September ISM data was better-than-expected; the Federal Reserve Chairman Ben Bernanke said the weak economic growth made QE3 a necessity, and the Federal Reserve will be devoted to curb inflation. The major U.S. stock indexes pulled back after shooting up, and at the closing bell, the Nasdaq Composite index fell 0.09%, the Dow Industrial index and the S&P 500 index narrowed gains, to close up 0.58% and 0.27%, respectively. Have a look at the top performing stocks on Monday:
Ceradyne Inc. (CRDN), a provider of advanced technical ceramic products, ceramic powders and components, has agreed to be acquired by 3M Co (MMM) for $35.00 per share. The aggregate value of the transaction is $860 million. CRDN stock price spiked up 43.4%, or $10.54, to $34.97 with 14.85 million shares traded on Monday, much more than the average daily trading volume of 130,050 shares. Ceradyne has a market cap of $846.28 million, based on the latest CRDN stock price.
Fonar Corporation (FONR) provides medical equipments and physician management and diagnostic services. FONR stock price popped up 30.40%, or $1.14, to $4.89, after the inventor of MR Scanning™, reported today its year-end financial results for the year-ended June 30, 2012. Total net income increased by 108% to $6.9 million for fiscal 2012 from $3.3 million a year ago. The intraday volume was 2.42 million shares, well above the average daily trading volume of 42,951 shares. On the basis of the latest FONR stock price, Fonar Corporation has a market cap of $30.53 million.
Synta Pharmaceuticals Corp. (SNTA) is a biopharmaceutical company engaged in the operations of small molecule drugs targeting cancer and inflammatory diseases. The company announced results from Phase 2b/3 GALAXY trial, Showing Promising Improvement in Survival from Addition of Ganetespib to Docetaxel in Second-Line Non-Small Cell Lung Cancer. SNTA stock had its price target increased by Jefferies Group from $15.00 to $22.00 with a buy rating. SNTA stock soared 23.49%, or $1.79, to $9.41, making it one of the top stocks on Monday, with 3.47 million shares traded, well above the average daily trading volume of 455.912 shares. Based on the latest SNTA trading price, the company has a market cap of $581.95 million.
Patrick Industries, Inc. (PATK) is a manufacturer of component products for multiple industries and distributor of building products and materials to the recreational vehicle (RV) and manufactured housing (MH) industries. PATK stock price was up 19.5%, or $3.02, to $18.49, on a volume of 509,258 million shares, the biggest volume over the past four months, much more than the average daily volume of 91,626 shares. We haven’t found any news to support the big day of PATK. The company currently has a market cap of $194.55 million.
MGIC Investment Corp. (MTG), through its subsidiaries, operates as a private mortgage insurer. MTG stock price bubbled 18.30%, or $0.28, to $1.81, being ranked the fifth of the top stocks on Monday with 18.46 million shares traded, more than three times the average daily volume of 5.34 million shares, after the investment company announced update on the status of matters in the August 1, 2012 letter from Freddie Mac. Calculating by the latest MTG stock price, MGIC Investment has a market cap of $365.68 million.