Several stocks made new 52-week highs today on large volume.

Adams Respiratory Therapeutics, Inc. (NASDAQ: ARXT): Personal care products maker Reckitt Benckiser made a buy-out offer. Shares moved up to $59.30 against a 52-week low of $27.25.

MGI Pharma, Inc. (NASDAQ: MOGN): Japanese pharmaceutical maker Eisai will buy the company. Shares rose to $40.23 compared to 52-week low of $16.98.

Millennium Pharmaceuticals, Inc. (NASDAQ: MLNM): This company's late stage cancer drug shows promise. The company hit $16.62, well up from 52-week low of $9.49.

Canadian Solar Inc. (NASDAQ: CSIQ): A new contract for peer LDK Solar Co., Ltd. (NYSE: LDK) pulled the entire sector higher. Canadian Solar hit $24.83 against a 52-week low of $6.50.

DynCorp International Inc. (NYSE: DCP): A new Army contract boosted shares to $25.97, compared with a 52-week low of $13.51.

Douglas A. McIntyre is an editor at 247wallst.com.

MOST NOTEWORTHY: Select pharmaceutical companies, timber companies and Kona Grill Inc (NASDAQ: KONA) and were today's noteworthy initiations:

• Medarex Inc (NASDAQ: MEDX) was initiated with a Positive rating at Susquehanna. The firm said Medarex has multiple drivers include a potential buyout by one of its existing partners, as well as clinical progress and the success of its technology platform in monoclonal antibody therapeutics.
• Susquehanna also initiated shares of Dyax Corporation (NASDAQ: DYAX), Millennium Pharmaceuticals Inc (NASDAQ: MLNM), and Idera Pharmaceuticals Inc (AMEX: IDP) with Neutral ratings and Dynavax Technologies Corporation (NASDAQ: DVAX) and Coley Pharmaceutical Group Inc (NASDAQ: COLY) with Positive ratings.
• Rayonier Inc (NYSE: RYN), Plum Creek Timber Company Inc (NYSE: PCL) and Weyerhaeuser Company (NYSE: WY) were initiated with Buy ratings at Merrill Lynch.
• Kona Grill was initiated with an Outperform rating at Cowen. The firm believes Kona can grow its asset base 10-fold at strong store-level cash-on-cash ROICs.

OTHER INITIATIONS:

• Jefferies initiated shares of Input/Output Inc (NYSE: IO) with a Buy rating and $19 target.
• Goldman Sachs initiated shares of Minerals Technologies Inc (NYSE: MTX) with a Buy rating and $80 target.
• JP Morgan initiated shares of Orexigen Therapeutics Inc (NASDAQ: OREX) with an Overweight rating and is positive on the company's obesity pipeline.