Stocks Hitting 52-Week Highs (ABII, ADCT, BRCM, ERES)

Abraxis Bioscience Inc ABII shares made a new high of $75.07, before slipping to $74.93, reflecting a gain of 0.17%. Within 24 hours of Celgene announcing its $2.9 billion offer for ABII, an investor has filed a lawsuit against Abraxis, alleging breach of fiduciary duty by some board of directors. ADC Telecommunications, Inc ADCT shares reached $12.52 to create a new 52-week high, before slipping marginally to $12.51, reflecting a 41.36% gain. Tyco Electronics TEL is acquiring ADCT for $12.75 per share. Broadcom Corporation BRCM shares added 1% to reach a new high of $37.31. BRCM’s subsidiary, Broadcom International Ltd, has declared that its offer for Innovision Research & Technology PLC is wholly unconditional. eResearch Technology ERES shares moved up 1.60% to create a new 52-week high of $41.97. Benchmark today initiated coverage on ERES with a “hold” rating. Read more from Benzinga's Markets.