Hot Stocks of the Week
The trading week started with the major indexes rising, but the news wasn't positive for Nuvelo Inc.
Shares of the San Carlos, Calif., biotech drug maker plunged Monday after two trials of a blood thinner drug it was developing with Bayer HealthCare failed, and the companies suspended a second study.
Nuvelo shares plummeted as much as 82 percent after the news broke, bottoming out at a 52-week low of $3.35, after closing on the Nasdaq the previous Friday at $19.55. Shares recovered a bit, to close the session at $4.05, still down more than 79 percent on the session. Volume of more than 90 million shares was more than 176 times normal daily trading in the shares.
Shares continued to trade heavily through the rest of the week, with more than 33 million shares changing hands Tuesday and about half that Wednesday. The stock did not recover from Monday's blow, however, edging up just slightly to close the week at $4.16.
Tuesday, microcap Internet search engine Mamma.com caught investors' eyes, when it introduced a new video search function that offers features not found even on Google.com.
Shares of the Montreal-based company soared 80.6 percent to close at $4.28 on the Nasdaq, while volume surged to nearly 30 million shares, about 25 times normal trading. Shares closed Monday at $2.37.
The rally continued Wednesday as share gained as much as 10 percent before settling back down, as volume remained extraordinary. After edging back Thursday, the exuberance for Mamma.com shares returned to end the week with shares hitting a new 52-week high of $5.28, a 30 percent gain, before giving up some of the surge to end up 9.6 percent at $4.44. Volume again topped 26 million.
For the week, Mamma.com shares gained 87 percent.
Wednesday, news and rumors of industry consolidation sent airline shares flying high, with Midwest Air Group Inc. getting the biggest lift, after the Oak Creek, Wis. regional carrier received a hostile takeover bid from AirTran Holdings Inc.
Midwest rejected the $290 buyout offer, but AirTran said it won't give up its quest.
That was enough for investors to keep the shares aloft. After spiking up almost 28 percent, shares edged backed a bit to close Wednesday up $1.30, or 22.2 percent, at $11.10, from their prior day close at 9.08. Trading topped 2 million shares, more than 7 times normal daily volume.
Shares continued to trade heavily and gained 8.6 percent Thursday, but gave up some of the gain even as trading volume ebbed in Friday's session. Nevertheless, shares were up 29 percent since AirTran made its bid, closing the week at $11.72.
Thursday it was more takeover talk, as shares of Worthington Industries Inc. shot up on speculation the metal processing company may be a buyout target. There was no bid for the Columbus, Ohio, company, but at least one analyst said it would be an attractive buy in a consolidating industry.
The stock leaped as high as $21.36 before retreating a bit, to end the session up $2.02, or 11 percent, at $20.32 from their close Wednesday at $18.30. Volume was nearly seven times normal daily trading.
Trading remained about twice as heavy as normal Friday, a share gained 10 cents more to close the week at $20.42.
And Friday, Weyerhaeuser Co., gained nearly 4 percent from their prior day close of $69.49, in trading more than nine times normal, after the lumber and paper producer was upgraded to "Buy," by Deutsche Bank following an announcement it would close one sawmill in Washington and build a newer, more efficient plant.
The move was seen as part of a needed effort to revamp the Federal Way, Wash., company's operations.
Shares gained $2.44, or 3.5 percent, to close at $71.93 on the New York Stock Exchange, after matching their 52-week high of $75.50 earlier in the session, on volume of 14.5 million shares.
Shares of the San Carlos, Calif., biotech drug maker plunged Monday after two trials of a blood thinner drug it was developing with Bayer HealthCare failed, and the companies suspended a second study.
Nuvelo shares plummeted as much as 82 percent after the news broke, bottoming out at a 52-week low of $3.35, after closing on the Nasdaq the previous Friday at $19.55. Shares recovered a bit, to close the session at $4.05, still down more than 79 percent on the session. Volume of more than 90 million shares was more than 176 times normal daily trading in the shares.
Shares continued to trade heavily through the rest of the week, with more than 33 million shares changing hands Tuesday and about half that Wednesday. The stock did not recover from Monday's blow, however, edging up just slightly to close the week at $4.16.
Tuesday, microcap Internet search engine Mamma.com caught investors' eyes, when it introduced a new video search function that offers features not found even on Google.com.
Shares of the Montreal-based company soared 80.6 percent to close at $4.28 on the Nasdaq, while volume surged to nearly 30 million shares, about 25 times normal trading. Shares closed Monday at $2.37.
The rally continued Wednesday as share gained as much as 10 percent before settling back down, as volume remained extraordinary. After edging back Thursday, the exuberance for Mamma.com shares returned to end the week with shares hitting a new 52-week high of $5.28, a 30 percent gain, before giving up some of the surge to end up 9.6 percent at $4.44. Volume again topped 26 million.
For the week, Mamma.com shares gained 87 percent.
Wednesday, news and rumors of industry consolidation sent airline shares flying high, with Midwest Air Group Inc. getting the biggest lift, after the Oak Creek, Wis. regional carrier received a hostile takeover bid from AirTran Holdings Inc.
Midwest rejected the $290 buyout offer, but AirTran said it won't give up its quest.
That was enough for investors to keep the shares aloft. After spiking up almost 28 percent, shares edged backed a bit to close Wednesday up $1.30, or 22.2 percent, at $11.10, from their prior day close at 9.08. Trading topped 2 million shares, more than 7 times normal daily volume.
Shares continued to trade heavily and gained 8.6 percent Thursday, but gave up some of the gain even as trading volume ebbed in Friday's session. Nevertheless, shares were up 29 percent since AirTran made its bid, closing the week at $11.72.
Thursday it was more takeover talk, as shares of Worthington Industries Inc. shot up on speculation the metal processing company may be a buyout target. There was no bid for the Columbus, Ohio, company, but at least one analyst said it would be an attractive buy in a consolidating industry.
The stock leaped as high as $21.36 before retreating a bit, to end the session up $2.02, or 11 percent, at $20.32 from their close Wednesday at $18.30. Volume was nearly seven times normal daily trading.
Trading remained about twice as heavy as normal Friday, a share gained 10 cents more to close the week at $20.42.
And Friday, Weyerhaeuser Co., gained nearly 4 percent from their prior day close of $69.49, in trading more than nine times normal, after the lumber and paper producer was upgraded to "Buy," by Deutsche Bank following an announcement it would close one sawmill in Washington and build a newer, more efficient plant.
The move was seen as part of a needed effort to revamp the Federal Way, Wash., company's operations.
Shares gained $2.44, or 3.5 percent, to close at $71.93 on the New York Stock Exchange, after matching their 52-week high of $75.50 earlier in the session, on volume of 14.5 million shares.
posted by Stock Administrator @ 7:25 PM
0 Comments:
Post a Comment
<< Home