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, SuperStockInformation provided by Theflyonthewall.comlogo

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%. 

0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

120
120 rated 1
265
265 rated 2
460
460 rated 3
719
719 rated 4
629
629 rated 5
629
629 rated 6
622
622 rated 7
437
437 rated 8
319
319 rated 9
116
116 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
BBBYBED BATH & BEYOND INC10
FOXATWENTY-FIRST CENTURY FOX Inc CLASS A10
TWXTIME WARNER Inc10
COPCONOCOPHILLIPS9
HDHOME DEPOT Inc9
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.