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There were a number of high fliers on Wednesday, led by a Chinese company after it signed an agreement with a major American company.

Fuwei Films (NASDAQ:FFHL) climbed nearly 29% after signing a supply letter of intent with Coca-Cola (NYSE:KO). The company said that it signed a letter of intent on PETG heat shrinkable label film supply for the second half of this year with China Bottlers Procurement Consortium, the authorized procurement service provider for the Coca-Cola Bottling system in China. As the leading beverage supplier in the world, Coca-Cola plans to take the lead in replacing PVC non-carbonated beverages labels with PETG films in China starting in the second half of this year, in order to be environmentally-friendly. PETG is an improved BOPET material, which is widely used in the international label industry due to its environmentally friendly nature. According to the letter of intent, the company will supply PETG heat shrinkable label films to designated label suppliers within the Coca-Cola bottling system. Once the letter of intent is fully implemented, it is estimated that the sales of heat shrinkable label films to be supplied to Coca-Cola may account for 8-10% of Fuwei's total sales in the second half of 2011.

Steinway Musical Instruments (NYSE:LVB) jumped over 7% after receiving an offer for its band business and announcing a new chairman. The company announced that Chairman Kyle Kirkland, CEO Dana Messina, Conn-Selmer, President John Stoner and certain members of management made an unsolicited proposal to acquire the company's band instrument and online music divisions. In connection with the proposal, Mr. Kirkland has agreed to step down as the company's chairman, a position he has held since 1995. The board has appointed a special committee to consider this proposal and strategic alternatives. In addition, the board has appointed Michael Sweeney, one of the company's independent directors, to the position of chairman. Mr. Sweeney is currently chairman of the board of Star Tribune Media Holdings and previously served as the president of Starbucks Coffee Company (NASDAQ:SBUX) (U.K.).

Pharmasset (VRUS) closed 8% higher after the company entered into a clinical collaboration agreement with a unit of Johnson & Johnson (NYSE:JNJ). The company said that it entered into a clinical collaboration agreement with Tibotec Pharmaceuticals, a unit of J&J, to evaluate in a Phase 2 study the safety and efficacy of PSI-7977, Pharmasset's investigational nucleotide polymerase inhibitor, in combination with TMC435, Tibotec Pharmaceuticals' investigational protease inhibitor, for the treatment of chronic hepatitis C virus (HCV). This Phase 2 proof of concept study will evaluate the potential to achieve sustained virologic response 12 weeks post treatment with an all oral, once-daily, interferon-free treatment regimen in patients infected with genotype 1 HCV. Specifically, the study will assess the safety, pharmacokinetics and pharmacodynamics of 12 and 24 weeks of PSI-7977 in combination with TMC435, with and without ribavirin, in patients chronically infected with HCV genotype 1 who had a prior null response to peginterferon alfa and ribavirin treatment. The study is planned to start in the second half of 2011.

Compuware (NASDAQ:CPWR) rose over 5% after it announced that it acquired privately held dynaTrace software. The $256 million cash acquisition closed on July 1, 2011. Headquartered in suburban Boston, dynaTrace employs 180 people around the world. Substantially all of these employees, including the leadership team, are expected to remain with Compuware. dynaTrace has a 92% win rate and a five-year CAGR of 125%. dynaTrace has trailing twelve month revenues of $26 million and will add between $35 and $45 million to Compuware's FY12 revenues. In FY13, Compuware expects it to add nearly $100 million to the top line. Due to purchase accounting, the acquisition will have a three cents per share negative impact on Compuware's expected FY12 EPS. In FY13, the impact is expected to be at least four cents per share positive.

Hutchinson Technology (NASDAQ:HTCH) rallied over 21% after announcing upside 3Q guidance. The company said that it shipped approximately 118 million suspension assemblies in the fiscal 2011 third quarter, up 15% compared with its second quarter shipments of 102.3 million. Net sales for the quarter totaled approximately $72 million, up 14% compared with its second quarter net sales of $63.3 million. Analysts forecasted sales of $65.5 million in 3Q. Wayne Fortun, Hutchinson Technology's president and chief executive officer, said "our shipments over the last 9 weeks of our third quarter averaged approximately 10 million suspensions per week and we expect this pace to continue into the fourth quarter. As a result, we currently expect our fourth quarter shipments to exceed our third quarter shipments. It appears that demand has shifted to some customer programs where we have stronger positions and we believe that we are beginning to regain market share. We are leveraging available capacity to respond to the additional customer demand."

Source: 5 Stocks Posting Big Gains on Wednesday