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.