Several companies trading on the NASDAQ managed to start their week on the right foot, hitting new 52-week highs during the trading day. The list of companies included American Medical Systems (AMMD), Global Crossing Ltd (GLBC), Baidu (BIDU), Endo Pharmaceuticals (ENDP), and Biogen Idec Inc. (BIIB).
American Medical Systems (AMMD) hit a 52-week high of 29.53 before closing at 29.50 on Monday and saw incredible trading volume of nearly 50 million, nearly 50x their average. Driving trading volume and a share spike was news that Endo Pharmaceuticals Holdings Inc. agreed to buy AMMD for about $2.6 billion. Shares in the company, which engages in developing, manufacturing, selling, and marketing medical devices to physicians treating men’s and women’s pelvic health conditions worldwide, are significantly higher than their 50-day moving average of 21.29 and their 200-day moving average of 20.43.
Global Crossing Ltd (GLBC) put together a huge day on Monday as shares spiked to a 52-week high of 26.50 before closing the day at 24.97 on trading volume that topped 17.1 million, significantly higher than its average of 146,000. Of course shares jumped following news that Level 3 Communications was acquiring the company in a $3 billion deal. Shares in the company, which operates as a communications solutions provider primarily in North America, Europe, Latin America, and the Asia/Pacific region, remain above their 50-day moving average of 14.72 and their 200-day moving average of 13.24.
Baidu (BIDU) hit a 52-week high of 148.92 on Monday before closing the day at 145.68 on trading volume of more than 16.6 million shares. The company continues to gain momentum as talk about a partnership with social networking giant Facebook picks up. BIDU, which provides Chinese and Japanese language Internet search services that enable users to find relevant information online, including Web pages, news, images, multimedia files, and blogs through the links provided on its Websites, is currently trading above its 50-day moving average of 126.32 as well as its 200-day moving average of 102.62.
Endo Pharmaceuticals (ENDP) hit a 52-week high of 44.53 on Monday before closing at 41.06 on impressive trading volume of more than 7 million shares. The climb came following news that ENDP agreed to buy urology-products company American Medical Systems Holdings Inc. for about $2.6 billion. Shares in the company, which engages in the research, development, manufacture, marketing, and sale of branded and generic prescription pharmaceuticals in the United States, remain above their 50-day moving average of 35.81 and their 200-day moving average of 32.45.
Biogen Idec Inc. (BIIB) surged to a 52-week high of 78.75 on Monday and closed at an impressive 78.55 on trading volume of 6.8 million shares. Shares climbed as news that BIIB’s oral drug for multiple sclerosis showed success in the first of two large clinical trials, moving the company closer to gaining a foothold in an important new market. The company, which develops, manufactures, and commercializes novel therapeutics in the areas of neurology, oncology, immunology, cardiopulmonary, and hemophilia in the United States and internationally, are comfortably ahead of their 50-day moving average of 69.52 and their 200-day moving average of 62.39.