(By Mayur Pahilajani - iStockAnalyst Writer)
Some of the stocks traded higher on Thursday amid overall negative sentiment in the market on the uncertain future of $700 billion financial-rescue package. Investors on Wall Street are not confident about the plan's fate as the U.S. House of Representatives is expected to vote again on Friday.
The U.S. Securities and Exchange Commission decided to extend its selective ban on short-selling on Wednesday to bolster confidence of the members of U.S. House. The SEC authorized to extend the ban on short-selling rules till 11:59 p.m. ET on October 17, which is three days after the bailout plan is expected to be implemented.
The stocks trading with unusually higher volumes on Thursday's early trading include: ImClone Systems Inc (NASDAQ GS:
IMCL), Ralcorp Hldgs Inc New (NYSE:
RAH), Universal Corporation (NYSE:
UVV), Photon Dynamics Inc (NASDAQ GM:
PHTN) and Sequenom Inc (NASDAQ GM:
SQNM).
ImClone Systems Inc (NASDAQ GS: IMCL):
ImClone Systems Inc. gained on Thursday's pre-market trading on speculations that it is secretly in talks with another company for a merger. Reports suggest the second company involved in the talks may be pharmaceutical giant Eli Lilly & Co., which reportedly offered the New York-based biotech company $6.1 billion or $70 per share last month. The stock traded higher Thursday but was recently trading down by 30 cents or 0.46 percent to $65.05, with the day's high of $66.05. The stock has traded between $36.87 to $68.89 in the last 52 weeks.
Ralcorp Hldgs Inc New (NYSE: RAH):
The St. Louis-based maker of store-brand cereals and crackers said yesterday that it will issue incentive opportunity of up to $2.40 million for the company's co-chief executives, David Skarie and Kevin Hunt. Additional $1.20 million each will be issued to other officers. In its filing with the U.S. Securities and Exchange Commission, the company said the incentives will be payable if the food products provider's shares reach $85. The move is an effort by the company to raise inventors' confidence. Shares traded higher during early morning session and reached $69.96, after closing at $69.48. At 11:34am ET in New York, shares were trading down by 58 cents or 0.83 percent to $68.90 due to overall market sentiment.
