Unusual 11 Mid-Day Movers 8/11: AVNR, RWC, ALC, BEXP Higher; AHR, JAV, SSP, CIT Lower

August 11, 2009 12:22 PM EDT

AVANIR Pharmaceuticals, Inc. (NASDAQ: AVNR) 51.2% HIGHER; announced that the investigational drug Zenvia met its primary efficacy endpoint in the treatment of pseudobulbar affect in the confirmatory Phase III STAR trial. Click here for the full report.

RELM Wireless Corporation (NYSE: RWC) 33% HIGHER; announced that it has been awarded an order totaling $1.8 million from the U.S. Department of Defense. This order is for the Company's new digital P25 KNG products and accessories. It is anticipated that the order will be largely fulfilled during the third quarter of 2009.

Anthracite Capital, Inc. (NYSE: AHR) 30.4% LOWER; reports Q2 EPS of $0.07, versus the analyst estimate of $0.04, or a loss of $1.39 on an unadjusted basis.

Javelin Pharmaceuticals, Inc. (NYSE: JAV) 26% LOWER; described its initial review of top line results from a Phase III study of Ereska(TM) (intranasal ketamine 30mg). This randomized, multicenter, double-blind, 1:1 placebo-controlled study assessed the safety and analgesic efficacy of repeated doses of Ereska over 6 hours in 259 patients with acute moderate-to-severe pain following orthopedic surgery.

E.W. Scripps (NYSE: SSP) 25.8% LOWER; shares are giving back all the gains from yesterday's 40% surge on the back of Q2 earnings.

CIT Group (NYSE: CIT) 21% LOWER; filed to delay their 10-Q, but said bondholders do not intend to for the Company to seek relief under the U.S. Bankruptcy Code. Click here for the full report.

Flotek Industries, Inc. (NYSE: FTK) 19.6% LOWER; reports Q2 loss of $1.01, which does not compare to the analyst estimate of ($0.08). Revenue for the quarter was $23.5 million, versus the consensus of $37.17 million. The company also announced that it has entered into definitive purchase agreements with accredited investors with respect to the private placement of convertible preferred stock and warrants to purchase shares of common stock, for gross proceeds of approximately $16 million. In addition, Flotek announced that it has entered into an amendment to its bank credit facility to waive covenant violations and relax future financial covenant requirements. More from the release. Finally, Flotek also announced that Jerry Dumas, Chairman, President and CEO, has announced his plans to retire from Flotek in 2010

Assisted Living Concepts (NYSE: ALC) 18.5% HIGHER; reports Q2 EPS of $0.33, 5 cents better than the analyst estimate of $0.28. Revenue for the quarter was $57.4 million, versus the consensus of $58.64 million.

Brigham Exploration Company (NASDAQ: BEXP) 15.8% HIGHER; announced yesterday that the Anderson 28-33 #1H produced approximately 2,154 barrels of oil equivalent per day from the Bakken formation during its early 24 hour flow back period. Brigham's Anderson 28-33 #1H well, to our knowledge, is the first successful 24 stage fracture stimulation completion in the Williston Basin. The stock was also upgraded at Thomas Weisel and Tudor Pickering.

EchoStar (Nasdaq: SATS) 14% HIGHER; yesterday reported quarterly EPS of $1.18, which compares to $0.53 in the same quarter last year, on sales of $383 million, down 20.7% from the $482 million reported in Q208. The stock jumped about 8% yesterday and is continuing higher today on the back of a Citi upgrade and addition to the firm's Top Pick's Live list.

ShengdaTech (Nasdaq: SDTH) 12.8% HIGHER; reports Q2 EPS of $0.12, 5 cents better than the analyst estimate of $0.07. Revenue for the quarter was $26.3 million, versus the consensus of $22.29 million.

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• Citi
• Thomas Weisel Partners Group
• Bakken Formation
• Unusual 11 Mid-Day Movers
• Bankruptcy

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