ended Dec. 31, Broadsoft posted a non-GAAP profit of $12.2 million, or 44 cents a share, up significantly from both its year-ago comparable profit of $1 million, or 7 cents a share, and earnings of $2.2 million, or 8 cents a share in the September period. Revenue totaled $35.8 million, up 85% year-over-year and 61% on a sequential basis. Shares were up 38% at $48.52. Volume of shares traded was at 10 times its average, at close to 4 million. Payment services provider Moneygram International ( MGI) was climbing 13% to $3.03 after it announced a recapitalization agreement whereby affiliates of private equity firm Thomas H Lee would get a 55% stake in the company. THL and its affiliates will convert all their preferred stock into common stock and its other investor, Goldman Sachs, will convert its preferred stock into participating convertible preferred stock, a non-voting equivalent to common stock. "This transaction simplifies our capital structure, ends the dilution from the continuing dividend payments required by the preferred stock terms, and increases the attractiveness of our common stock," CEO Pamela Patsley said in a statement. Shares of Radioshack ( RSH) were up 6% to $15.45.
The stock has frequently been a subject of takeover chatter.
Shares of Synovus Financial ( SNV) were up 1.8% to $2.56. CRT Capital initiated coverage on the stock with a buy rating. Mortgage insurers including The PMI Group ( PMI), MGIC Investment ( MTG) and Radian Group ( RDN) were also among the notable gainers on Tuesday afternoon trading. --Written by Shanthi Bharatwaj in New York >To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.