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.

By MSN Money Partner Sep 10, 2012 12:50PM
 Wall Street sign copyright Corbis, SuperStockInformation provided by Theflyonthewall.com

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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