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U.S. stock indexes traded firmly higher early Monday as a rise in the price of crude oil boosted energy-related shares. The Dow Jones Industrial Average rose 185 points, or 0.8%, at 24,452, the S&P 500 index climbed by 0.5% at 2,676, with the energy sector up 1.9%. The Nasdaq Composite Index advanced by 0.9% at 7,272. Monday's moves come after a rally in shares of Apple Inc. overshadowed a lackluster April jobs report, which showed that fewer number of jobs were created in the month than had been anticipated by economists surveyed by MarketWatch. Meanwhile, crude-oil prices climbed above $70 a barrel early in the session, their highest level since 2014. With crude futures rising, investors were likely to keep a close eye on comments linked to the Iran nuclear deal. Separately, shares of Athenahealth Inc. jumped after CNBC reported that Elliott Management is preparing an all-cash deal between $155 and $160 a share for the health-care company.
AthenaHealth Inc. shares surged 24% in Monday morning trade after activist investor Elliott Management said it plans to acquire the company for $160 per share in cash, in a deal valued at about $7 billion. AthenaHealth shares closed at $126.08 per share on Friday. Elliott already has an about 9% stake in AthenaHealth, and previously approached the company about taking it private in November, it said in a letter to AthenaHealth's board of directors, but AthenaHealth "refused to engage." "Unfortunately, we are faced now with the stark reality that athenahealth as a public-company investment, despite all of its promise, has not worked for many years, is not working today and will not work in the future," Elliott Management said in the letter. "Given athenahealth's potential, this reality is deeply frustrating, but the fact remains that athenahealth as a public company has not made the changes necessary to enable it to grow as it should and to create the kind of value its shareholders deserve." Elliott claimed in the letter than AthenaHealth has among its problems executive turnover, a lack of operating effectiveness, issues with product and strategy execution and poor forecasting and guidance. News of the bid was first reported by CNBC. Company shares have dropped 6% over the last three months, compared with a 0.7% drop in the S&P 500 and a 2.5% drop in the Dow Jones Industrial Average .
Athenahealth's stock soars 22.5% after Elliott confirms buyout proposal
Elliott manages funds owning 8.9% of Athenahealth's shares outstanding
Elliott's per-share bid for Athenahealth represents 27% premium to Friday's closing price
Elliott Management proposes $160-per-share bid to buy Athenahealth
AthenaHealth deal could be worth about $7 bln: CNBC
Athenahealth shares jump 20% on plans for an Elliott Management bid: CNBC
Activist investor Elliott Management is making a push to take Athenahealth private, arguing the health-care software company is botching an opportunity to rapidly expand.
Among the companies with shares expected to trade actively in Monday's session are Berkshire Hathaway, Starbucks, Apple, Mondelez and Wells Fargo.
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Activist investor Elliott Management is making a push to take Athenahealth private, arguing the health-care software company is botching an opportunity to rapidly expand.
Athenahealth, Inc. Shares Soars on Elliott Management Bid
Shares of Athenahealth (ATHN) opened more than 20% higher on Monday after Paul Singer's Elliott Management offered to buy the healthcare technology company in an all-cash deal valued at $160 per share.
Mid-Day Market Update: athenahealth Surges Following $160/Share Cash Offer From Elliott Management; Del Frisco's Shares Slide
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Elliott Management Makes $160-Per-Share Takeover Offer For Athenahealth
Revenues in Business and Services along with a strong client base boost athenahealth's (ATHN) Q1 earnings.
athenahealth's (ATHN) CEO Jonathan Bush on Q1 2018 Results - Earnings Call Transcript
Soft Q1 bookings pressure athenahealth, down 13%
athenahealth's (ATHN) strong product portfolio, network expansion strategies and unique business model are likely to drive Q1 earnings.
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athenahealth, Inc. engages in the provision of cloud-based business services and mobile applications for medical groups and health systems. It offers network-based medical record, revenue cycle, patient engagement, care coordination, population health services, and other point-of-care mobile applications. The company was founded by Jonathan S. Bush and Todd Y. Park on August 21, 1997 and is headquartered in Watertown, MA. (See Full Profile)
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