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Market Update

U.S. Movers: Arkansas Best, Asos, ImmunoGen, Silver Wheaton, Shire


Author: Mukesh Buch
ticker.com
Last Update: 11:27 AM ET November 11 2013

11:10 AM New York Arkansas Best surged after quarterly net doubled. Asos said net loss in the third-quarter narrowed. ImmunoGen signed agreement with Novartis. Silver Wheaton net plunged 36%. Shire agreed to buy ViroPharma Inc. for about $4.2 billion.

Arkansas Best Corporation (ABFS) surged 15.8% or $4.23 to $30.93 after the transportation service provider reported total revenues in the third-quarter ending in September jumped 7.9% to $623.4 million.

Net income in the quarter doubled to $14 million or 52 cents a diluted share compared to $6.5 million or 24 cents.

Asos Plc (ASC) grew 0.8% to $5,702 after the UK-based retailers said total revenues in the third-quarter ending in September surged 89% to $10.6 billion. Net loss in the quarter narrowed to $920 million or 5 cents a diluted share compared to $1.42 billion or 8 cents.

Gogo Inc (GOGO) soared 24.2% or $4.53 to $23.28 after the airline company stated revenues in the third-quarter ending in September soared 48% to $85.4 million. Net loss in the quarter narrowed to $18.7 million or 22 cents a diluted share compared to $29 million or $4.27.

ImmunoGen, Inc (IMGN) declined 3.7% or 51 cents to $13.13 after the anti-cancer therapeutics developer signed license agreement with Switzerland-based healthcare products maker Novartis AG to develop cancer therapies.

Novartis agreed to pay upfront fee up to $200 million for each permit including the royalties on sales.

Silver Wheaton Corp (SLW) dropped 2.5% to $21.06 after the Canada-based mining company reported revenues in the third-quarter ending in September grew 3% to $166.4 million. Net earnings in the quarter plunged 36% to $77 million or 22 cents a diluted share compared to $119.7 million or 34 cents.

Shire Plc (SHPG) jumped 2.1% or $2.78 to $137.13 after the Ireland-based biopharmaceutical company agreed to buy U.S.-based rare-diseases firm ViroPharma Inc. for about $4.2 billion to expand its portfolio to include attention deficit hyperactivity disorder.

Shares of Viropharma Inc surged 25.5% to $49.42.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc