Acquisition Announcement Spurs LipoScience Surge

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Acquisition Announcement Spurs LipoScience Surge

LipoScience Inc (NASDAQ:LPDX), Magnum Hunter Resources Corp (NYSE:MHR) and Corinthian Colleges Inc (NASDAQ:COCO) are today’s top-gaining billionaire stock picks midday. On the losing end are NII Holdings Inc (NASDAQ:NIHD), Cleco Corporation (NYSE:CNL) and Stemline Therapeutics Inc (NASDAQ:STML).

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LipoScience Soars on News of Acquisition

LipoScience Inc (NASDAQ:LPDX) surged +62.54% today following news that it will be acquired by Laboratory Corp. of America Holdings (NYSE:LH) as part of an $85 million deal. Thanks to today’s jump, LPDX is currently trading just cents away from its 52-week high of $5.22. The diagnostic company has been in Wilbur Ross’ investment portfolio since Q1 2013.

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Magnum Hunter Resources Corp (NYSE:MHR) climbed +10.44% early in the day this Thursday following its production results announcement. The George Soros pick, an independent oil and gas company, has had a bit of a rough go in 2014, with its price down -17.31% year-to-date.

The share price of Corinthian Colleges Inc (NASDAQ:COCO) rallied +6.18%. One of the largest for-profit education companies in the U.S., Corinthian has had a terrible 2014, and on the market, it’s lost -93.44% YTD. It’s worth noting that Soros purchased 69,000 COCO shares in Q2.

Cleco Dips as Sale Efforts Falter

NII Holdings Inc (NASDAQ:NIHD) plunged -9.22% this morning, as the company’s stock price continues to suffer the consequences of its bankruptcy filing mid-month. It has declined nearly -100% YTD and more than -50% in the past 10 days.

Cleco Corporation (NYSE:CNL) fell -8.52% following reports that its efforts to find a buyer are faltering. The Louisiana-based electric utility company is a new Q2 pick for Farallon Capital, which purchased 39,000 shares. The fund is still waiting for returns on its investment, however, as CLN has declined -16.2% over the past three months.

Stemline Therapeutics Inc (NASDAQ:STML), also a Farallon holding, reached midday with a -6.21% loss. Its price has declined -40.22% year-to-date.

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