Midday movers: Molycorp, True Religion, Pfizer

Stocks are mixed, with the Nasdaq the lone index logging gains.

By MSN Money Partner May 10, 2013 1:43PM
 Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

Two of Dell's (DELL) largest shareholders, Carl Ichan and Southeastern Asset Management, told the company's board they will vote against its plan to go private. 

The investors offered an alternative proposal that would leave shareholders the right to keep their existing equity position in Dell and elect to receive a distribution of $12 per share in cash or $12 in additional shares valued at $1.65 per share. Dell's stock moved up about 0.8% to $13.43 near noon after the proposal was made public last night. 

Among the notable gainers following their earnings reports were Molycorp (MCP), which rose nearly 20%, and Sequenom (SQNM), which rose 15%. 

Also higher were shares of True Religion (TRLG), which rose about 7% to $31.62 after agreeing to be acquired and taken private for $32.00 per share. 

Among the noteworthy losers was Pain Therapeutics (PTIE), which fell 48% after its partner in the development of a pain drug, Pfizer (PFE), said the FDA would likely require additional clinical studies of the drug and that it wants to hold talks about the terms of the companies' contractual agreement. 

Also lower were shares of Optimer (OPTR), which were downgraded at Needham and RW Baird and fell 16% following the company's quarterly report. 
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