Kinetic Concepts Jumps as it Seeks a Buyer

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Here’s what’s hot in the market today: Kinetic Concepts jumped on acquisition hints, Fuwei Films soared after securing a deal with Coca-Cola, and Signature Bank dropped after pricing its latest public offering. China Wave Borun got a boosted after showing its stability in keeping its audit team. DragonWave fell hard after news of a corporate shake up.

Kinetic Concepts (NYSE: KCI), a medical supply company and developer of wound-healing treatments, was up 12% to nearly $66 after an unnamed source told The New York Times that the company is open to an acquisition. The spike in price valued the company at just under $5 billion. More than 6 million shares were traded by midday.

Fuwei Films (NASDAQ: FFHL) was up as much 51% to top $4.60. The Chinese plastic film manufacturer signed a supply letter of intent with Coca-Cola‘s (NYSE: KO) bottler in China.

Signature Bank (NASDAQ: SBNY) fell more than 2% to about $57.30. The New York City-based, full-service commercial bank priced a common stock offering of 4.1 million shares of common at $56.25. Signature could raise about $250 million according to analysts.

DragonWave (NASDAQ: DRWI), a microwave Ethernet technology developer, fell more than 12% to about $5.50 after announcing a leadership shuffle that included the resignation of sales VP Brian McCormack.

China New Borun (NYSE: BORN) was up more than 18% to nearly $7. The alcohol manufacturer announced it would retain its current audit team. The company dismissed its previous accounting firm, BDO Li Xin Da Hua, earlier this year.

As of this writing, Anthony John Agnello did not own a position in any of the stocks named here. Follow him on Twitter at @ajohnagnello and become a fan of InvestorPlace on Facebook.


Article printed from InvestorPlace Media, https://investorplace.com/2011/07/kinetic-concepts-born-kci-drwi-ffhl-sbny-ko/.

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