Wednesday was a downbeat day on Wall Street, as investors continued to waver in their confidence about the likely direction of trade negotiations between the U.S. and China. After feeling more optimistic earlier in the week, market participants focused on some of the potential problems if trade talks go bad, along with some earnings-related concerns. However, some stocks managed to climb, with merger and acquisition activity coming to the forefront for several companies. Achillion Pharmaceuticals (NASDAQ:ACHN), Tech Data (NASDAQ:TECD), and First Majestic Silver (NYSE:AG) were among the top performers. Here's why they did so well.

Achillion gets an offer it can't refuse

Shares of Achillion Pharmaceuticals skyrocketed 72% after the clinical-stage biotech got a buyout bid from Alexion Pharmaceuticals (NASDAQ:ALXN). Under the terms of the deal, Achillion shareholders will receive $6.30 per share in cash for their stock, but they'll also get contingent value rights that could be worth up to an additional $2 per share. In order to get the maximum payout, Achillion would have to have its lead drug candidate, danicopan, receive approval from the U.S. Food and Drug Administration, and its ACH-5228 treatment would have to make it to phase 3 trials. Achillion CEO Joe Truitt was pleased with getting Alexion on its side, and the combined company will have a rich pipeline of prospective new treatments down the road.

Achillion logo of gladiator throwing a spear.

Image source: Achillion Pharmaceuticals.

Will Tech Data get an offer?

Tech Data saw its stock climb 12% on reports that the information technology specialist might receive a buyout bid. Apollo Global Management (NYSE:APO) is reportedly looking at buying Tech Data for about $5 billion, with some putting a potential price tag of roughly $130 per share. There's been a big push toward consolidation in the tech sector lately, and Tech Data has been working hard to expand its reach globally for a long time. Shareholders apparently believe there's some validity to the reports, as Tech Data's stock price is within spitting distance of $130 after today's gains.

First Majestic digs a lot of silver

Finally, shares of First Majestic Silver climbed 8%. The Vancouver-based silver miner released favorable production figures for the third quarter, including 3.4 million ounces of silver and almost 35,800 ounces of gold. First Majestic also produced a considerable amount of byproduct base metals, including 1.9 million pounds of lead and 1 million pounds of zinc. Gold and silver stocks have seen a lot of volatility lately, as many investors have turned to precious metals as a safe haven when the broader stock market goes through turbulence. For First Majestic, though, solid production can be a sign of success regardless of what happens with gold and silver prices.

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