Market Overview

Stocks Hitting 52-Week Highs (ABII, ADCT, BRCM, ERES)

Abraxis Bioscience Inc (NASDAQ: ABII) shares made a new high of $75.07, before slipping to $74.93, reflecting a gain of 0.17%. Within 24 hours of Celgene announcing its $2.9 billion offer for ABII, an investor has filed a lawsuit against Abraxis, alleging breach of fiduciary duty by some board of directors.

ADC Telecommunications, Inc (NASDAQ: ADCT) shares reached $12.52 to create a new 52-week high, before slipping marginally to $12.51, reflecting a 41.36% gain. Tyco Electronics (NYSE: TEL) is acquiring ADCT for $12.75 per share.

Broadcom Corporation (NASDAQ: BRCM) shares added 1% to reach a new high of $37.31. BRCM’s subsidiary, Broadcom International Ltd, has declared that its offer for Innovision Research & Technology PLC is wholly unconditional.

eResearch Technology (NASDAQ: ERES) shares moved up 1.60% to create a new 52-week high of $41.97. Benchmark today initiated coverage on ERES with a “hold” rating.

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