Stock Update on Small Cap Stock Movers (ISLN, OMX, CVO)

Shares of Isilon Systems, Inc. (NASDAQ:ISLN) soared 10% to $19.62 after climbing to its 52-week high of $20.10 earlier in the session.

Today’s rise can we justified after Hewlett-Packard Company (NYSE:HPQ) has offered to acquire 3PAR Inc. (NYSE:PAR) for $24 per share, 33.33% higher than the bid price offered by Dell Inc. (NASDAQ:DELL)   earlier.

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More than 1.38 million shares have traded already, compared to its average volume of 858K shares.

Isilon Systems, Inc.(Isilon Systems) is engaged in providing scale-out Network Attached Storage (NAS) systems, combining the Company’s OneFS operating system software and clustered architecture for file based data, including video, audio, digital images, computer models, portable document format (PDF) file.

OfficeMax Incorporated (NYSE:OMX) slid 4.85% to $10.60, very close to its 52-week low of $9.58.

So far this year, the stock has fallen over 18%. The median Wall Street price target on the stock is $18 and the high target is set at $26 with majority of analysts have a Buy rating on the company’s stock. The stock has the 50- Day Moving Average and 200-Day Moving Average prices are $12.93 and $15.45 respectively.

Officemax Incorporated (OfficeMax) provides office supplies and paper, print and document services, technology products and solutions, and office furniture to large, medium and small businesses, government offices and consumers.

Cenveo, Inc. (NYSE:CVO) lost 12.40% to $5.73 with over 856K shares already traded.

Robert G. Burton, Sr., Chairman and Chief Executive Officer of Cenveo, Inc. (NYSE: CVO), made the following statement

"Despite offering the unsecured creditors what we believed to be the highest potential recovery out of all the bids at the auction, it became very clear to us that the debtors and the creditors' committee were requiring significantly more in cash and guarantees from Cenveo than from the other bidders and seeking to saddle Cenveo with unacceptable risk that no other bidders were being asked to bear.  Under those circumstances, Cenveo had no interest in acquiring these assets. We feel we can generate substantially higher returns by just executing our game plan with our superior management team and winning in the marketplace rather than by overpaying for any business."

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