Here’s Why These Stocks Are In the Green Today

Media General Inc (NYSE:MEG) rallied by 2% on news that Nexstar Broadcasting Group has reached a conditional agreement to acquire Media General for $10.55 in cash and 0.1249 Nexstar Class A common stock for each Media General share. That translates to roughly $17.66 per share based on Nexstar’s closing price on Wednesday. The deal won’t be official, however, until Media General aborts its proposed acquisition of Meredith Corp. Media General Inc (NYSE:MEG) has made several attempts to terminate its Meredith acquisition but has been rebuffed each time. The good news is that Media General believes it can officially sell itself to Nexstar if a majority of shareholders vote to terminate the Meredith acquisition at Media General’s shareholder meeting.

Shares of nano-cap Biocept Inc (NASDAQ:BIOC) are 24% in the green today as the molecular diagnostics company officially launches a blood-based test for prostate cancer using a CLIA-validated androgen receptor expression assay. CEO Michael Nall said:

“This test represents a significant milestone in which we expand into prostate cancer and further demonstrate the versatility of our proprietary liquid biopsy platforms. We continue to build on our leadership position in the emerging liquid biopsy field with commercialized tests for detection and monitoring of lung, breast, colon, gastric and now prostate cancers.”

Despite crude prices losing 0.71%, EXCO Resources Inc (NYSE:XCO) is 13.5% higher on technical buying. EXCO Resources Inc (NYSE:XCO) shares recently pierced through a key moving average that is likely causing some of the 13.3% of the float that is short to cover and take profits. As a whole, hedge funds have become less bullish on the stock in the third quarter, as the number funds long the stock fell by three quarter-over-quarter to 12. However, those 12 elite funds still owned over 44% of the company’s outstanding stock at the end of September.

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