NEW YORK (
was among several stocks trading near $5 were moving on above-average volume Monday after a subsidiary acquired the assets and deposits of a bank failure in Puerto Rico.
fell after its subsidiary
Banco Popular de Puerto Rico
assumed $11.9 billion in total assets from failed bank
Westernbank Puerto Rico
, which was a subsidiary of
. The Federal Deposit Insurance Corp. agreed to share in losses on $8.8 billion and estimated $3.31 billion in costs to its insurance fund.
Popular was down 18 cents, or 4.6%, to $3.77. Volume topped 29.23 million shares, compared to the 50-day average daily volume of 27.14 million, according to the
Meanwhile, Pacific Capital Bancorp (PCBC) continued to plummet, falling by 35 cents, or 20%, to $1.39, bringing its three-day loss to more than 65%. Volume topped 4.62 million shares in the first hour of trading, compared to the 50-day average daily volume of 3.59 million.
said it will receive $500 million from the sale of 225 million shares to private-equity firm Ford Financial Fund at a price of 20 cents per share. Pacific Capital will also sell 455,000 shares of newly created preferred stock to Ford Financial at $1,000 per share.
After the transactions, Ford will own approximately 91% of Pacific Capital's common stock on an as-converted basis.
On the other hand,
traded higher after the Food and Drug Administration approved its osteoarthritis drug Vimovo, which will be marketed by
jumped by 37 cents, or 16.2%, to $2.65. Volume topped 6.59 million shares, compared to the 50-day average daily volume of 591,000.
surged by 77 cents, or 31.4%, to $3.22 after the company said a Phase 2a study showed its experimental drug to treat patients with a progressive form of liver disease reduced the level of specific liver enzymes by 50%. Volume topped 1.65 million shares, compared to the 50-day average daily volume of 93,000.
Jackson Hewitt Tax Service
rallied by 67 cents, or 39.9%, to $2.35 after the tax preparer said it has amended its credit agreement with lenders to ensure its off-season operations are fully funded.
also said it is laying off 15% of its workforce, which will result in a pre-tax severance charge of approximately $1 million in the fourth quarter but will enable the company to realize a pre-tax expense savings of approximately $5 million in the 2011 fiscal year.
Jackson Hewitt volume topped 4.53 million shares, compared to the three-month average daily volume of 1.63 million, according to Yahoo! Finance.
-- Written by Robert Holmes in Boston
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