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.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
These companies won't soar like other plays in the sector, but they make for great income sources.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.