Stocks On The Move - March 13

Stocks Rise on Heavy Volumn:

• WCI Communities Inc. (WCI): shares of single family and high rise home builder jumped 14.92% to $21.8 per share as billion dolloar investor Carl Icahn plans to buy the company for $22 per share. 14% gain may not be huge yet on a weak market it's still good enough to earn the stock the top spot among the best performers of the day on NYSE.
• Spirit Finance Corp. (SFC): despite subprime woe which drives the market down, the Arizona based real estate investment trust is actually on the rise, gaining 11.19% to $14.51 per share after Macquarie Bank is buying the company for $1.6 billion or $14.5 per share. The stock was the third leading gainer on NYSE today with 14 million shares traded.

Stocks Drop on Heavy Volumn:

• Accredited Home Lenders Holding Co. (LEND): the subprime mortgage sector has been devastated with New Century Financial, which has been delisted from NYSE today, causing Domino Effect to other company. Another subprime lender taking the hit today is Accredited Home Lenders which after dropping 27.76% yesterday was hit with cash flow warning today and cause the meltdown to the stock. Shares plummetted 65.18% to new 52 weeks low of $3.97 per share and the stock becomes the biggest loser and the seventh heaviest traded on Nasdaq today with 42 million shares exchanged hands.
• Fieldstone Investment Corp. (FICC): another subprime mortgage lender in trouble is Fieldstone Investment Corp. with shares tumbled 20.93% to $2.72 per share as investors doubt that the $5.53 acquisition by C-BASS may not fall thru. The stock was the fourth leading decliner on Nasdaq today with 5.4 million shares traded.