Zalicus Inc Plunged 42% - KFT, TLM, PXP, ZLCS

Kraft Foods Inc(NASDAQ:KFT) shares gained 0.90% to $40.35 after the shares of KFT received some continued bullish support from analysts at Jefferies & Co. The firm restated its “Buy” rating and $48 price target for KFT, which suggests a 20% upside to the stock’s Friday closing price of $39.99.

Additionally, the company, which will launch as an independent public company on Oct. 1, expects organic revenue growth at or above the North American food and beverage industry average as well as earnings per share in the mid-to-high single digit range.

Talisman Energy Inc. (USA)(NYSE:TLM) shares gained 2.68% to $14.55 after the company announced that John A. Manzoni, President and Chief Executive Officer, has agreed to step down, effective 

immediately. Hal Kvisle, former President and Chief Executive Officer of TransCanada Corporation and current director of Talisman Energy, is appointed President and Chief Executive Officer.

Plains Exploration & Production Company(NYSE:PXP) stock fell 3.30% to $39 after the company announced that it has entered into a definitive agreement to acquire from Shell Offshore Inc. its 50% working interest in the Holstein Field for $560 million.

Get Free Analysis On PXP here

Additionally, the company said that it has also entered into a definitive agreement to acquire from BP Exploration & Production Inc. and BP America Production Company (BP) all of their interests in certain deepwater Gulf of Mexico oil and gas properties for $5.55 billion.

Zalicus Inc(NASDAQ:ZLCS) shares plunged 42% to $0.806 after the company announced the results from its randomized, double-blind, placebo-controlled, Phase 2b clinical trial of Synavive in rheumatoid arthritis or RA. The company said that in the absence of a clinically meaningful benefit with Synavive compared to its active glucocorticoid component, it will discontinue further clinical development with Synavive.