Hot Stocks Of The Day: BRCD, SEED, FRPT, BIIB, PWER, SFI
Wednesday, September 22, 2021 1:13 PM

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US stocks dropped on Wednesday as the Federal Reserve's downbeat assessment of the economy spurred investors to seek safer assets.

Below we highlight few companies whose shares are actively trading in Wednesday's session.

Shares of Brocade Communications Systems, Inc. (NASDAQ: BRCD) soared more than 9% on Wednesday on speculation that the data networking company could be acquired by IBM (NYSE: IBM).

Origin Agritech Limited (NASDAQ: SEED) jumped more than 15% after the company announced that it has reached an comprehensive, worldwide agreement with the Institute of Plant Protection, Chinese Academy of Agricultural Sciences (CAAS). CAAS jointly own the rights to the internally developed Bt-gene. Bacillus thuringiensis or "Bt" is a common soil bacterium that produces crystals that are toxic to certain insects. Origin Biotechnology already possesses the rights to this genetic trait in domestic China, and has been passing this product through the Ministry of Agriculture regulatory trials. 

Force Protection, Inc. (NASDAQ: FRPT) surged more than 13% after the company announced that its European unit has been selected by the United Kingdom Ministry of Defence as the preferred bidder in the Light Protected Patrol Vehicle program.

Biogen Idec Inc. (NASDAQ: BIIB) declined more than 4% on Wednesday after Novartis AG (NYSE: NVS) announced that it received FDA approval for Gilenya, a first-line treatment for relapsing forms of multiple sclerosis (MS)- the most common forms of the disease. The FDA approval makes Gilenya the first oral treatment indicated for relapsing forms of MS available in the US. Biogen Idec currently markets the MS drugs Avonex and Tysabri, which are administered by injection.

Power-One, Inc. (NASDAQ: PWER) rallied more than 5% after the company announced that its Board of Directors has approved a 10 million share repurchase program, equivalent to approximately 6% of its 160 million diluted shares outstanding.

iStar Financial Inc. (NYSE: SFI) tumbled more than 15% on Wednesday, a day after Bloomberg reported that the company may be considering a pre-packaged bankruptcy filing in 2011. 

Disclosure: Author doesn't own any of the stocks discussed here.

 

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Market news:

  • Downtown Los Angeles bakes at record 113 degrees Sep 27, 2021 08:13 PM

    • LOS ANGELES - California's blistering fall heat wave sent temperatures to an all-time record high of 113 degrees Monday in downtown Los Angeles, and many sought refuge at the beach or in the shade.
    • Downtown hit 113 degrees for a few minutes at about 12:15 p.m., breaking the old all-time record of 112 degrees set on June 26, 1990, said Stuart Seto, a weather specialist at the National Weather Service office in Oxnard.
    • Firefighters carried heavy hoses up hills to battle a small but persistent brush fire west of Los Angeles in Thousand Oaks while other workers in less strenuous jobs also struggled through the day.

      • Pa. man rescued from manure pit after accident Sep 27, 2021 08:08 PM

        • FLEETWOOD, Pa. - Authorities in eastern Pennsylvania say a man was pitched into a 15-foot-deep manure pit after the loader he was operating tumbled over a chain-link fence.
        • Fleetwood police Officer Alan Swartz said the unidentified man was taken to a hospital with unknown injuries.
        • Swartz said the man may have been trying to dump more manure when the loader tumbled over a fence and into the pit because it was too top heavy.

          • Earnings Roundup: JBL, PAYX Sep 27, 2021 07:48 PM

            Jabil Circuit Inc. (NYSE: JBL) late Monday posted higher fiscal fourth-quarter profit, helped by margin expansion and quarterly revenue growth.

          • Obama presses for longer school years Sep 27, 2021 07:42 PM

            • WASHINGTON - Barely into the new school year, President Barack Obama issued a tough-love message to students and teachers on Monday: Their year in the classroom should be longer, and poorly performing teachers should get out.
            • Seeking to revive a sense of urgency that education reform may have lost amid the recession's focus on the economy, Obama declared that the future of the country is at stake.
            • U.S. schools through high school offer an average of 180 instruction days per year, according to the Education Commission of the States, compared to an average of 197 days for lower grades and 196 days for upper grades in countries with the best student achievement levels, including Japan, South Korea, Germany and New Zealand.

              • Calif gov delays execution to allow appeals time Sep 27, 2021 07:27 PM

                • SAN FRANCISCO - California Gov. Arnold Schwarzenegger delayed the state's first execution since 2006 by nearly two days Monday to allow more time for courts to consider the condemned inmate's appeals.
                • Albert Greenwood Brown is now scheduled to die by lethal injection at 9 p.m. Thursday, said Terry Thornton, spokeswoman for the state Department of Corrections and Rehabilitation.
                • Brown initially was scheduled for execution at 12:01 a.m. Wednesday.

                  More news


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