Midday movers: Citigroup, Abbott

Stocks are higher as report shows surprisingly strong retail sales in September.

By MSN Money Partner Oct 15, 2012 1:27PM
logoImage Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

 Japan's SoftBank (SFTBF) confirmed a deal to purchase a 70% stake in Sprint (S) for about $20 billion. 

Shares of Sprint were down fractionally after the details of the previously speculated arrangement were publicized. However, shares of Sprint partner Clearwire (CLWR), rose 11% though Sprint CEO Dan Hesse said he would not speculate on what Sprint will do with its new-found financial flexibility.

Shares of Citigroup (C) jumped nearly 5% as its third-quarter earnings beat expectations after its write-down of the value of its remaining stake in Smith Barney and some other adjustments were excluded.

Abbott Laboratories (ABT) stock is advancing after the company announced initial results from a study of one of its hepatitis C virus, or HCV, combination drugs.

Among the notable gainers in the stock market Monday were Yongye International (YONG), up 17% following its receipt of "going private" proposal at $6.60 per share, and Aegerion Pharmaceuticals (AEGR), up 9% after the FDA posted briefing documents for a panel's upcoming review of one of the company's drugs. 

Among the noteworthy losers was Delcath Systems (DCTH), down over 18% after the FDA accepted the company's New Drug Application for its chemosaturation system and designated the NDA for standard review. Also lower were shares of Amedisys (AMED), down 9% after the company signed a new agreement with Humana (HUM) to provide home health services but under a revised reimbursement scheme from their prior arrangement.
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