Midday movers: Chesapeake, Teva, GeoEye
Stocks fall as 2 more European nations officially request aid from the EU.
Chesapeake Energy (CHK) shares sank about 9% after Reuters said the company plotted with Encana (ECA), Canada's largest natural gas firm, to suppress land prices in a promising oil and gas play in Michigan.
Shares of Anheuser-Busch InBev (BUD) moved up about 0.6% after being halted for trading after various media sources reported that the company is in talks to take control of Grupo Modelo (GPMCF), the maker of Corona beer. Anheuser-Busch confirmed the talks but said a deal has not been reached yet and any speculation about a transaction is premature. Shares of Constellation Brands (STZ) also rose over 13%, since Anheuser-Busch's purchase may include the buyout of a Constellation/Modelo distribution joint venture.
Among the notable gainers Monday are Teva (TEVA), up more than 5%, on a favorable ruling for the company in a patent-infringement lawsuit related to its Copaxone drug for multiple sclerosis, and Quest Software (QSFT), up over 5% as well, after the company said it received a $27.50 per share offer from an unnamed strategic bidder that is superior to its pending transaction with Insight Venture Partners. Reuters reported that the superior proposal came from Dell (DELL) but that was unconfirmed by the companies.
Among the noteworthy losers Monday are GeoEye (GEOY), down 29%, after being downgraded at both Benchmark and Raymond James after a government agency decided not to exercise its full-year contract extension option, and Momenta Pharmaceuticals (MNTA), down nearly 20%, following its loss in a patent fight with Teva over Copaxone.
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4 analysts downgrade the stock the day after a disappointing quarterly report.
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