Midday movers: Philip Morris, Rite Aid, Celgene
Stocks slump on weak economic data from the US and China.
Chesapeake Energy (CHK) named former ConocoPhillips (COP) chairman Archie Dunham as its new chairman to replace Aubrey McClendon, who remains CEO and president. Chesapeake also appointed four new directors picked by its largest stakeholders, Southeastern Asset Management and Carl Icahn.
Philip Morris (PM) shares fell over 2% after the company became the latest multinational company to lower its full year 2012 earnings forecast.
Among companies reporting earnings Wednesday night and Thursday morning, advancers included Rite Aid (RAD) and ConAgra (CAG), while decliners included Bed Bath & Beyond (BBBY), Micron (MU), CarMax (KMX) and Red Hat (RHT).
Among the notable gainers are Onyx Pharmaceuticals (ONXX), up 41%, following at least three upgrades and multiple price target increases after an FDA committee voted in support of granting its Kyprolis drug approval in the treatment of relapsed and refractory multiple myeloma. Also higher were shares of Sun Healthcare (SUNH), up 36%, on news it will be acquired by Genesis HealthCare for $8.50 per share.
Among the noteworthy losers were Celgene (CELG), down about 11%, after the company said it was withdrawing a European application for a broader indication for its Revlimid cancer drug, and Key Energy (KEG), down almost 12%, after the company warned that it sees its Q2 results missing consensus expectations.
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Serious issues like drought and the deterioration of the developed world spell opportunity for this industry leader.
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