PolyOne Corporation (NYSE: POL) climbed 8 percent on Wednesday after Jefferies Group initiated coverage on the stock with a “buy” rating. On December 20, the company announced the acquisition of Glasforms Inc., which specializes in glass and carbon fiber reinforced polymers and advanced products.
Shares of Abbot Laboratories (NYSE: ABT) nosedived 51 Percent on Wednesday. The pharmaceutical company announced that it has spun off its research-focused business, which is now called as Abbvie inc. Abbvie , henceforth, will work as an independent unit. Abbvie has been listed on the New York Stock Exchange and commenced trading today. Abbvie’s symbol is ABBV.
Ascena Retail Group Inc. (NASDAQ: ASNA) slumped 4 percent after Citigroup slashed its rating on the stock to “neutral” from “buy” and set a price target of $20.
Synergy Pharmaceuticals Inc. (NASDAQ: SGYP) rallied 11 percent. The company said that its constipation drug met primary and key secondary targets in Phase 2b/3 trial, which pave the way for further studies on drug meant for multiple digestion related complexities.
Shares of Facebook Inc. (NASDAQ: FB) gained almost 4 percent after JP Morgan raised its price target on FB to $35 from $29 while Cowen & Co started coverage of the social networking giant’s stock with “neutral” rating.
Shares of Apple Inc. (NASDAQ: AAPL) climbed nearly 3 percent after reports emerged that the iPad maker has initiated testing hardware of iPod6 even as Raymond James cut its price target on the stock to $690 from $700.
Bank of America Corp. (NYSE: BAC) edged up on Wednesday after a report carried on Wall Street Journal said that the Company could be in position to reacquire its 5 percent stake which Warren Buffet took in 2011.
The Middleby Corporation (NASDAQ: MIDD) gained as the food service equipment maker announced it has agreed to acquire Viking Range Corp for $380 million in an all cash deal. The move will allow Middleby to gain foothold in residential sector.
Molycorp Inc. (NYSE: MCP) rallied 16 percent on Wednesday. According to Bloomberg, Molycop’s low valuation and its likelihood to lock in rare-earth resources could make it a possible takeover target. According to the report, manufacturers such as Nissan, Siemens might be interested in acquiring Molycorp. Analysts added that shares could fetch $15 a share.
Shares of car rental company Zipcar Inc. (NASDAQ: ZIP) skyrocketed on Wednesday after its larger rival Avis Budget Group Inc. (NASDAQ: CAR) agreed to buy it in all cash deal estimated at $500 million or $12.35 per share, representing a premium of 49 percent over the closing price of $8.24 on December 31st. For Avis, the deal is expected to help lower its costs. Avis Budget Group Inc also edged up nearly 4.75 percent, at last check.
Emergent Biosolutions Inc. (NYSE: EBS) gained about 3.55 percent. The European Commission designated company’s potential treatment for chronic lymphocytic leukemia, TRU-016 as an orphan medicinal product.
American Eagle Outfitters (NYSE: AEO) plunged about 3.30 percent after Jefferies downgraded it to “hold” from “buy” rating.
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