On the winning side, Transmeridian Exploration , a Houston-based acquirer of Kazakh and Russian oil and natural gas, rose 40.7% to $1.97. Transmeridian Exploration announced it agreed to a cash offer from a British Virgin Islands-based entity set up by Lorrie Olivier, Transmeridian's chairman and CEO. The entity, Trans Meridian International, has offered to buy the company for about $825 million, or $3 a share, a 114% premium over Friday's closing price. Vonage ( VG - Get Report) rose 15% after the company said it has settled three patent disputes with Nortel . Vonage, which recently settled disputes brought by AT&T ( T - Get Report), Verizon ( VZ - Get Report) and Sprint ( S), said it will not pay Nortel any money as part of the settlement. Shares of Vonage were up 30 cents to $2.30. Nortel was off 15 cents, or 1%, to $15.09. AT&T fell 88 cents, or 2.1%, to $41.56. In a huge pop, LJ International blasted off 64.8% to $5.72. The gemstone manufacturer announced results for the first six months of 2007 after Friday's market close. The Hong Kong company posted income of $1.83 million, or 8 cents a share, up from $950,000, or 5 cents a share, in the first six months of 2006. BlackBerry maker Research In Motion capped the year by giving up some of its gains. RIM was off $3.54, or 3%, to $113.40. The stock has run up a whopping 165% this year.
And Centerline shares continued to plunge following Friday's news that it will slash its dividend and take a hit of between $45 million and $55 million from securitizing its $2.8 billion affordable-housing-bond portfolio with Freddie Mac ( FRE). The asset manager also cut its 2007 forecast for cash available for distribution by at least 14 cents to between $1.70 and $1.75 a share. Centerline shares fell another 1% to $7.62 a share in heavy volume. Among the financial winners, however, was Legg Mason . After the close on Friday, the asset manager said it has cut its exposure to structured investment vehicles, or SIVs, to 3.2% of its total liquid assets. That should result in a charge of $22.2 million, or 15 cents a share. Still, Legg Mason shares were up $1.92 to $73.15. IDM Pharma said that Sanofi-Aventis ( SNY) dropped the development of IDM's Uvidem, an investigational therapy for melanoma. Consequently, IDM will restructure, cut staff and review the assets and costs associated with products under development. The company will dish the restructuring plan in full in the first quarter. IDM, which regained all rights to Uvidem, gave up 15 cents, or 16%, to 79 cents. Heading in the other direction, Oxigene ( OXGN) said Monday that its lead product candidate, zybrestat, successfully completed the first stage of an ongoing midstage trial for ovarian cancer. The study is evaluating the combination of Oxigene's Zybrestat with carboplatin and paclitaxel in patients with advanced, hard to treat ovarian cancer. The trial met its first primary endpoint and will thus enroll 25 patients and move to the next stage. Oxigene's shares rose 31 cents, or 14.2%, to $2.49.