Stocks Retreat On Tech. Weakness (PNBC, CHSI, CVO, WG, IVN, SXCI)
U.S. stocks slid on Wednesday after a solid rally in the prior session. Today’s fall came as large cap technology stocks slid following their quarterly earnings. The Dow Jones Industrial Average fell 75 points, or 0.6%, at 13,040, with components International Business Machines Corp. plunged over 3.20% and Intel Corp lost 2% . The S&P 500 declined 6.72 points, or 0.5%, at 1,384 and The Nasdaq Composite Index was down 18points, or 0.6%, at 3,024. Following are the notable gainers:
Princeton National Bancorp Inc (NASDAQ:PNBC) is one of the percentage gainer and surged up 31.01% to $2.07. The Company posted fourth quarter net loss of $34.7 million or $10.39 per share versus net loss of $16.1 million or $4.85 per share in the prior year period. Net interest income was $8.2 million versus $9.4 million in the same period last year. Net interest margin was 3.87%.
Catalyst Health Solutions Inc (NASDAQ:CHSI) soared over 30.89% to $83.17. SXC Health Solutions and Catalyst Health Solutions announced a definitive merger agreement under which SXC and Catalyst will combine in a cash and stock transaction valued at approximately $4.4 billion.
Cenveo Inc (NYSE:CVO) jumped over 12% to $2.89 on a traded volume of 1.01 million shares. CRT Capital started coverage on the stock with a buy rating and the price target is set at $4.75.
Willbros Group Inc (NYSE:WG) is one of the top percentage gainer and surged up 9.02% to $4.35 in the early trading hours. The Company is collaborating with GeoEye Inc to develop a cloud-based pipeline integrity management solution.
Ivanhoe Mines Ltd (USA) (NYSE:IVN) one of the top gainers in the morning session. The stock increased 8.93% to $12.81. One of the units of Ivanhoe Mines Ltd, Ivanhoe Australia Ltd will scale back work on its Mount Dore copper project to focus on other assets.
Ivanhoe and Rio is currently aiming to complete a project-finance deal for Oyu Tolgoi by year-end and Rio has agreed to fully support a $3-$4 billion project-finance package from third-party lenders.
SXC Health Solutions Corp (USA) (NASDAQ:SXCI) increased 8.04% to $86.70. The Company has entered into a merger agreement with Catalyst Health Solutions to combine their businesses in a roughly $3.64 billion cash-and-stock deal.