NEW YORK (TheStreet) -- Shares of Monster Worldwide  (MWW) were up 22.92% to $3.40 on heavy trading volume early Tuesday morning after agreeing to be acquired by Randstad (RANJY) for $429 million and reporting second-quarter results. 

The world's second-largest staffing company has bid $3.40 per share for each Monster share, representing a 23% premium to Monster's Monday closing price. 

Randstad said it will finance the transaction through existing credit facilities. It expects the deal to close in the 2016 fourth quarter. 

Before the market open, Monster Worldwide separately announced financial results for the 2016 second quarter that fell short of analysts' expectations.

The Weston, MA-based job posting company reported an adjusted loss of 2 cents per share while analysts expected adjusted earnings of 3 cents per share. 

Revenue fell to $150.9 million from $167.7 million a year ago and missed analysts' projected $156.6 million in revenue. 

About 33.28 million shares of Monster Worldwide have been traded so far today, well above its average trading volume of roughly 950,391 shares per day. 

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D+.

Monster Worldwide's weaknesses include its generally disappointing historical performance in the stock itself, unimpressive growth in net income, weak operating cash flow and poor profit margins.

You can view the full analysis from the report here: MWW

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.