Ascent Capital's Stock Soars, After Rival ADT Agrees To Buyout

By Markets MarketWatch Pulse

Ascent Capital Group Inc.'s stock shot up 30% in morning trade Tuesday, putting it on course for the biggest one-day percentage gain in its 7 1/2-year history, in the wake of buyout offer for rival home security company ADT Corp. . Last Thursday, the stock had closed at a record low of $7.99, or just 9% of the value at the Dec. 27, 2013 record close of $88.50. Ascent Capital began trading on Sept. 17, 2008, just two days after the Lehman Bros. bankruptcy. The surge in Ascent's stock came as rival ADT's stock soared 50%, after ADT agreed to be acquired by private-equity firm Apollo Global Management for a 56% premium. Ascent's stock was still down 36% year to date after Tuesday's jump, while the S&P 500 has lost 8.1%.

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