Oxford, MS 3/30/2011 (Penny PayDay) -- Drug company Cephalon is facing a hostile bid from Valeant Pharmaceuticals, which is offering $73 a share, a 24% premium to Cephalon's closing price Tuesday of $58.75. Cephalon shares rose 30.7% to $76.80 in premarket trading Wednesday. Shares of Valeant were rising 18.3% to $52.50.
Investment manager BlackRock was popping 5.1% to $196 as it replaces biotech company Genzyme in the S&P 500 after the markets close on Friday.
Phosphate and potash company Mosaic was up 1.8% to $80.25 ahead of its third-quarter earnings report after the markets close Tuesday.
Discount store chain Family Dollar was rising 1.4% to $53.15 after reporting second-quarter earnings of 98 cents a share, beating expectations by a penny.
Palo Alto, Calif.-based cloud computing application maker Tibco Software was down 1% to $26.01 in premarket trading after edging past Wall Street's expectations for its fiscal first-quarter results. While Tibco's performance was ahead of the consensus view, the magnitude of the beat was only 5% vs. a 16% average beat in the previous eight quarters.
Chemicals company DuPont was rising 0.6% to $54.89 after its subsidiary DuPont Denmark extended a $6 billion offer for food ingredients company Danisco to April 29 to allow for additional time to obtain regulatory approvals in the European Union and China. So far, shareholders representing a mere 6% stake in Danisco have accepted DuPont's offer, 90% short of the acceptances the buyer would have needed to meet its original offer closing date of April 1.
Wal-Mart was rising 0.6% to $52.56 as judges expressed skepticism about a large class-action lawsuit against the giant retailer over sex discrimination.
Wall Street rolled out the welcome wagon for Apollo Global Management on Tuesday as the private-equity firm's long-awaited initial public offering received a rousing reception.
The maker of the Invisalign teeth straightening system, Align Technology, agreed to acquire dentistry imaging company Cadent for $190 million.
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