Tuesday, April 5, 2011

Hot Stocks Of The Day: AIG, ANF, CIEN, ISPH, QCOR

Below we highlight few companies whose shares are actively trading in Tuesday's session.

Shares of American International Group (NYSE: AIG) jumped as much 4% on Tuesday after Chief Executive Bob Benmosche said tha the bailed-out insurer is working hard to invest cash it set aside for a failed deal to buy back assets from the Federal Reserve.But the company is still looking at taking part in the auction the Fed set up for the nearly $16 billion pool of mortgage-backed securities, Benmosche told. 

Abercrombie & Fitch Co. (NYSE: ANF) soared more than 8% after the teen-retailer announced plans to open stores in China and said that it expects to earn $4.75 a share in 2012.

CIENA (Nasdaq: CIEN) jumped more than 8% after BofA/Merrill Lynch upgraded its rating on the company to Buy from Neutral. The firm also lifted its price target on the stock to $34 from $26.

Inspire Pharmaceuticals, Inc. (NASDAQ: ISPH) surged more than 24% after the company agreed to be acquired by Merck & Co. (NYSE: MRK) for about $430 million. Inspire's key product is Azasite, which is a treatment for pinkeye cause by bacteria.

Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) soared more than 22% on Tuesday, a day after the company issued a higher-than-expected first-quarter sales forecast. The company said Monday that it expects a 115 percent first quarter surge in sales of its main drug H.P. Acthar Gel - used to treat certain disorders with an inflammatory component. Questcor shares gained over 17.6 percent in extended trading, following the news. Detailing its preliminary results for the first quarter ended March 31, Questcor reported gross sales of $48.6 million. The California-based biotechnology shipped 2,010 vials of Acthar during the quarter. Chief Executive Officer Don Bailey said the solid growth seen in the fourth quarter was emulated in the first quarter, thanks to strong sales of Acthar. In March alone, the drug's prescriptions for multiple sclerosis improved 50 percent over February.

Full Disclosue: None.
Related Posts with Thumbnails

Wikinvest Wire