SinoCoking Coal shares were dropping by $1.69, or 16.5%, to $8.57 in the absence of any company-specific news. Volume topped 705,000 shares in the first 20 minutes of trading Monday, compared to the average daily share volume of 230,000. Earlier, the stock fell as low as $7.62.
On Friday, SinoCoking Coal and Coke Chemical announced an agreement with Zhengyun Coal Distribution to purchase up to 3 million metric tons of raw and clean coal annually. Assuming it takes full delivery of 2 metric million tons and 1 million metric tons of raw and clean coal, respectively, SinoCoking said expects that it could generate approximately $146 million in revenue and $7 million in net income during the coming fiscal year.
Elsewhere, Oxigene (OXGN) shares jumped by 8 cents, or 29.5%, to 35 cents after the company said its experimental cancer drug zybrestat boosted the overall survival of patients with advanced thyroid cancer. Volume topped 4.29 million shares early in Monday's trading session, compared to the average daily share volume of 1.36 million.TheStreet's Adam Feuerstein notes that Oxigene's zybrestat results from the late-stage study "were negatively impacted by a sharp reduction in the number of patients enrolled and were therefore not statistically significant." GTSI Corp. (GTSI) shares rallied by $1.92, or 37.1%, to $7.10 after Eyak Technology again proposed acquire all outstanding shares of the IT solutions company for $7 per share in cash. The proposal represents a premium of 35.1% over GTSI's closing price Friday. Volume topped 42,000 shares, compared to the average daily share volume of only 2,000. Xerox (XRX) rose by 62 cents, or 6.8%, to $9.73 after the company was mentioned positively in Barron's over the weekend. Barron's argues that Xerox shares could double in price as the company works to recast itself as a data-services provider to businesses and government agencies. Volume topped 4.32 million shares less than 30 minutes into Monday's session, compared to the average daily share volume of 11.5 million. Ascent Solar Technologies (ASTI) climbed by 26 cents, or 8.9%, to $3.17 after the company signed an agreement with China's Radiant Holding to distribute Ascent's lightweight, flexible, high-power thin-film CIGS modules. Volume topped 83,000 shares, compared to the average daily share volume of 114,000. -- Written by Robert Holmes in Boston.
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