Lufkin (LUFK) is up nearly 40% in premarket trading. It was just announced this morning that General Electric (GE) is buying the company for $3.3 billion. Lufkin is an oilfield services provider. GE's offer for the company comes in at $88.50 a share. That's a 38% premium on the stock's price as of Friday. These pre-markets transactions put the stock at its 52-week high.
Next up we have Las Vegas Sands (LVS) which is coming off a losing week. Company Chairman Sheldon Adelson will be back on the stand today in a trial over the company's rapid expansion in Macau. A former consultant for Sands says the company owes him $328 million for helping to obtain a license in the gambling mecca. That consultant was previously awarded $44 million by a jury, but their decision was later overturned.
Now, there's a tale of two different pharmaceutical companies-- both small, but moving big-time. We start with BioCryst (BCRX) which is up more than 20% in premarket trading following a 29% climb on Friday. The company makes an intravenous anti-flu vaccine. China's government quickly approved the drug because of the bird flu outbreak. The vaccine is made for patients who can't take drugs orally or inhale them. Even with the climb, BioCryst is well off its 52-week highs which it hit back in October.
The other drug-maker making massive moves is Rigel (RIGL). It's up a few percentage points in premarket trading following a 40% plunge on Friday. Shares dropped on mixed news about a drug the company is testing with AstraZeneca. The medication was shown to improve symptoms of rheumatoid arthritis. But X-rays failed to spot any improvement in joint damage. Rigel has certainly seen better days. Shares were over $11 last summer.