Media General Soars On Acquisition (MEG, TWMC, GALE, ARRY, NTES)

Media General Soars On Acquisition (MEG, TWMC, GALE, ARRY, NTES)

Media General Inc (NYSE:MEG) is one of the top percentage gainer and surged up 42.36% to $4.47 in the early trading hours. Berkshire Hathaway Inc has agreed to pay $142 million for Media General Inc. Berkshire will also provide Media General a $400 million term loan with an interest rate of 10.5%.

Trans World Entertainment Corporation (NASDAQ:TWMC) one of the top gainers in the morning session. The stock increased 18.73% to $2.98 after the Company released first quarter results. Net income was $2.8 million or $0.09 per share compared to net loss of $2.5 million or $0.08 per diluted share in the prior period last year.  Comparable store sales increased 1%.  Total sales decreased 15% to $112.3 million.

Galena Biopharma Inc (NASDAQ:GALE) jumped over 18% to $1.47 on a traded volume of 3.74 million shares after the Company announced first quarter results. Operating loss was $5.6 million versus $5.2 million in the prior year period. Net loss was $24.8 million or $0.52 per share compared to net loss of $3.8 million or $0.19 per share in the prior year period. Cash and cash equivalents was $8.7 million as on March 31,2012.

Array Biopharma Inc (NASDAQ:ARRY) moved up 6.30% to $3.88.The total traded quantity in the early trading hours is 1.34 million shares. According to new data, the Company’s experimental lung cancer drug, selumetinib, has shown to increase survival by an additional 4.2 months over chemotherapy alone.

The Company announced that it would present on its two MEK inhibitors, at the 2012 American Society of Clinical Oncology Annual Meeting, which will held from June 1-5, 2012 at McCormick Place in Chicago.

NetEase Inc (ADR) (NASDAQ:NTES) increased 4.47% in the early trading hours and currently trades at $60.27 after the Company announced first quarter results. Total revenues were RMB2.0 billion compared to RMB1.5 billion in the first quarter of 2011. Gross profit was RMB1.3 billion compared to RMB985.0 million in the first quarter of 2011. Net profit was RMB941.7 million compared to RMB737.4 million in the first quarter of 2011.