Here’s our detailed look at the top gainers for June 7 2011. Companies which saw big jumps include Temple-Inland Inc. (NYSE:TIN), Qihoo 360 Technology Co Ltd (NYSE:QIHU), Exelixis, Inc. (NASDAQ:EXEL), Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA), and Skyworks Solutions, Inc. (NASDAQ:SWKS).
Top Gainers for June 7 2011
Temple-Inland (NYSE:TIN), the manufacturer of corrugated packaging and building products, saw its share rise by a whopping 40% after a takeover bid valued a $3.3 billion by International Paper (NYSE:IP). The offer was rejected, with the value of $30.6 a share seen as insufficient by shareholders. International Paper had hoped the acquisition would bolster its North American and Western Europe businesses as the packaging sector is heading for further consolidation.
Just two weeks removed from announcing first quarter net losses, Qihoo 360 Technology Co Ltd (NYSE:QIHU) shares got a positive boost from the news of a partnership with Netease (NASDAQ:NTES). Qihoo 360, who’s involved in the operation of internet services, will partner up with Chinese internet giant Netease to strengthen the safety and security of their email services. The partnership is expected to run deeper and provide an exchange of expertise and R&D between the two internet companies. Shares of Qihoo were up 17% on Tuesday.
Exelixis, Inc. (NASDAQ:EXEL), who specializes in developing therapies for treatment of cancer, saw its shares jump by 12% after the news that its prostate cancer drug known as Cabozantinib proved to be effective in the fight against the disease. 108 patients were tested to see the effect of the drug during a 12 week period and results showed that risk of the prostate cancer progressing was reduced by 87%.
ARIAD Pharmaceuticals, Inc. (ARIAD) – a biopharmaceutical company who develops drugs to treat diseases at a cellular level, also was greeted with a positive result in one of its clinical trials. Their SUCCEED evaluation (Phase III Sarcoma Multi-Center Clinical Evaluation of Ridaforolimus) to treat oral ridaforolimus was a success with a 28% reduction in the risk of progression or death. Shares climbed by 9.4% on Tuesday.
Chipmaker Skyworks Solutions, Inc. (NASDAQ:SWKS) shares had jumped as high as 13 percent back in April when it announced a positive outlook which left investors in delight. Those gains fizzled out over the last month or so with acquisitions of Advanced Analogic and SiGe Semiconductor Inc. The company reaffirmed its outlook of 46 cents a share it gave in late April for the current quarter as the acquisitions are counted on to add to the earnings without delay. Skyworks shares were up 7.7% at the end of Tuesday’s session of trading.
That wraps up our look at the top gainers for June 7 2011 – be sure to check back for more updates on Temple-Inland Inc. (NYSE:TIN), Qihoo 360 Technology Co Ltd (NYSE:QIHU), Exelixis, Inc. (NASDAQ:EXEL), Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA), and Skyworks Solutions, Inc. (NASDAQ:SWKS) as well as our future daily insights on the top gainers in the markets.