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There were numerous stocks that rallied on Wednesday but here are a few notable ones gained attention following company news.

BJ's Wholesale Club (NYSE:BJ) rose 4.6% after it announced that it will be taken private. The company announced that it entered into a definitive agreement to be acquired by affiliates of Leonard Green & Partners and funds advised by CVC Capital Partners in an all-cash transaction valued at approximately $2.8 billion. Under the terms of the agreement, BJ's shareholders will receive $51.25 per share in cash for each share of BJ's common stock they hold, representing an approximately 38% premium to the closing price of BJ's shares on June 30, 2010, the day before LGP announced its 9.5% ownership stake in the company and an approximately 7% premium to the closing price of BJ's shares on June 28, 2011.

Highway Holdings (NASDAQ:HIHO) closed up 12.4% after announcing strong Q4 results. Q4 EPS climbed almost six-fold to $0.21 from $0.04 a year ago. Net sales for the same period increased 31.8% to $7.9 million from $6.0 million a year ago. The company noted that the results reflect a strongly improved business environment and the benefits of streamlining operations to enhance operating efficiencies. Highway Holdings produces a wide variety of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies and finished products.

SM Energy Company (NYSE:SM) jumped 8.6% after announcing that it will sell a stake in its Eagle Ford shale. The company said that it entered into an agreement with a subsidiary of Mitsui concerning a 12.5% working interest in its non-operated Eagle Ford shale position. The company will be carried on 90% of its drilling and completion costs (excluding costs associated with construction of mid-stream gathering assets) in this acreage until $680 million has been expended for the benefit of SM Energy. The purchaser will also reimburse SM Energy for the purchaser's share of capital expenditures and other costs, net of revenues.

Alanco Technologies (OTCQB:ALAN) more than doubled, rising 112.8%, after it announced that it executed a definitive agreement to merge with YuuZoo Corporation (yuuzoo.com), a global provider of mobile targeted social networks, targeted advertising & mobile payment systems. Since its founding in 2007, YuuZoo has grown rapidly and profitably, reporting preliminary, unaudited sales and net income of $17.0 million and $1.0 million, respectively, for FY10, compared to sales of $2.0 million and a loss in 2009. Sales for the current fiscal year 2011 are projected to exceed $30 million, with continued profitability growth. Under terms of the definitive merger agreement, Alanco will issue approximately 34 million common shares to YuuZoo shareholders in exchange for 100% of outstanding YuuZoo equity interests, resulting in Alanco shares outstanding totaling approximately 39 million.

Oriental Financial Group (NYSE:OFG) rose 5.9% after it expanded its share repurchase program. The company announced completion of its current $30 million stock repurchase program and approval by the board of directors of a new program to purchase an additional $70 million of common stock in the open market. Under the $30 million program, Oriental purchased a total of 2,406,303 shares, equal to approximately 5.5% of shares outstanding, at an average price of $12.15 per share.

Source: 5 Stocks That Rallied on Wednesday