Onyx Pharma Sinks; Genzyme Ticks Up
Dow component Alcoa (AA) reported better than expected earnings and tweaked its full-year global aluminum consumption forecast to the upside after the close and its shares were gaining 2.5% to $12.50 on volume of more than 2 million.
Also, Genzyme (GENZ) announced late Thursday that its board has unanimously rejected an unsolicited $69 per share acquisition offer from Sanofi-Aventis (SNY). In its statement, Genzyme said its board views the offer as "inadequate and opportunistic" and that it "substantially undervalues the company."
Wall Street apparently agrees as the stock was already trading above the offer price, finishing the regular session at $72.36, and it ticked higher in afterhours action to $72.80 on volume of around 775,000.
--Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron.
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