Wednesday, July 13, 2011

Today's Top Movers: JOYG, TRH, NEWN, HRBN, CLNE

Shares of Joy Global, Inc. (NASDAQ: JOYG) rose as much as 2% on Wenesday after Bloomberg reported that the mining equipment maker is in talks to buy China's International Mining Machinery Holdings Ltd. a maker of coal-mining equipment. A deal could be announced this week, according to Bloomberg, which cited a person with knowledge of the matter. International Mining, controlled by private equity firm The Jordan Company LP, has a market value of about $1.09 billion.

Transatlantic Holdings Inc. (NYSE: TRH) jumped as much as 6% after Validus Holdings, Ltd. (NYSE: VR) delivered to the Board of Directors of Transatlantic Holdings a proposal to merge the businesses of the two company. Pursuant to the proposal, Transatlantic stockholders would receive 1.5564 Validus voting common shares in the merger and $8.00 in cashper share pursuant to a one-time special dividend from Transatlantic immediately prior to closing of the merger for each share of Transatlantic common stock they own.

New Energy Systems Group (AMEX: NEWN) jumpe more than 5% after the company announced that the company's senior management team has purchased approximately $300,000 of stock of the Company to date with personal funds.

Harbin Electric Inc. (NASDAQ: HRBN) rallied more than 2% after the Chinese maker of electric motors announced that it had agreed to go private in June, submitted a preliminary merger proxy statement Wednesday, bringing the company closer to a buyout. Harbin Electric Inc. was listed on the Nasdaq Stock Market through a reverse merger.

Clean Energy Fuel Corp. (NASDAQ: CLNE) soared more than 12 percent after the builder and operator of natural-gas fueling stations was boosted to “buy” from “underperform” at Bank of America Corp. after receiving a $150 million investment from Chesapeake Energy Corp. (CHK US).

Full Disclosure: None.
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