Spansion Inc. (NYSE:CODE), Cypress Semiconductor Corporation (NASDAQ:CY) and Avanir Pharmaceuticals Inc (NASDAQ:AVNR) reached midday well in the green this Tuesday. Walter Energy, Inc. (NYSE:WLT), Bio Blast Pharma Ltd (NASDAQ:ORPN) and International Tower Hill Mines Ltd (NYSEMKT:THM), on the other hand, are in the red.
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Acquisition Agreement Sends Spansion, Cypress Soaring
An acquisition deal between Spansion Inc. (NYSE:CODE) and Cypress Semiconductor Corporation (NASDAQ:CY) sent the stocks climbing +24.64% and +17.04%, respectively, early today. Cypress will purchase Spansion for about $1.6 billion.
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The transaction is a big win for billionaire investor George Soros, who has held stakes in both companies since the first quarter of the year. This morning, he made over $16 million on his investments.
Avanir Pharmaceuticals Inc (NASDAQ:AVNR)Â surged +12.83% today, putting his one-month gain at +30.76%. The boost comes as the result of news that Otsuka Pharmaceutical company will acquire the company for $3.5 billion. Leon Cooperman initiated a position in the company during the third quarter of the year with the purchase of 100,000 AVNR shares.
Walter Energy Tumbles
Walter Energy, Inc. (NYSE:WLT)Â tumbled -12.82% early in the day this Tuesday. A producer and exporter of metallurgical coal for the steel industry, WLT has lost -25.9% over the past five days and is down -8.21% year-to-date. Brazilian billionaire Jorge Lemann picked up 450,000 Walter Energy shares in Q3.
Bio Blast Pharma Ltd (NASDAQ:ORPN) hit midday posting an -8.7% loss. Despite today’s drop, the stock has performed well in recent weeks, its price climbing +30.91% over the past 30 days. George Soros initiated a stake in the Israeli biotech company in Q3.
The share price of International Tower Hill Mines Ltd (NYSEMKT:THM) fell -7.9%. A long-time John Paulson pick, THM has gained +4.05% over the past year.
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