(By Salman - iStockAnalyst Writer)US stocks retreated on Monday as stronger dollar weighed on energy and materials stocks. However, Nasdaq Composite turned higher in midday trade, boosted by a rally in biotech shares.
Below, we highlight few stocks which witnessed heightened activity on Monday.
American International Group (NYSE:
AIG) Shares of the insurers soared over 14% on Monday amid indications that the government may ease the terms of its bailout of the company again.House Oversight and Government Reform Committee confirmed receiving a proposal from former CEO Maurice "Hank" Greenberg to restructure the government's bailout of the insurance giant. A spokeswoman for the committee said on Monday that Representative Edolphus Towns, D-N.Y., the chairman of the committee, has instructed his staff to review the proposal, which would include cutting the government's stake in AIG to about 20% from 80%. The proposal also calls for cutting the high interest rates AIG is paying to both the Federal Reserve and the Treasury Department on the loans, and extending the term of the loan so that AIG wouldn't be forced into a fire sale of assets to pay it off. In total, AIG has been given a taxpayer lifeline of $182.3 billion over the course of three successive bailouts. The Government Accountability Office says that as of early September, AIG's outstanding balance of aid was $120.7 billion.
Incyte Corp (NASDAQ:
INCY): Shares of the company jumped over 9% after it announced that its psoriasis drug met the main and secondary goals in a mid-stage trial. In the 200-patient trial, the drug INCB18424 showed a statistically significant improvement over dummy drug in the reduction in total lesion score - the primary goal. The drug was well tolerated at all doses and no clinically significant effects were noted in hematology or other laboratory parameters, the company added. The company said in a statement that INCB18424 was significantly better than placebo at reducing scaling, redness, and skin thickness. Incyte plans to present full results at a future medical conference. Incyte is also developing INCB18424 as a treatment for myelofibrosis and related diseases. Psoriasis is a chronic, non-contagious autoimmune disease that affects the skin and joints.
Molex Inc. (NASDAQ:
MOLX): Shares of the electronics products manufacturer rallied over 5% on Monday after it hiked its fiscal first-quarter forecast, citing an increase in customer orders, particularly in Asia. The company expects to report revenue of $650 million to $665 million in the quarter ended Sept.
