Cephalon Inc. (Nasdaq: CEPH) shares surged 28.3% to $75.37, on volume of 25.2 million shares, towering over an average of 1.1 million, after Canadian drug manufacturer Valeant Pharmaceuticals International Inc. (NYSE: VRX) said it made an unsolicited offer valued at about $5.7 billion in cash to acquire the U.S. drug maker. Valeant’s shares climbed 8.9% to $48.27.
Citigroup Inc. (NYSE: C) was a volume leader early Wednesday, trading in 60.2 million shares, compared to a daily average of 487.3 million. C shares nipped up 0.7% to $4.48
Sealy Corp. (NYSE: ZZ) shares declined 4.3% to $2.66, on volume of 315,582 shares, closing in a daily average of 320,276, a day after the mattress maker unexpectedly reported a first-quarter loss.