Unusual 11 Mid-Day Movers 9/3: IPII, UTSI, OXM, CRIS Higher; AMED, OSIR, INWK, HOV Lower

September 3, 2009 12:46 PM EDT

Imperial Industries, Inc. (Nasdaq: IPII) 80.9% HIGHER; announced last night that the Company and the assignee for the benefit of creditors of its subsidiary, Just-Rite Supply, Inc., had entered into a Second Amendment to its Forbearance Agreement with its commercial lender to extend the terms of the credit facility from August 31, 2009 to September 30, 2009. The Amendment provides for the lender's continued funding under the credit facility.

UTStarcom (Nasdaq: UTSI) 48.4% HIGHER; not hearing any company-specific news today but volume is very heavy: the stock has already traded more than 4.9 million times, which compares to its average daily volume of just 622,000 shares.

Amedisys (Nasdaq: AMED) 24.4% LOWER; announced that its President and COO, Larry Graham, and its CIO, Alice Ann Schwartz, will be resigning. The company also announced the acquisition of a hospice business with nine locations in South Carolina and one location in Mississippi. Click here for the full report. The stock was also downgraded at Raymond James.

Oxford Industries (NYSE: OXM) 21.3% HIGHER; reports Q2 EPS of $0.30 adjusted, 23 cents better than the analyst estimate of $0.07. Revenue for the quarter was $192.9 million, versus the consensus of $189.91 million. Sees FY09 revs $765M to $780M. Sees FY09 EPS 90c to $1.05. The stock was upgraded to Buy at KeyBanc.

Curis, Inc. (NASDAQ: CRIS) 18.6% HIGHER; announced that two publications describing clinical data generated with GDC-0449 were published in the current edition of The New England Journal of Medicine (NEJM). The first publication, entitled "Inhibition of the Hedgehog Pathway in Advanced Basal-Cell Carcinoma," provides an overview of the Phase I data for the 33 basal cell carcinoma (BCC) patients treated in this study. The second paper is a case study entitled "Treatment of Medulloblastoma with Hedgehog Pathway Inhibitor GDC-0449," which provides an overview of the treatment of a single adult medulloblastoma patient with GDC-0449.

Helicos BioSciences Corporation (NASDAQ: HLCS) 18% HIGHER; announced today its operating highlights for the quarter ended June 30, 2009 and other recent developments following the filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2009. Click here for the full report.

Osiris Therapeutics (Nasdaq: OSIR) 17.4% LOWER; not hearing anything today, but volume is certainly heavier-than-normal.

Zumiez Inc. (NASDAQ: ZUMZ) 17.3% HIGHER; August comparable store sales decreased 12.1% for the four-week period, versus a comparable store sales increase of 0.2% in the year ago period. Zumiez announced that total net sales for the four-week period ended August 29, 2009 decreased 2.9% to $51.7 million, compared to $53.2 million for the four-week period ended August 30, 2008. The stock was upgraded at William Blair and MKM Partners.

InnerWorkings, Inc. (Nasdaq: INWK) 16.7% LOWER; lowers its FY09 sales guidance from $450-$475 million to $400-$425 million, versus the consensus of $443.22 million. EPS for the year move from $0.35-$0.39 to $0.14-$0.20, which compares to the Street estimate of $0.28.

Hovnanian Enterprises, Inc. (NYSE: HOV) 13.6% LOWER; reports Q3 loss of $2.16, versus the analyst estimate of ($1.52). Revenue for the quarter was $387.1 million, versus the consensus of $392.18 million. Q3 delivery of 1,322 homes. Credit Suisse also downgraded the stock to Underperform.

Vonage (NYSE: VG) 12.3% LOWER; correcting following yesterday's 20% jump on news that Apple has accepted its application for an iPhone app.

To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.

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