Acorn Wealth takes note of Yongye International (NASDAQ:YONG) and Omeros Corporation(NASDAQ:OMER)
NEW YORK, December 28, 2012 (MESHPRESS) –We are now just over 3 days away from the Fiscal Cliff and we continue to look for some sort of positive announcement. Earlier this morning there was some positive whispers of a potential deal averting the fiscal cliff. We now wait till 3:00pm est in hopes of more details following the meetings between President Obama and congressional leaders. With the potential of a new deal on the table we could see a vote by the December 31 deadline, which is if the leaders embrace it. The Oracle from Omaha, Warren Buffet was on the BBC Radio 4s Today Program, and once again remained positive on the future of the fiscal cliff. He feels strongly that the overall debt problem in America will be someday fixed The Dow Jones Industrial Average (DJIA) is currently trading down by 104 points breaking the 13,000 mark for the second time. The S&P500 is currently down just less than 10 points at 1408.42.
Shares of Yongye International (YONG) are trading about around 16% to a daily high of $5.77. Yongye, which provides fulvic acid based crop and animal nutrient products for the agriculture and stock farming industry in the Peoples Republic of China, received a letter from China Development Bank, indicating that it will provide debt financing in the form of a loan facility in an aggregate amount of up to $232M. This follows the buyout bid from Morgan Stanley back in October, which was the last time we have seen this company make such a dramatic move to the upside.
Also today Omeros Corporation (OMER) unfortunately announced after market close yesterday that its knee surgery drug did not meet its main goal in 3rd stage clinical trials. With this news shares of Omeros are down nearly 8% at $5.37 on volume nearly 7 times its daily average. The Company has been testing its drug OMS103HP to look for improvement in surgical outcomes, reduction in pain, and improved joint function. While they noted a reduction in pain, it was no more effective then standard treatments. Omeros is also studying a drug called OMS302 for use in ocular replacement surgeries. The company plans to file for marketing approval of both products in early 2013.
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