Midday movers: AIG, Plains Exploration, Peregrine
Trading volume remains light as investors stay on the sidelines ahead of the Fed's next rate decision, expected later this week.
The Treasury Department offered a further $18 billion of its holdings in AIG (AIG) common stock, which is expected to lower the government's ownership stake in the company below the 50% level. In connection with the offering, AIG plans to buy up to $5 billion in shares at the initial public offering price.
Plains Exploration (PXP) agreed to acquire certain BP (BP) Gulf of Mexico interests for $5.55 billion and also agreed to purchase Shell's (RDS.A) stake in one of the related Gulf fields for $560 million.
Among the notable gainers Monday were GT Advanced Technologies (GTAT), up 12% following a positive mention from Piper Jaffray in a note to investors, and Peregrine Pharmaceuticals (PPHM), up 4% after two firms raised their price targets on its shares and the company's quarterly revenues beat consensus.
Among the noteworthy losers were Geron (GERN), down 57% after the company said it was discontinuing a trial of an experimental cancer drug, and Nordion (NDZ), down 35% after it was unsuccessful in its claim for specific performance or monetary damages in a case against Atomic Energy of Canada Limited.
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Stocks drift lower and bonds are hit as investors await the Fed. Prepare for higher volatility this week.
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