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Major Movers on January 2; POL, ABT, ASNA, SGYP, FB, AAPL, BAC, MIDD, MCP, ZIP, CAR, EBS, AEO

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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All stories in are for informational purposes only. This is NOT a stock recommendation. This story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at . About is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.