Stocks to Watch: FRX, XOM, FDX & More
Senior Editor, CNBC
Take a look at some of Tuesday's midday movers:
Forest Labs rebounded after it was learned through a Securities and Exchange Commission filing that Carl Icahn will nominate four people to the company’s board.
Refiners including Exxon Mobil were trading higher. A group of six refiners have agreed to pay $21.6 million in a class-action suit known as the “hot-fuel” case which claimed, refiners were charging the same price for oil that had been heated and therefore, expanded in volume as they were for oil at cooler temperatures.
FedEx rallied after the company posted quarterly profits that beat expectationsand said it plans to cut costs ahead in anticipation of a gloomy outlook for global economic growth.
Chip maker Nvidia rose after Microsoft said it would use its chips to power a new tablet unveiled on Monday. The chips will be used in one version of a family of tablets to be called “Surface”—Intel chips will be used to power another version of the tablet.
SXC Health Solutions hit a 52-week high after an analyst at Bank of America Merrill Lynch raised its earnings estimates for full-year 2012 and maintained a “buy” on the stock ahead of closing its merger with Catalyst. But BofA lowered its 2013 estimates for the company.
Shares of Pandora were under pressure after rival Spotify announced will launch a competing web radio service.
And Arena Pharmaceuticals hit another 52-week high after investors felt confident that a decision on its potential blockbuster drug for obesity, Lorcaserin will not be delayed and could portend good news. According to StreetInsider.com, with or without a delay, most expect that the FDA will follow the advice of their panel and back Lorcaserin. No delay could mean a “first mover” advantage for the company.