Morning Movers 10/08: RPC, NCT, TLF, LIZ, DDSS Higher; CTZN, RPRX, STC, TLR, VG, SVNT Lower

October 8, 2009 10:26 AM EDT

Citizens First Bancorp, Inc. (Nasdaq: CTZN) 21% LOWER; an Audit Committee for the company's Board determined that there was a material impairment of Citizens First Bancorp, Inc.’s loans and collateralized loan obligations that was not reported in the Company’s June 30, 2009 Form 10-Q.

Repros Therapeutics (Nasdaq: RPRX) 20.4% LOWER; today announced that Repros has entered into a definitive agreement with institutional investors to sell 3.5 million shares of its common stock at $1.27 per share for gross proceeds of approximately $4.4 million. The offering is expected to close on or about October 9, 2009, subject to the satisfaction of customary closing conditions.

Radient Pharmaceuticals Corporation (Amex: RPC) 16.7% HIGHER; announced today it has entered into an exclusive 5-year marketing and distribution agreement with Grifols USA, LLC. Under the terms of the agreement, Grifols USA, LLC will market and sell ADI's DR-70 Onko-Sure cancer test for the monitoring of colorectal cancer to hospitals, clinical labs, clinics, and other healthcare organizations throughout the US. Click here for the full report.

Stewart Information Services (NYSE: STC) 16% LOWER; announced its intention to offer $60 million aggregate principal amount of Convertible Senior Notes due 2014 in a private placement to qualified institutional buyers.

Newcastle Investment (NYSE: NCT) 15% HIGHER; not hearing any company-specific news that would justify today's sharp move higher.

Timberline Resources (AMEX: TLR) 15% LOWER; correcting today following a more than 80% jump on Tuesday and Wednesday.

Tandy Leather Factory, Inc. (AMEX: TLF) 14.2% HIGHER; reported today that sales for the month of September were $4.4 million. This represents an 8% rise from September 2008 sales of $4.0 million.

Liz Claiborne Inc. (NYSE: LIZ) 14% HIGHER; announced steps to significantly alter its earnings trajectory. Claiborne has entered into a long-term licensing agreement with J. C. Penney Company, Inc. (NYSE: JCP), under which JCPenney will become the exclusive department store destination for all Liz Claiborne and Claiborne branded merchandise in the United States and Puerto Rico. Liz Claiborne will also move the distribution of the New York brand designed by Isaac Mizrahi to QVC.

Vonage (NYSE: VG) 11.4% LOWER; correcting today following a 39% jump yesterday on news that AT&T will allow VoIP applications on the iPhone.

Labopharm Inc. (Nasdaq: DDSS) 11.2% HIGHER; today announced that its wholly owned subsidiary, Labopharm Europe Limited, has completed a distribution and supply agreement with Grunenthal GmbH for its twice-daily tramadol acetaminophen formulation. The distribution and supply agreement is for the exclusive right to market and sell Labopharm's twice-daily tramadol-acetaminophen formulation in a number of European countries. Labopharm will receive 3.5 million Euros ($2.38 million) on signature and up to 4 million Euros ($2.72 million) in milestone payments upon achievement of certain regulatory and product reimbursement approvals prior to the launch of the product.

Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) 9.8% LOWER; announced today its intention to commence, subject to market and other conditions, an underwritten public offering of 4,000,000 shares of its common stock pursuant to an effective shelf registration statement on Form S-3. Savient also intends to grant the underwriters a 30-day option to purchase up to an aggregate of 600,000 additional shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by Savient. J.P. Morgan Securities Inc. is acting as sole book-running manager of the proposed offering. Wedbush PacGrow Life Sciences is also acting as a lead manager of the proposed offering.

Hot Topic, Inc. (Nasdaq: HOTT) 9.6% HIGHER; reports total sales for the month of September were $59.3 million, down 2.5% from the same period last year. Same store sales fell 4%. FBR Capital raised its price target on the stock from $8 to $9. Click here for more color.

GenCorp Inc. (NYSE: GY) 9% HIGHER; reports Q3 EPS of $0.20, versus a loss of $0.05 last year. Sales totaled $201.4 million compared to $172.5 million for the third quarter of 2008.

California Pizza Kitchen Inc. (Nasdaq: CPKI) 9% HIGHER; sees Q3 EPS of $0.22-$0.24, verus prior guidance of $0.19-$0.21 and the consensus of $0.21. Full service comparable restaurant sales decreased approximately 8.0% compared to a 2.4% decrease in the third quarter last year. Revenues decreased 5.3% to $164.8 million for the third quarter ended, versus the consensus of $167.4 million. KeyBanc upgraded the stock to Buy.

Triad Guaranty Inc. (Nasdaq: TGIC) 8.9% HIGHER; today announced that it has reached a definitive agreement to sell its information technology and operating platform to Essent Guaranty, Inc. Under the terms of the asset purchase agreement, Essent will acquire all of Triad's proprietary mortgage insurance software and substantially all of the supporting hardware, as well as certain other assets, in exchange for up to $30 million in cash and the assumption by Essent of certain software contractual obligations. $15 million was paid up front, with the remaining $15 million contingent on Essent writing a certain amount of insurance business in the ensuing years.

Finisar Corporation (NASDAQ: FNSRD) 8.4% LOWER; today announced its intention to offer $75 million aggregate principal amount of convertible senior notes due 2029, subject to market conditions and other factors. The notes are to be offered and sold to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended. Finisar also expects to grant the initial purchaser of the notes an option to purchase up to an additional $11.25 million aggregate principal amount of the notes solely to cover over-allotments.

UCBH Holdings (Nasdaq: UCBH) 8% HIGHER; continuing higher today following news of a possible investment by China Minsheng rumored on Tuesday. The stock is up more than 100% this week.

RINO International Corporation (Nasdaq: RINO) 8.3% LOWER; file to offer up to $150 million in various securities on form S-3 with the SEC. The company said it may offer Common Stock, Preferred Stock, Depository Shares, Warrants, and Debt Securities.

To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• JPMorgan
• KeyBanc
• StreetInsider.com Morning Movers
• S3

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?