With markets tumbling on Monday, big winners were far and few in between. Here are six stocks that posted big jumps on Monday despite the dreary day.
Kandi Technologies (KNDI) jumped 20% after the company announced that its electric vehicles will be the preferred vehicle for Hangzhou Electric Vehicle Service. Kandi, a Chinese supplier of off-road vehicles and developer of pure electric vehicles (EV), announced the signing of a strategic cooperation agreement with Hangzhou Electric Vehicle Service, effective July 5, 2011. Hangzhou Electric Vehicle Service, a professional service company affiliate of State Grid Corporation, is assisting the local municipal government in launching the 20,000 pure electric vehicle pilot program for Hangzhou consumers through the end of 2012. Hangzhou Electric Vehicle Service also manages the local State Grid "Express Change" battery service network. The strategic cooperation will establish a strong relationship through which Kandi's pure electric vehicles will become a preferred vehicle of choice for Hangzhou Electric Vehicle Service and will leverage and promote Kandi's unique "Express Change" business model. Under the agreement, Hangzhou Electric Vehicle Service will ensure that the service network being built by State Grid will support Kandi's technical requirement and infrastructure needs, while permitting efficient and effective operation of Kandi's EVs.
Arch Chemicals (ARJ) rose 12% after it agreed to be taken over by Lonza (LZAGF.PK). Lonza and the company announced that they have signed an agreement pursuant to which Lonza has agreed to commence a tender offer for 100% of Arch Chemicals' outstanding shares of common stock at a price of $47.20 per share in cash. Lonza's offer represents a 36.7% premium to Arch Chemicals' average closing price over the last 30 trading days. Based on the offer price for all the outstanding shares, Arch Chemicals' enterprise value would be $1.4 billion.
PDL BioPharma (PDLI) closed 10% higher after it received positive news from a Nevada Judge. The company announced a favorable ruling, specifically, that on July 7, 2011, the Second Judicial District Court of Nevada ruled in favor of PDL on two motions to dismiss filed by Genentech and Roche in PDL's lawsuit related to the 2003 settlement agreement with Genentech. The court denied Genentech and Roche's (RHHBY.PK) motion to dismiss four of PDL's five claims for relief and, further, denied Roche's separate motion to dismiss for lack of personal jurisdiction. The court dismissed one of PDL's claims that Genentech committed a bad-faith breach of the covenant of good faith and fair dealing stating that, based on the current state of the pleadings, no "special relationship" had been established between Genentech and PDL as required under Nevada law.
Local.com (LOCM) rose 7% after it acquired Screamin’ Daily Deals. The company announced the acquisition of Screamin’ Media Group ("SMG"), which operates Screamin’ Daily Deals (“SDD”), a daily deals business. Founded in early 2010, SDD has approximately 60 employees serving hundreds of thousands of subscribers with deals from thousands of local merchants in 14 markets throughout the U.S. SDD generated unaudited revenues of approximately $2.4 million in 2010 and $4.4 million during the first half of 2011. Under the terms of the agreement, Local.com acquired SMG for $12.5 million in cash, stock and debt, with the opportunity for the SMG shareholders to earn up to an additional $20 million if certain financial performance criteria are met during the two-year period following the closing.
Adventrx Pharmaceuticals (ANX) climbed 7% on nearly 8x average volume as the stock price continues to climb in advance of the company's PDUFA date on 9/1 for Exelbine for non-small-cell lung cancer. Exelbine is the company’s proprietary emulsion formulation of vinorelbine. Vinorelbine is a vesicant and venous irritant, and these adverse effects can limit its tolerability. ANX-530 was designed to be bioequivalent to the reference drug while reducing the incidence and severity of vein irritation associated with intravenous delivery of the drug. In a clinical bioequivalence study, ANX-530 and the reference drug were determined to be bioequivalent. With the gains on Monday, the stock is now up 65% over the past month.
Genetic Technologies (GENE) rose 17% on Monday on no apparent news. This biotech stock has been on a tear and is now up nearly 900% YTD. The company engages in the provision of genetic testing services primarily in Australia. The company offers genetic testing services on humans and animals, which include human diagnostics, forensics, and animal pedigree tests. It also involves in licensing its non-coding DNA patents; and the research and development in the fields of genetics and related areas. In addition, the company provides BREVAGen, a diagnostic test for breast cancer, which was just recently launched in the United States.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.