Unusual 11 Mid-Day Movers 7/14: XING, CRME, STEI, CSGS Higher; NRGN, WM, NCC, FHN Lower

July 14, 2008 12:35 PM EDT

StreetInsider.com Unusual 11 Mid-Day Movers:

Neurogen Corporation (Nasdaq: NRGN) 42.2% LOWER; today announced that, as planned, it commenced a Phase 2/3 clinical trial in chronic insomnia patients with the Company's insomnia agent, adipiplon and that, based upon reports from initial dosing of a higher than anticipated rate of unwanted next day effects, the Company has suspended dosing in the study. Neurogen believes that the bilayer tablet formulation of adipiplon being used in the study may not be performing as expected.

Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) 28.9% HIGHER; reports strong FY07 results: sales of $531.1 million, up 20.3% from last year. EPS for the year were $3.42.

Washington Mutual (NYSE: WM) 28.3% LOWER; the financial sector is the worst performing area of the market today. The company is out with a statement intraday saying it sees business as usual and that no unusual depositor activity has occured.

Cardiome Pharma Corp. (NASDAQ: CRME) 27.7% HIGHER; announced positive clinical results from its 90-day Phase 2b study of vernakalant (oral). Cardiome Pharma said the final analysis demonstrated statistically significant efficacy for the patient group receiving 500mg b.i.d. of vernakalant (oral) as compared to placebo. The safety data from the final analysis also shows that vernakalant (oral) was well-tolerated in the atrial fibrillation population studied.

National City (NYSE: NCC) 27.4% LOWER; shares moved to a new 52-week low today amid news that IndyMac (NYSE: IMB) was shut-down because of a bank run and will be taken-over by the FDIC. The stock was recently halted and management released a statement saying it is seeing no unusual depositor or creditor activity. The announcement has failed to settled investor concerns and the tax has actually moved lower since the management comments.

First Horizon National (NYSE: FHN) 22% LOWER; the entire regional banks industry is taking a nose dive today amid concerns at Washington Mutual and National City, to name just a few.

Stewart Enterprises, Inc. (NASDAQ: STEI) 19.2% HIGHER; Service Corp. International (NYSE: SCI) disclosed a $9.50 per share offer for the company this morning, which Stewart Enterprises rejected. Service Corp said they could raise their offer for Stewart Enterprises to $10.25-$11.25 if granted access to certain non-public information.

ATMI, Inc. (Nasdaq: ATMI) 15.9% LOWER; announced second quarter revenues will be approximately $89 million with diluted earnings per share of approximately $0.30. The consensus is $98.9 million and the consensus of $0.33. The Company now anticipates full year revenues between $375 and $400 million, and diluted earnings per share of $1.25 to $1.40, compared to its prior guidance of revenues between $400-$420 million and diluted EPS between $1.32-$1.48. The consensus is $405.1 million and $1.42.

CSG Systems International, Inc. (Nasdaq: CSGS) 14.5% HIGHER; today announced that it has entered into a restated and amended multi-year Master Subscriber Management System Agreement with Comcast (Nasdaq: CMCSA) that extends CSG's current contractual relationship with Comcast's products and services through December 31, 2012, which constitutes a four-year extension to CSG's current contract with Comcast.

Canadian Solar Inc. (Nasdaq: CSIQ) 13.7% HIGHER; said preliminary net revenues for the second quarter 2008 are expected to range from $210 to $214 million, compared to the forecasted range of $185 to $190 million. The Wall Street consensus is $186.6 million.

ThermoGenesis Corp. (Nasdaq: KOOL) 13.7% HIGHER; today announced that it has received authorization from the FDA to begin marketing its MarrowXpress device for use in a clinical laboratory setting or intraoperatively for preparation of a cell concentrate from bone marrow.

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