|
Company
|
Shares Traded*
|
% of Average Volume
(3 month)
|
|
Harvest Energy Trust
(NYSE:HTE)
|
3,646,361
|
345%
|
|
Provident Energy Trust
(NYSE:PVX)
|
3,972,041
|
325%
|
|
ImClone Systems
(Nasdaq:IMCL)
|
7,049,570
|
317%
|
|
Pengrowth Energy Trust
(NYSE:PGH)
|
4,303,415
|
314%
|
|
A-Power Energy Generation Systems
(Nasdaq:APWR)
|
2,640,543
|
258%
|
|
* Data as of 12:22 pm EDT October 6, 2008
|
Oil Moves Energy Trusts
Shares of energy trusts across the board traded heavily this morning, as oil prices fell below $90 per barrel, the weakest oil has been in eight months. Energy trusts engage in the acquisition, development, production and marketing of oil and natural gas. As the price of oil continues to fall on fear that global
recession, this will reduce
demand for energy, trusts such as these continue to fall on heavy volume. As of noon today, shares of Harvest, Provident, and Pengrowth Energy Trusts were down 20%, 17%, and 14% respectively; all trading at more than triple their three-month average daily volume. All are near the bottom of their
52 week ranges.
Eli Lilly buys ImClone
ImClone shares came near the top of their 52-week range on news that
Eli Lilly (NYSE:
LLY)
will buy up the biotechnology firm for more than $6 billion or $70 per share. This deal comes in much higher than the previous offer of $62 per share by
Bristol-Myers Squibb (NYSE:
BMY). Volume traded in the morning more than tripled the average daily volume, as investors piled into the company on this news. This deal will round out Eli Lilly's cancer treatment portfolio, creating as John Lechleiter, Lilly's
CEO, says "one of the leading oncology franchises in the biopharmaceutical industry". Shares of Eli Lilly traded down over 5% this morning after news of the
acquisition hit the airwaves. (To learn more about stocks in this industry, check out our
Biotechnology Industry Handbook.)
A-Power Energy Generation Systems
Early this morning, A-Power Energy issued a press release stating that it had received a contract for 50 Wind Turbines with China National Automation Control System (CACS). A-Power, the largest provider of distributed power generation systems in China, made this deal in addition to five already contracted to be sold to CACS this year. In aggregate, letters of intent with CACS and other parties provide for 325 wind turbines to be sold over the coming months. Shares of A-Power traded heavily this morning, as news hit of this deal; however, the trading was not to the upside. At the time of writing, shares were down almost 15% from yesterday's close. It seems that this good news was not enough to pull the stock out of the widespread market downturn occurring today. The
Nasdaq, on which A-Power trades, was down more than 5% this morning as the global credit crisis continues to instill fear into investors across the world.
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