Morning Movers 10/16: JOEZ, TRGT, KNDI, BCON, HUSA Higher; CRYP, MTG, NAVI, RDN, PMI, VMI Lower

October 16, 2009 10:18 AM EDT

Joe's Jeans Inc. (NASDAQ: JOEZ) 46.3% HIGHER; reports Q3 EPS of $0.03, compared to $0.03 in the same quarter last year. Revenue for the quarter was $21.2 million, versus $18.2 million in Q308. Operating income increased 22% to $2.8 million. Net income was $1.9 million versus $1.8 million the same time last year. Q3 EPS $0.03 was the same as Q3 2008.

CryptoLogic Limited (NASDAQ: CRYP) 20% LOWER; sees Q3 sales of about $9.6 million on a trading loss of $3.4 million.

Targacept, Inc. (NASDAQ: TRGT) 19.6% HIGHER; is indicated to open higher today after announcing data from its recently completed Phase 2b clinical trial of TC-5214 as an augmentation (add-on) treatment in subjects with major depressive disorder, or MDD, who did not respond adequately to first-line treatment with the representative SSRI citalopram hydrobromide. In the trial, the add-on TC-5214 arm (TC-5214 + citalopram) outperformed the add-on placebo arm (placebo + citalopram) on the primary outcome measure, the Hamilton Rating Scale for Depression-17, or HAM-D, and all of the secondary outcome measures, with high statistical significance. Click here for the full report. The stock was also upgraded to Buy at Needham.

MGIC Investment Corp. (NYSE: MTG) 17.2% LOWER; reports Q3 loss of $4.44, versus the analysts estimate of ($1.62). Revenue for the quarter was $413.3 million, which compares to the estimate of $437.03 million. Revenues for the quarter were down from $461.6 or the same period in 2008.

Kandi Technologies, Corp. (NASDAQ: KNDI) 15.6% HIGHER; announced today it has received a letter from the US Department of The Treasury notifying the Company that its low speed electric vehicle, the Kandi "COCO" convertible, has met the requirements of the Qualified Plug-in Electric Vehicle Credit as a Qualified Plug-in Electric Vehicle. Consequently, qualifying purchasers of this vehicle will receive a tax credit in the amount of $4,435.

Beacon Power (Nasdaq: BCON) 15.1% HIGHER; announced that the New York State Public Service Commission has granted the Company a Certificate of Public Convenience and Necessity for its proposed 20 MW flywheel frequency regulation plant in Stephentown, New York, and approved the project's overall financing.

Houston American Energy Corp (Nasdaq: HUSA) 14.4% HIGHER; today announced that it has finalized a Farmout Agreement and Joint Operating Agreement with SK Energy Co. LTD. for the right to earn an undivided twenty five percent (25.0%) of the rights to the CPO 4 Contract for Exploration and Production which covers the CPO 4 Block located in the Western Llanos Basin in the Republic of Colombia. The CPO 4 Contract was entered into between the National Hydrocarbon Agency in Colombia and SK on December 18, 2008. SK is a leading Korean multinational conglomerate with oil production, development and exploration projects as well as integrated gas development projects around the world.

Navisite (NASDAQ: NAVI) 14.2% LOWER; reports Q4 adj-loss of $0.08, inline with the analyst estimate of ($0.08). Revenue for the quarter was $36.9 million, which compares to the estimate of $42.03 million.

AudioCodes (Nasdaq: AUDC) 13.6% HIGHER; BofA Merrill Lynch upgrades two-notches from Underperform to Buy. The firm raised its price target from $1.75 to $3.50.

Radian (NYSE: RDN) 11.3% LOWER; the entire insurance group is trading down on concerning earnings from MGIC.

PMI Group (NYSE: PMI) 11.1% LOWER; see Radian.

Valmont (NYSE: VMI) 10.7% LOWER; reports Q3 EPS of $1.53, versus the analyst estimate of $1.07. Revenue for the quarter was $434 million, which compares to the estimate of $436.41 million. Sees Q4 sales lower, earnings similar to Q3 last year.

Nanosphere, Inc. (Nasdaq: NSPH) 9.7% LOWER; today announced the pricing of its previously announced underwritten public offering of 4,700,000 shares of its common stock at a public offering price of $7.00 per share. In connection with the offering, the Company has also granted the underwriter a 30-day option to purchase up to an additional 705,000 shares of common stock to cover over-allotments, if any.

Shaw Group (NYSE: SHAW) 9.2% LOWER; Robert W. Baird downgrades the stock from Outperform to Neutral with a $32 price target.

Brooks Automation, Inc. (Nasdaq: BRKS) 9% HIGHER; expects to report revenues for the fourth quarter ended September 30, 2009 of approximately $64 million, a sequential quarterly increase of about 45%. This is above the consensus of $56 million. At the time of the Company's third quarter earnings release in early August, Brooks said it expected sequential revenue growth of at least 25% in the September quarter.

Universal Forest Products, Inc. (NASDAQ: UFPI) 8.5% LOWER; reports Q3 EPS of $0.51, compared to a loss of ($0.10). in the same quarter last year. Revenue for the quarter was $10.1 million, versus a loss of ($2) million in Q308.

Tempur Pedic International (NYSE: TPX) 8% HIGHER; reports Q3 EPS of $0.34, 8 cents better than the analyst estimate of $0.26. Revenue for the quarter was $224.1 million, which compares to the estimate of $195.92 million. Raises its FY09 EPS guidance from $0.70-$0.90 to $1.00-$1.05, which compares to the Street estimate of $0.87. Sales move from $770-$790 million to $790-$805 million, versus the consensus of $738.43 million.

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