Midday movers: Citigroup, Human Genome, Alnylam
Stocks retreat as retail sales fall for a third straight month.
Citigroup (C) was the latest big U.S. bank to report and the latest to beat earnings expectations based on its headline figures. The bank said its capital levels improved, and its troubled Citi Holdings unit continues to shrink. The stock gained almost 1%.
Human Genome Sciences (HGSI) shares rose nearly 5% after GlaxoSmithKline (GSK) sealed its pursuit of the company with an increased buyout offer of $14.25 a share. Investors applauded the move by pushing GSK's stock up nearly 1% as well.
Among the notable gainers were Par Pharmaceutical (PRX), up almost 37% on news it will be acquired by TPG for $50 per share, a premium of about 37% over Friday's closing price, and Alnylam (ALNY), up 35%, as Piper Jaffray raised its price target on shares to $20 after the company announced positive results from a trial of one of its early stage drugs.
Among the noteworthy losers were Gardner Denver (GDI), down almost 9%, after the company's CEO resigned, and Alpha Natural Resources (ANR), down about 13%, after BMO Capital downgraded it and a number of other coal companies and Wilbur Ross said he sees the coal industry's slump possibly lasting for years.
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Investors are anxious to see if hiring can maintain its strong pace in the second half of the year.
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