Javelin Pharmaceuticals, FuelCell Energy: Midday Volume Plays
Javelin Pharmaceuticals said it has filed a lawsuit against Hospira (HSP) and its subsidiary Discus Acquisition Corp. for a breach of the merger agreement announced in April. Javelin's lawsuit contends that Hospira and Discus breached the merger agreement by failing to accept and pay for shares tendered through May 18.
Late last month, Therabel Pharma N.V., Javelin's European commercial partner, said it was recalling all batches of its injectable pain drug Dyloject from the U.K. market due to quality control problems. Due to the recall, Hospira extended the deadline of the tender offer "based on its determination that all of the conditions to the offer had not been satisfied as of the expiration date of the offer."
Hospira said Thursday it has once again extended the tender offer to purchase Javelin to June 16. The offer had been set to expire earlier Thursday.Javelin shares were lately tumbling by 23 cents, or 15.1%, to $1.29. Hospira shares were up 0.3% to $52.02. The news prompted increase volume activity in Javelin shares. Volume topped 7.67 million shares, compared to the three-month average daily volume of 1.54 million, according to Yahoo! Finance. On the other hand, FuelCell Energy (FCEL) was rallying by 46 cents, or 21.6%, to $2.59 after the company said it has received contracts totaling approximately $12.6 million from Pacific Gas and Electric Company for fuel cell power plants to install as utility-owned fuel cells on the campuses of California State University East Bay. Volume topped 2.3 million shares, compared to the 50-day average daily volume of 806,000, according to the Nasdaq. ZymoGenetics (ZGEN) also traded sharply higher, up 52 cents, or 12.5%, to $4.74, after the company said it has initiated the second part of a Phase II trial for its Hepatitis C treatment PEG-Interferon lambda. Volume topped 886,000 shares, compared to the 50-day average daily volume of 512,000. Among other decliners on heavy volume, American Capital (ACAS) dropped 14.4% to $4.47 after Stifel Nicolaus cut its rating on the stock to sell from hold, arguing that the probability of bankruptcy has risen significantly. Volume of 29.14 million shares easily outpaced the average daily share volume of 8.34 million.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV