The stock market is solidly down in Monday morning trading, with more fear over European debt. The Dow Jones Industrial Average is down 1.79%, the Nasdaq is down 2.34% and the S&P 500 1.78%. Ironically, the high volume trading is taking place on the winning side. All three of today’s winning stocks are up sharply on news of a takeover. Meanwhile, today’s only loser is a drug company reporting earnings that missed Wall Street expectations.
Here are Monday’s market winners and losers.
Shares of Nexen (NYSE: NXY) are up 52.64% to $26.04 on trading volume of 61.3 million shares. China’s state oil company CNOOC announced its intention to purchase Nexen for $15.1 billion, or $27.50 in cash per share. Before Monday, the 52-week high was $24.77.
Shares of Peet’s Coffee & Tea (NASDAQ: PEET) are up 29.20% to $73.85 on trading volume of 1.4 million shares. German coffee firm Joh. A Benckiser will acquire Peet’s for approximately $1 billion, or $73.50 a share. The 52-week high is $77.60.
Shares of GenOn Energy (NYSE: GEN) are up 24.18 to $2.26 on trading volume of 60.5 million shares. NRG Energy announced it would purchase rival GenOn for 1.7 billion in stock, creating the largest independent power producer in the United States. The 52-week high is $4.10.
Shares of InterMune (NASDAQ: ITMN) are down 12.81% to $10.21 on trading volume of 1.5 million shares. The drugmaker earned 1 cent a share in the second quarter, missing the 9 cents a share expected by Wall Street analysts. The 52-week low is $9.66.