These five stocks posted large gains amongst the rallying market on Tuesday.
Canadian Solar (NASDAQ:CSIQ) jumped 33% after it announced that its wholly owned subsidiary, Canadian Solar Solution (CSSI), has entered into a sales agreement with TransCanada (NYSE:TRP), whereby TransCanada will acquire from Canadian Solar a 86 megawatts AC solar project portfolio for approximately $470 million Canadian dollars.
Under the agreement, CSSI will provide TransCanada with 9 fully-operational and commissioned utility-scale solar projects across the Province of Ontario which are expected to come into service between late 2012 and mid-2013. These projects are all contracted assets under Ontario's Feed-In Tariff Program. In addition to securing construction finance, CSSI will provide turnkey engineering, procurement and construction services as well as being the supplier of major components to the projects. All solar PV modules used in the portfolio will be manufactured at Canadian Solar's manufacturing facility in Guelph, Ontario.
Cobalt International Energy (NYSE:CIE) rose 37% after it announced that at an official signing ceremony today in Luanda, Sonangol and Cobalt executives signed the Production Sharing Contract for Block 20 offshore Angola. Cobalt has been named the operator of Block 20 and has a 40% working interest in the block under this agreement.
Chairman and Chief Executive Officer Joseph H. Bryant said, “Cobalt is extremely pleased to be awarded operatorship of Block 20, which was the most sought after block by industry in the Pre-salt Bid Round. Together with our current positions in Blocks 9 and 21 and the Diaba Block in Gabon, Cobalt has the pre-eminent Pre-salt portfolio in West Africa.” Bryant added, “The Block 20 partnership has already initiated the acquisition of a 4,100 square km (1,575 square mile) 3D seismic program following Sonangol’s conditional award of Block 20 earlier this year. We are planning our first well in Block 20 in 2013.”
Prestige Brands Holdings (NYSE:PBH) rose 20% after it announced the signing of a definitive agreement with GlaxoSmithKline (NYSE:GSK) to acquire 17 over-the-counter (OTC) pharmaceutical brands sold in North America for a total of $660 million in cash.
According to Matthew M. Mannelly, CEO, "The signing of these agreements with GSK is a transformational event for Prestige Brands. It fulfills our commitment to create shareholder value by acquiring well-known OTC brands with strong consumer franchises and applying our marketing and sales expertise to them. These transactions, upon completion, will be the largest acquisitions of assets in the Company's history, following on the heels of our recent acquisitions of five brands from Blacksmith Brands and Dramamine from Johnson and Johnson over the past year. We expect that upon completion, the transactions will give our Company a strengthened portfolio with total OTC revenues of approximately $500 million, as well as platforms to compete in two new categories: adult aspirin-based analgesics and gastrointestinal (GI). We believe the acquisitions are consistent with our strategic direction, fit with our fixed asset-light outsourced model, provide opportunities for certain cost savings, are financially attractive to shareholders, and will result in annual corporate revenues of approximately $600 million with an OTC business segment representing 85% of revenues and 90% of profits," he said.
JA Solar Holdings (NASDAQ:JASO) closed 14% higher after it announced that its high efficiency Maple solar cells have reached conversion efficiency levels of 18.5% in large volume production. The average conversion efficiency recorded for Maple cells in mass production is 18%, which is a new record for JA Solar and substantially higher than the industry standard average conversion efficiency for multi-crystalline solar cells of approximately 16.8%.
Progenics Pharma (NASDAQ:PGNX) jumped 31% after it and Salix Pharmaceuticals (NASDAQ:SLXP) today announced the successful outcome of the Phase 3 trial to evaluate the efficacy and safety of oral methylnaltrexone for the treatment of opioid-induced constipation (OIC) in subjects with chronic, non-cancer pain. This trial, evaluating three once-daily oral methylnaltrexone dosing regimens (150, 300 and 450mg), demonstrated highly statistically significant results for the primary endpoint in two of the three treatment arms when compared to the placebo treatment arm. Both the 300 and 450 mg treatment arms demonstrated highly statistically significant improvements in rescue-free bowel movement (RFBM) within 4 hours of administration over 28 days of dosing when compared to placebo treatment. In addition, the 300 and 450 mg treatment arms demonstrated highly statistically significant improvements in RFBM within 4 hours of administration following the first dose when compared to placebo treatment. Statistically significant efficacy was also seen in both the 300 and 450 mg treatment groups for the two key secondary efficacy endpoints including one assessing response (responder/non-responder) to study drug during Weeks 1 to 4 where “responder” is defined as having 3 or more RFBMs per week, with an increase of at least one RFBM per week over baseline, for at least 3 out of the first 4 weeks.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.