Afternoon Market Movers

Market Gainers

Ligand Pharmaceuticals LGND soared 14.10 percent to $36.90 after the company announced ownership limit for BVF to 25% of outstanding shares.

Finisar FNSR shot up 11.78 percent to $16.23 after the company reported upbeat fiscal four-quarter earnings and issued strong forecast for the first quarter.

ChinaEdu CEDU gained 7.70 percent to $6.29 after the company announced receipt of "Going Private" proposal at $7.00 per ADS.

Medical Group WMGI traded up 5.82 percent to $26.40 after the company announced its plans to sell its implants business to a unit of MicroPort Scientific for $290 million in cash.

Market Losers

Ebix EBIX plummeted 40.64 percent to $11.71 reaching a new 52-week low after the company and affiliate of Goldman Sachs GS agreed to terminate a merger agreement.

Rio Alto Mining RIOM dropped 15.90 percent to $2.01 after the company's RSI reading landed at 28.8.

FuelCell Energy FCEL dipped 12.61 percent to $1.18 after the company priced senior unsecured convertible notes offering.