Brocade, Origin Agritech: Volume Movers

Brocade and Origin Agritech were among several stocks moving on above-average volume Wednesday.
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BOSTON (TheStreet) -- Brocade Communications Systems (BRCD) was one of several stocks trading on above-average volume Wednesday on reports the company is a buyout target.

Brocade

shares rose on rumors that

IBM

(IBM) - Get Report

may be interested in making a bid for the data storage company, according to market chatter reported on by

Briefing.com

and

TheFlyOnTheWall

.

Earlier this week,

IBM acquired Netezza

, another data storage company, in a $1.7 billion deal. On Wednesday,

The Financial Times

reported that

IBM warned that its aggressive acquisition strategy

and organic growth could be impacted by increased regulation of the derivatives market.

Shares of Brocade are rallying by 56 cents, or 10%, to $6.21 on the reports. Volume topped 51.7 million shares, compared to the average daily share volume of 15.3 million.

Elsewhere,

Origin Agritech

(SEED) - Get Report

are jumping by $1.20, or 15.8%, to $8.79 after the company's wholly-owned subsidiary, Origin Biotechnology, said it has reached an comprehensive, worldwide agreement with the Institute of Plant Protection, Chinese Academy of Agricultural Sciences (CAAS).

The deal gives Origin global rights to sell and develop field crops products that include the Bt-gene, a common soil bacterium that produces crystals that are toxic to certain insects. Volume topped 3.6 million shares, compared to the average daily share volume of 588,000.

On the downside, shares of

Vical

(VICL)

are dropping by $1.07, or 27.7%, to $2.79 after partner

Sanofi-Aventis

(SNY) - Get Report

announced Wednesday that its

experimental drug NV1FGF for limb ischemia

failed in a late-stage trial to demonstrate superiority over a placebo in the prevention of amputation or death in patients who were not eligible for surgery. Volume topped 3.8 million shares, compared to the average daily share volume of 276,000.

Meanwhile,

iStar Financial

(SFI)

shares continued to fall, lately down 50 cents, or 14.4%, to $2.98, one day after reports the real estate investment company will begin negotiating a prepackaged bankruptcy plan next month.

Bloomberg

reports that the Chapter 11 filing isn't likely to come until 2011 when debt comes due, citing people familiar with the situation. The company is also considering extending maturities on debt or proposing an exchange offer, according to the report.

iStar shares are down more than 25% over the last two sessions. Volume on Wednesday topped 14.6 million shares, compared to the average daily share volume of 1.7 million.

-- Written by Robert Holmes in Boston

.

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