Midday movers: Conceptus, Valeant, MBIA

Stocks are higher as data shows Americans spent more in March, even though their incomes grew by a bit less than expected.

By MSN Money Partner Apr 29, 2013 1:31PM
Wall Street sign copyright Corbis, SuperStockInformation provided by theflyonthewall.com

Two companies being acquired, and two others reportedly discussing a potential merger, were among the notable movers early in the session. Telular (WRLS) rose nearly 31% after agreeing to be acquired by Avista Capital for $12.61 per share, though the deal allows superior proposals to be solicited through May 29. 

Bayer HealthCare (BAYRY) agreed to buy Conceptus (CPTS) for $31 per share in cash and the birth-control maker's shares advanced over 19% to trade right below that agreed upon price. 

Also in the pharmaceutical space, Valeant Pharmaceuticals (VRX) and Actavis (ACT) both gained over 4% after The Wall Street Journal said late Friday that the two companies were in merger talks, though Bloomberg added this morning that those talks have stalled because of a disagreement on price. 

Among other gainers was SINA (SINA), which rose almost 11% after Alibaba invested $586M to purchase an 18% stake in Weibo, the Chinese microblogging website, and was also granted an option to increase its ownership in Weibo to 30% in the future. 

Also higher were shares of NII Holdings (NIHD), which advanced 10% after Wells Fargo upgraded the stock to Outperform and raised its price target range for shares to $13-$15 from $5.00-$5.50. 

Among the noteworthy losers were Nam Tai Electronics (NTE), which plunged 30% after its quarterly report, and MBIA (MBI), which slid about 4% after The Wall Street Journal said a subsidiary of the company has retained a law firm to help it avoid a possible state takeover. 


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