Stocks On The Move - June 26

Stocks Rise on Heavy Volumn:

• Neurocrine Biosciences Inc. (NBIX): the slide is finally over for the San Diego, CA based drug maker as bargain hunters saw the sell-off which began in May overdone and is now back buying the troubled company by sending it up 9.24% or 91 cents to $10.76 on three times average volumn of 8.2 million shares. However the stock is still off 85% from its 52 weeks high of $73 per share back in March.
• Inco Ltd. (N): shares of Toronto, Canada based mining and metal company for nickel, copper, cobalt and speicalty nickel products surged 10.21% or $5.95 to $64.21 per share as Phelps Dodge is planning to buy the nickel mining firm for $71 per share. The stock was the fourth leading gainer on NYSE today with three times average volumn of 9.8 million shares traded.

Stocks Drop on Heavy Volumn:

• Anadys Pharmaceuticals Inc. (ANDS): shares of San Diego, California based biopharmaceutical company making drug for cancer treatment were hammered 44.84% or $3 to new 52 weeks low of $3.69 per share after the company stopped the study on its hepatitis C drug due to safety concern. The stock was the second biggest loser on Nasdaq today with 8 million shares traded or 26 times average volumn.
• Phelps Dodge Corp. (PD): while the nickel company Inco Inc. was the big winner of today's buyout deal, the Phoenix, Arizona based Phelps Dodge which produces copper, molybdenum and molybdenum based chemicals was the loser on the deal as the cost of buyout on Inco and Falconbridge would be $40 billion. However the deal will make Phelps Dodge the world's biggest nickel and copper producer. Shares of Phelps Dodge were down 8.1% to $76.23 per share and the company became the third leading decliner and the third heaviest traded on NYSE today.