Unusual 11 Mid-Day Movers 6/17: SVNT, MIPI, MEA, ALVR Higher; STSI, AHT, ARM, AXL Lower

June 17, 2009 12:19 PM EDT

Star Scientific, Inc. (Nasdaq: STSI) 76.4% LOWER; R.J. Reynolds Tobacco Company (NYSE: RAI) today announced a jury verdict in favor of the company in a patent infringement lawsuit brought by Star Scientific in the U.S. District Court for Maryland - Northern Division. Click here for the full report.

Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) 32.4% HIGHER; announced that the Arthritis Advisory Committee appointed by the FDA recommended by a vote of 14 to 1 that KRYSTEXXA, a biologic PEGylated uricase enzyme, be granted marketing approval by the FDA for the treatment of refractory chronic gout. Click here for the full report. Also affecting the stock this morning, Oppenheimer and Cowen upgraded the stock to Perform and Outperform, respectively.

Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI) 24.4% HIGHER; today presented clinical data on a radiolabeled, small-molecule molecular imaging pharmaceutical in development for diagnosis and staging of prostate cancer at the 2009 annual meeting of the Society of Nuclear Medicine in Toronto. Trofex(TM), which targets prostate specific membrane antigen, a protein highly expressed by prostate tumor cells, has the potential to both detect and, when labeled with a therapeutic isotope, to treat metastatic prostate cancer. This was one of four conference presentations on products and technologies under development at Molecular Insight. Click here for the full report.

Ashford Hospitality Trust (NYSE: AHT) 22.5% LOWER; continuing lower today following news earlier this week that the US hotel chain, Extended Stay Hotels, has filed for Chapter 11 bankruptcy. Ashford owns a $164 million note in a tranche Extended Stay's mezzanine debt.

Metalico (AMEX: MEA) 17.6% HIGHER; spiking today on extremely heavy volume but no news.

ArvinMeritor (NYSE: ARM) 15.7% LOWER; the majority of the auto supplier sector is down today as we are hearing that the Obama administration has declined to provide an additional $8-$10 billion in aid that different trade groups were hoping for. The CEO of Dura said this will undoubtedly lead to further failures.

American Axle (NYSE: AXL) 15.1% LOWER; see ArvinMeritor.

E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) 14.6% LOWER; announced the launch of a registered public offering of $400 million of its common stock. The Company also announced that, upon pricing of the Common Stock Offering, it will launch significant debt exchange transactions for certain of its outstanding notes. Click here for the full report.

Alvarion Ltd. (NASDAQ: ALVR) 12.7% HIGHER; announced it was selected by U.S. broadband wireless operator, Open Range Communications Inc., for the nation's largest Rural Utilities Service funded deployment spanning 17 states, 546 rural communities, and reaching up to 6 million people.

STAAR Surgical Company (Nasdaq: STAA) 9% HIGHER; announced the completion of a registered direct offering of 4,255,319 shares of its common stock, at a price of $1.88 per share, raising approximately $8 million. The company also announced the approval of the KS-Ni Preloaded Silicone Intraocular Lens (IOL) injector system by Japanese regulatory authorities.

Netflix, Inc. (Nasdaq: NFLX) 7.5% HIGHER; Wedbush Morgan upgrades Netflix, Inc. from Hold to Buy with a $48 price target, citing compelling valuation. Click here for more color on the upgrade.

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