Midday movers: GM, Smith & Wesson, Oncothyreon

The averages remain in a narrow trading range, as investors await movement in the ongoing fiscal cliff negotiations.

By MSN Money Partner Dec 19, 2012 2:20PM

Wall Street sign copyright Corbis, SuperStock

Information provided by Theflyonthewall.com

General Motors' (GM) stock rose about 8% after the company announced plans to buy back 200 million shares held by the U.S. Treasury in a first step toward the government's full exit from its holding within the next 12 to 15 months.

GM will pay $27.50 a share, or $5.5 billion total, and expects to close the deal to reduce the government's stake in the company to 19% from 26.5% by the end of this year.

Among notable companies reporting earnings after the close Tuesday or beforeWednesday's open, Oracle (ORCL) advanced over 4% and FedEx (FDX) rose about 3%, while Actuant (ATU) declined more than 6%, Navistar (NAV) fell over 5% and General Mills (GIS) slid nearly 1%.

UBS (UBS) agreed to pay about $1.5 billion in a settlement reached with American and British regulators over charges its traders conspired to manipulate the London Interbank Offered Rate, or LIBOR.

Among the notable market gainers was Alterra Capital (ALTE), up 24% following its deal to be acquired by Markel (MKL) for $31 per share in stock and cash.

Also higher were shares of Smith & Wesson (SWHC), up 9%, and Sturm, Ruger (RGR), up over 6%, after President Obama promised to pursue "real reforms" to gun control laws but also defended the right to bear arms as granted by the 2nd amendment.

Among the noteworthy losers was Oncothyreon (ONTY), down over 54% after its lung cancer drug missed its endpoint in a study.

Also lower were shares of Blyth (BTH), which rose early in the session but then reversed to be down 9% near midday after increasing its ownership in ViSalus to more than 80%.

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