Top Tickers: Onyx Soars, Best Buy Roars, InterDigital Goes Dead
Wireless and Drugs and Retail oh my! Here are three top trending tickers for Monday, July 1st:
Onyx Pharmaceuticals (ONXX)
San Francisco based bio-pharmaceutical company Onyx is up an astounding 50% today. The company that specializes in cancer drugs rejected a $120 per share bid by Amgen (AMGN) over the weekend. Shares are trading at over $130 as several analysts are suggesting they could fetch $150 per on the open market.
Best Buy (BBY)
Credit Suisse thinks something good might be happening at Best Buy. The company re-initiated coverage of the world's largest electronics retailer at "outperform." In a report issued this morning, analyst Gary Balter said Best Buy is "turning its store base from a cost liability to an offensive weapon." Balter thinks the turnaround could lead to as much as $5 a share in earnings.
Best Buy shares are up nearly 150% in 2013 and over 75% since founder Richard Schulze dropped his attempted takeover at the end of February.
Credit Suisse's realization of Best Buy's improvements is good for about 7% to the upside today.
InterDigital Inc (IDCC)
The International Trade Commission said in a preliminary judgement on Friday that Huawei, Nokia (NOK) and ZTE did not violate IDCC patents to make 3G devices. IDCC which is something of a patent squatter had accused its competitors of violating seven different patents.
Shares of IDCC are hitting 7-month lows down nearly 15%.
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