Midday movers: Lufkin, Johnson & Johnson

Stocks are lower as investors await the start of the latest earnings season, which kicks off unofficially after today's close with Alcoa's report.

By MSN Money Partner Apr 8, 2013 12:36PM
 Wall Street sign copyright Corbis, SuperStocklogoInformation provided by Theflyonthewall.com

General Electric (GE) agreed to acquire Lufkin (LUFK), which supplies products, technology and services to the oil and gas industry, for $3.3 billion, or $88.50 per share in cash. Lufkin soared over 37% to trade within 50c of the agreed upon per share price at midday, while some of its peers rose as well, including Flotek (FTK) and Weatherford (WFT), which both advanced over 3%. GE shares, meanwhile, slid 0.4%.

Among the notable gainers was BioCryst (BCRX), which rose 22% amid reports of new bird flu infections in China. BioCryst is developing peramivir, an investigational anti-viral agent to treat influenza. 

Among the noteworthy losers was Obagi Medical (OMPI), which fell 6% after Merz Pharma withdrew its offer to acquire Obagi in the face of a $24 per share competing offer from Valeant Pharmaceuticals (VRX). 

Also lower were shares of Johnson & Johnson (JNJ), which slid nearly 2% after JPMorgan lowered it rating on the stock to Neutral from Overweight. 

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