Wall Street kicked off 2013 on a positive note: Most Active, Advancing and Losing stocks
Wall Street advanced, after the biggest year-end gain for the Standard & Poor’s 500 Index since 1974, as regulators passed a bill averting spending cuts and tax hikes intimidating a revival in the world’s biggest economy.
Exelon Corporation (NYSE:EXC) and The Progressive Corporation (NYSE:PGR) are two of most active stocks, both trending higher today. By 10:15AM EST, among other high-volume stocks Facebook Inc (NASDAQ:FB) was up 3.34%, Sirius XM Radio Inc (NASDAQ:SIRI) up 2.9%, Advanced Micro Devices, Inc. (NYSE:AMD) surged 4.6%.
In the highest percentage gainers list, Zipcar Inc (NASDAQ:ZIP) emerged on top with about 50% gain after Avis Budget Group decided to take control over Zipcar in a $12.25 per share cash deal, a 49% premium versus the ending price on December 31, 2012. The total transaction value was about $500 million.
The transaction is projected to end in the spring of 2013. The Boards of Directors of both companies unanimously provided approval for the transaction, and Zipcar investors representing about 32% of the outstanding ordinary shares have decided to vote their shares in favor of the deal.
Synergy Pharmaceuticals Inc (NASDAQ:SGYP) is another noteworthy gainer after it declared that plecanatide, its investigational oral drug to cope with chronic idiopathic constipation (CIC), was well tolerated and were in line with the primary and key secondary endpoints of a Phase IIb/III clinical study. Complete study results are set to be presented at a scientific meeting this year.
More stocks on the move include Molycorp Inc (NYSE:MCP), Las Vegas Sands Corp. (NYSE:LVS), Frontier Communications Corp (NASDAQ:FTR), Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) and Banco Bradesco S.A. (NYSE:BBDO).
On the flip side, Abbott Laboratories (NYSE:ABT) tumbled more than 50% after declaring the completion of the separation of its research-based pharmaceuticals business, which turned into AbbVie, a new independent biopharmaceutical company. AbbVie is now being trading separately on the New York Stock Exchange under the symbol ABBV.
Skullcandy Inc (NASDAQ:SKUL) suffered new low today after Jefferies downgraded the stock to “underperform” from “buy,” and gave a price-target cut to $6 from $17.