We have many stocks on the move this morning, very few tied to earnings. Tuesday’s top day trader and active trader alerts are in Ambac Financial Group, Inc. (NYSE: ABK), A123 Systems, Inc. (NASDAQ: AONE), BP plc (NYSE: BP), Charles River Laboratories International, Inc. (NYSE: CRL), WuXi PharmaTech (Cayman) Inc. (NYSE: WX), Depomed, Inc. (NASDAQ: DEPO), Dollar General Corp. (NYSE: DG), and ReneSola Ltd. (NYSE: SOL). We have added in the news, the moves, and added in color and historic prices where applicable.
Ambac Financial Group, Inc. (NYSE: ABK) is soaring this morning on news that it has converted all of its remaining $16.4 billion of exposure to a group of CDOs of asset backed securities. Shares closed at $1.03 yesterday and the stock is indicated up at $1.23 for an almost 20% gain on about 500,000 shares in pre-market trading.
A123 Systems, Inc. (NASDAQ: AONE) is recovering about half of yesterday’s gains on a further pact announcement with Navistar. Shares are up 4.4% at $8.36 on fairly thin volume this morning.
BP plc (NYSE: BP) is trying to have one day of back to business, but its shares are indicated lower. The company and ConocoPhillips (NYSE: COP) announced that the FERC has approved the venture plan to solicit interest in a $35 billion proposed natural gas pipeline between Alaska and Alberta in Canada. BP has also said that it will make an immediate payment of $60 million to Louisiana, which appears to be the first of six installments. ADRs are trading down 1.5% at $36.20 on close to 1 million shares in pre-market trading.
Charles River Laboratories International, Inc. (NYSE: CRL) and WuXi PharmaTech (Cayman) Inc. (NYSE: WX) have a challenge to the proposed merger. Jana Partners has bought 4.7 million shares for about a 7% stake in Charles River and it said that it intends to vote against the Charles River planned $1.6 billion acquisition of WuXi. Volume is thin on this, but WuXi shares are indicated down around $17.00 after a $17.75 close and Charles River shares are indicated up over $33.00 versus a $32.44 close.
Depomed, Inc. (NASDAQ: DEPO) is trading up after it announced that the FDA has accepted its New Drug Application for its investigational postherpetic neuralgia treatment DM-1796. This also triggers a milestone payment. Shares are up around $3.30 after a $3.03 close and we have seen almost 70,000 shares trade. The 52-week range is $2.32 to $6.40 and the average volume is close to 350K shares per day.
Dollar General Corp. (NYSE: DG) is up after it beat earnings expectations and raised its guidance. The stock closed at $28.23 Monday and shares are indicated up around $30.50 versus a post-IPO trading range of $21.30 to $31.41.
ReneSola Ltd. (NYSE: SOL) is trading down after filing to sell some $200 million in stock (ADS) from time to time. The market cap here was only $463 million as of yesterday’s closing bell. Shares are down 2% at $5.26 versus a 52-week range of $3.50 to $8.75.
You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.
JON C. OGG
Sponsor: 5 best investments for 2010 – The next nine months represent a bold new era for investors.