MGIC Investment Corp. Rallies after Upgrade from Barclays
Shares of MGIC Investment Corp. soared over 11% before the market even opened on Tuesday, with shares opening at $4.76. The boost in price was a result of the Company receiving an upgrade from Barclays. Barclay's lifted the Company to “overweight” from “underweight.” Barclay’s analyst Mark DeVries hiked his price target from $1 to $8. MGIC shares closed on Tuesday with gains of over 27% and created a new 52-week high of $5.37.
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Acura Pharmaceuticals, Inc. (Nasdaq: ACUR) – Acura Pharmaceuticals was one of the biggest gainers on the Nasdaq composite on Tuesday, soaring more than 75% at its intra-day high of $3.62. The Company announced yesterday that they have reached a key milestone with an entrance into the drug store market. KERR DRUG will be the first drug store chain to stock the Company’s Nexafed® - a next generation cold/allergy medicine with abuse-deterrent technology. This is a 30 mg immediate-release pseudoephedrine product that combines effective nasal-congestion relief with a unique technology that disrupts the conversion of pseudoephedrine into the dangerous drug. Acura said Nexafed should be on shelves in Kerr's approximately 75 locations in North Carolina. The Company announced on Monday that by the end of February it has entered distribution agreements with most national and regional drug wholesalers. ACUR closed at $3.04 yesterday, up roughly 48%.
J. C. Penney Company, Inc. (NYSE: JCP) – Struggling J. C. Penney slid to a new 52-weeklow on Tuesday hitting $14.92 a share in intra-day trading. The drop came after news was revealed that Vornado Realty Trust (VNO), once the Company’s second-biggest shareholder, had sold almost half of its stake. According to two people familiar with the offering, Vornado sold a 10-million share block of J.C. Penney stock at $16.40 each through Deutsche Bank AG. Last week the Company reported a 25 percent decline in annual revenue to $13 billion, the lowest since at least 1987. J. C. Penney is also currently in the middle of a court battle with Macy’s. Macy’s is suing both Martha Stewart and her Company and J. C. Penney on the grounds that Martha Stewart has breached her contract by selling a J. C. Penney line. On Tuesday J. C. Penney closed down almost 11% at $14.96. Volume traded for the company yesterday was more than five times higher than the stock’s average of 10,263,000 shares.
Himax Technologies, Inc. (Nasdaq: HIMX) – In pre-market trading on Tuesday shares of HIMX were up over 20% at $4.17. By the end of the day, the stock closed with gains of around 18% at $4.06. In intra-day trading hit a new 52-week high of $4.79. In February Google co-founder Sergey Brin publicly moved up the timeline for Google Glass from 2014 to 2013. The unusual rally for Himax Technologies on Tuesday came after Seeking Alpha contributor Mark Gomes said that his firm believes the chipmaker will be the main supplier of microdisplays for Google Glass. Himax Technologies, Inc., together with its subsidiaries, designs, develops, and markets semiconductors for flat panel displays. Volume traded yesterday was significantly above the stock’s average of 578,785 shares.
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