Harman's Stock Surges Toward 1-year High After Samsung Buyout Bid

Shares of Harman International Industries Inc. soared 26% in premarket trade toward a one-year high Monday, after the auto parts maker agreed to be acquired by South Korea's Samsung Electronics Co. Ltd. ina deal valued at about $8 billion. The stock was on track to open at the highest level since Nov. 6, 2015, but was 1.4% below the buyout bid of $112. If the gain holds, it would be the stock's biggest one-day percentage jump, and the second-biggest price rally, since it went public in November 1986. The stock has lost 7% year to date through Friday, while the S&P 500 has gained 5.9%.