Orange County Business Journal

Midday Stock Roundup

Kari Hamanaka Monday, October 1, 2012

The Nasdaq was up 0.36% to 3,128 in midday trading Monday, while the Dow Jones Industrial Average rose 1.16% to 13,593.

The S&P 500 was up 0.87% to 1,453.

The yield on a 10-year treasury bond fell 0.55% to 1.63%.

The price of gold rose 0.37% to $1,781 per ounce.

Shares of Costa Mesa-based Ceradyne Inc. were up 43% to $35 on its announced sale to St. Paul, Minn.-based 3M Co. for $860 million. Ceradyne had a recent market value of $845 million.

Aliso Viejo-based biopharmaceutical company Avanir Pharmaceuticals Inc. rose about 8% to $3 after an analyst initiated coverage of the company and gave its stock an outperform rating. Avanir has a market value of about $473 million.

Shares of Tustin-based Peregrine Pharmaceuticals Inc. continued their slide, down about 15% to less than $1 per share for a market value of about $93 million. Peregrine disclosed discrepancies in the results of the clinical trial for its lung cancer drug candidate bavituximab sending its stock price down as much as 76% last week.