Unusual 11 Mid-Day Movers 5/29: JCG, STSI, PNSN, INCY Higher; CPRX, OCLS, GM, WTSLA Lower

May 29, 2009 11:48 AM EDT

Catalyst Pharmaceutical Partners, Inc. (Nasdaq: CPRX) 53.8% LOWER; announced top-line results from its U.S. Phase II clinical trial to treat cocaine addiction. The data from the trial showed that CPP-109 did not demonstrate statistical significance in the primary endpoint -- that a significantly larger proportion of CPP-109-treated subjects than placebo-treated subjects were cocaine-free during the last two weeks of the treatment period (Weeks 11 and 12). The clinical trial did not reveal any unexpected "serious" adverse events.

Oculus Innovative Sciences (Nasdaq: OCLS) 24.6% LOWER; correcting today following a 310% rise over the last 2 trading days on news that the company has received FDA 510(k) clearance to market its Microcyn Skin and Wound Gel as both a prescription and over-the-counter formulation.

J. Crew Group, Inc. (NYSE: JCG) 24.4% HIGHER; reports Q1 EPS of $0.32, versus the analyst estimate of $0.11. Revenue for the quarter was $345.8 million, versus the consensus of $322.11 million. Same store sales fell 5% during the quarter. Sees Q2 EPS of $0.08-$0.12, versus the consensus of a loss of $0.02.

GM (NYSE: GM) 20.4% LOWER; shares have fallen to a yearly low as it is expected that GM will file bankruptcy this weekend or Monday and it seems unlikely that current shareholders will be left with anything.

Wet Seal (Nasdaq: WTSLA) 17.7% LOWER; reports Q1 EPS of $0.05, 1 cent better than the analyst estimate of $0.04. Revenue for the quarter was $132 million, versus the consensus of $133.8 million. Sees Q2 EPS 2c to 5c versus consensus of 8 cents.

Star Scientific (Nasdaq: STSI) 17.4% HIGHER; shares gapped sharply higher this morning following yesterday's late-day 21% surge. We are not hearing any company specific news, however, the stock is seeing extremely heavy volume, already trading 5 million times compared to the average daily volume of 1.36 million shares. Mid-way through May, Star Scientific had about 17.7% of its float shorted, meaning that yesterday and today's upside moves could be the result of short covering.

Penson Worldwide (Nasdaq: PNSN) 15% HIGHER; shares may be correcting today following yesterday's 25% drop on news that the company plans to offer $50 million aggregate principal amount of convertible senior notes due 2014. Penson priced the offering late last night.

Jamba, Inc. (NASDAQ: JMBA) 14.2% LOWER; reports a Q1 loss of $0.19, 8 cents worse than estimates. Revenues were $88.9 million vs. $87.92 million consensus. (NOTE - only 1 analyst)

Incyte Corporation (Nasdaq: INCY) 13.3% HIGHER; announced last night that based on recent input from the U.S. FDA regarding Incyte's request for a Special Protocol Assessment for INCB18424 for patients with primary myelofibrosis, post-polycythemia vera myelofibrosis and post-essential thrombocythemia myelofibrosis, it is clear that the most appropriate single primary endpoint for Incyte's U.S. Phase III trial is the proportion of treated patients achieving a 35% reduction in spleen volume as compared to patients receiving placebo.

FiberNet Telecom Group, Inc. (Nasdaq: FTGX) 13% HIGHER; announced today that it has entered into a definitive Agreement and Plan of Merger with Zayo Group, LLC and Zayo Merger Sub, Inc. Each share of FiberNet Telecom Group, Inc. common stock issued and outstanding immediately prior to the effective time of the merger will be entitled to receive $11.45 in cash (subject to potential adjustment under the merger agreement)

New Gold (AMEX: NGD) 12.8% HIGHER; surging with the entire Gold & Silver sector today. The SPDR Gold Trust ETF (NYSE: GLD) is up 2%, the Market Vectors Gold Miners ETF (NYSE: GDX) is up 3.11% and the iShares Silver Trust ETF (NYSE: SLV) is up 3.1%.

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