Big Lots Shares Slump and 2 Stocks Falling to 52-Week Lows
Big Lots (NYSE:BIG) shares were down by 4 percent following Deutsche Bank downgrading them to Sell intraday, and closed down 4.5 percent on the day at $27.48, having been traded in a 52-week range of $28.46 to $47.22.
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Cumberland Pharmaceuticals (NASDAQ:CPIX) reported on Tuesday that it has reached a resolution with Paddock and Perrigo Company (NASDAQ:PRGO) so as to settle the challenges and the pending litigation between it and each of Paddock and Perrigo involving its patent for Acetadote. Through the terms, Paddock and Perrigo concede that the Acetadote patent is valid and enforceable and that any Paddock or Perrigo generic Acetadote would infringe upon the Acetadote patent. Further, Paddock and Perrigo will not challenge the validity, enforceability, ownership or patentability of the Acetadote patent through its expiration currently scheduled for May 2026. The agreement provides, among other things, that within three days of execution, the parties will file with the respective Illinois and Delaware courts all necessary papers needed to dismiss without prejudice all claims and counterclaims, motions and petitions asserted in the above referenced lawsuits. In connection with the execution of the settlement agreement, Cumberland entered into a License and Supply Agreement with Paddock and Perrigo. Under the terms, if a third party receives final approval from the FDA to sell a generic Acetadote product, Cumberland will supply Perrigo with an authorized generic version of the Acetadote product. Perrigo agrees to sell the authorized generic and that it would share with Cumberland the net sales revenues. Shares closed down 0.44 percent on the day at $4.53, having been traded in a 52-week range of $4.52 to $8.02.
Genie Energy Ltd. (NYSE:GNE) posted third quarter earnings of 13 cents, compared year-over-year to 7 cents in 2011. Shares closed down 2.74 percent on the day at $6.03, but have traded in a 52-week range of $6.40 to $11.18.
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