Xoom shares rally on PayPal acquisition deal

Shares of Xoom Corp. rallied in the extended session Wednesday after PayPal Inc. -- soon to be separate from eBay Inc. -- offered $890 million for the digital money-transfer company. Xoom shares surged 12% to $23.13. PayPal's offer for Xoom works out to $25 a share. PayPal expects the deal to close in the fourth quarter.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.