Here’s our look at the market movers as of mid-day June 10 2011. The companies seeing lots of activity include Verigy Ltd. (NASDAQ:VRGY), Lululemon Athletica inc. (NASDAQ:LULU), Micromet Inc. (NASDAQ:MITI), Chelsea Therapeutics International Ltd. (NASDAQ:CHTP), and Diana Containerships Inc (NASDAQ:DCIX). Details on their move are described below.
Mid-Day Movers June 10 2011
Verigy Ltd. (NASDAQ:VRGY) is up over 10% today on buyout talks from Advantest Corp. The $1.1 billion buy-up was on the verge of falling out over the last couple of days but the US antitrust concerns that were looming over the deal seem to have been settled. Advantest Corp, the world’s second largest manufacturer of chip-testing equipment aims to grow in the mobile devices markets with the acquisition of Verrigy who produces test systems and solutions for the semiconductor industry.
The athletic apparel retailer Lululemon Athletica inc. (NASDAQ:LULU) announced first quarter results, with a 71% jump in profits sending stocks up 6% in early trading on Friday. This is the seventh straight quarter in which Lululemon has surpassed Wall Street expectations as the company continues to invest heavily in grassroot campaigns. The Vancouver based company has been offering free Yoga classes as well as hosting special events such as Marathons to bolster its brand.
Micromet Inc. (NASDAQ:MITI), the biopharmaceutical company developing therapies for cancer treatment, rose as high as 13% on Friday on the news that one of its drugs draws remission in Leukemia patients. The experimental drug known as Blinatumomab uses the body’s own T-cells to attack tumor cells, and has had a 75 percent success rate during its test. The drug is still years away from market, but the technique in which it works and its ability to reduce cancer cell levels to undetectable levels has impressed those in the field.
Chelsea Therapeutics International Ltd. (NASDAQ:CHTP) is up 17% today on the news concerning its drug candidate Northera. The pharmaceutical company revealed that clinical studies showed that Northera helps those suffering from Parkinson’s disease from halling down. The company aims to get the drug approved for the treatment of neurogenic orthostatic hypotension, which occurs when blood pressure falls when standing. The studies showed that falling fell by 60% on patients who had shown previous cases of falling down.
Container vessels focused company Diana Containerships Inc (NASDAQ:DCIX) plummeted to 7.30 today, down 8%, after it announced the price of its public offering. The 14.25 million shares of common stock was valued at 7.5$ per share. The capital is expected to be used to repay loan with DnB NOR Bank ASA, to pay for the acquisition costs of three containerships , and other working capital related purposes.
Other companies seeing lots of activity in mid-day trading on Friday include semiconductor company National Semiconductor Corporation (NYSE:NSM) who is revealing its Q4 results and semiconductor company and Multi-Fineline Electronix, Inc. (NASDAQ:MFLX) which is undergoing a capacity expansion.