Stocks In News (MTB, SUR, AVNR)

M&T Bank Corporation (NYSE:MTB) surged 3.04% to $77.02. The company is snapping up troubled Wilmington Trust Corp for a little more than half its market value, buying a smaller U.S. regional bank that has reeled from losses on commercial mortgages and construction loans. M&T Bank is paying about $351 million in stock for Wilmington Trust and is also assuming $330 million of the bank’s obligations to the United States under the Troubled Asset Relief Program. The bank’s value in the stock market was around $650 million on Friday. The stock went up more than 14% year-to-date. CNA Surety Corporation (NYSE:SUR) soared 20.05% to $23.11 after CNA Financial Corp. proposed to acquire the 38% of the company that it doesn't already own for $22 a share in cash, or roughly $375 million. The offer is 14% above CNA Surety's closing price Friday. The 52-week range of the stock is $13.24-$23.56. The stock made its fresh 52-week high of $23.56. AVANIR Pharmaceuticals (NASDAQ:AVNR) skyrocketed 101.28% to $4.87. The U.S. Food and Drug Administration cleared the company to market Nuedexta to treat pseudobulbar affect, a disorder characterized by involuntary, sudden and frequent outbursts of laughing or crying. At current market price, the market capitalization of the company stands at $459.11 billion.
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