Ocwen Financial Teams Up With IBM and 4 Stocks Riding 52-Week Highs
Ocwen Financial Corp (NYSE:OCN) and IBM (NYSE:IBM) have teamed together in consideration of bidding for ResCap at the Oct. 23 bankruptcy auction, according to the New York Post reports, citing an individual close to the process. Buffett’s Berkshire Hathaway (NYSE: BRK.A) and Fortress (NYSE:FIG) also has a possibility of voting for the portfolio, the Post adds. The shares closed at $28.64, up $1.23 or 4.49% on the day. They have traded in a 52-week range of $11.72 to $28.66.
Pfizer (NYSE:PFE): According to the FDA’s website, Xalkori, which is Pfizer’s treatment for anaplastic large cell lymphoma, was granted orphan status. The shares closed at $25.04, up $0.19 or 0.76% on the day. They have traded in a 52-week range of $17.05 to $24.84.
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Scripps Networks Int (NYSE:SNI): On Friday, the FCC voted to further its plan for the purchase of broadcast TV frequencies to sell them to wireless service providers, according to The Hill’s report on Friday afternoon, adding that TV stations would not be required to participate in the initiative. The shares closed at $62.54, up $1.31 or 2.14% on the day. They have traded in a 52-week range of $35.44 to $62.54.
Synta Pharmaceutical (NASDAQ:SNTA) announced its results from an interim analysis of the Phase 2b portion of the GALAXY trial, which is a global, randomized, multi-center Phase 2b/3 study that is intended to evaluate how safe and effective the company’s lead Hsp90 inhibitor is, ganetespib, as second-line treatment for advanced non-small cell lung cancer. The results indicated good tolerability for the combination of ganetespib and docetaxel, and meaningful improvements regarding overall survival in adenocarcinoma patients using a combination of docetaxel and ganetespib versus patients using docetaxel alone. The GALAXY trial is based on a two-stage, operationally adaptive design, and the first-stage, randomized, open-label, 240-patient Phase 2b part of the trial is enrolling Stage IIIB/IV NSCLC patients that progressed after one previous line of therapy, and it is designed to identify the patient population, defined by biomarker or other disease characteristic, for the advancement into the Phase 3 part of the trial. The shares closed at $9.41, up $1.79 or 23.49% on the day. They have traded in a 52-week range of $3.02 to $8.54.
Tenet Healthcare Cor (NYSE:THC): The company’s plan includes: Near-term acquisitions, which should have a total near $400 million, for the enhancement of the company’s primary business lines. This will include acute care hospitals, outpatient facilities, and business process services. Additionally, there will be a new $500 million authorization for the repurchase of common stock in open market transactions. The timing and amount of repurchase transactions is to be related to an evaluation of market conditions, share price, etc. Proceeds are going to be used to lower the outstanding balance on the Company’s bank line, contribute to the funding of near-term acquisitions, retire $216 million of 7.375 percent debt, which is set to mature on February 2013, along with aditional general corporate purposes. In the reverse stock split one new THC share is to be issued for every four existing shares. This share exchange is to begin on October 11, 2012. The shares closed at $6.48, up $0.21 or 3.35% on the day. They have traded in a 52-week range of $3.46 to $6.44.