Wednesday, March 10, 2010

Intra-day action

US indexes are flat today, hovering around unchanged.

Among gainers is Facet Biotech(FACT), up huge on a $27 per share buyout offer from Abbott Labs(ABT) that makes a mockery of the $17.50 previously offered by Biogen(BIIB). But fear not! The ambulance chasers of the securities industry pulled out their "automated lawsuit robo-blasters" here and here.

In other biotech news, InterMune is up 65% after an FDA advisory panel recommended approval of the firm's Esbriet drug, which reduces the decline in lung function.

Psychiatric Solutions, Inc.(PSYS) is up on rumors of buyout interest from Bain Capital.

Furniture Brands (FBN) share are up 11%, as investors cheer some recent insider buying.

Among losers, Superior Well Services (SWSI) is down despite better than expected revenues. The little problem facing the firm is that cost of revenue continues to exceed revenue. Ummmmm....
"Cost of revenue increased 9.2%, or $8.8 million, for the fourth quarter of 2009 compared to the previous quarter. As a percentage of net revenue, cost of revenue increased by 3.5% to 108.7% for the fourth quarter of 2009 from 105.2% for the previous quarter due primarily to increases in repairs and materials as a percentage of net revenue."

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