Unusual 11 Mid-Day Movers 5/28: FREE, ANPI, OCLS, EXEL Higher; JMBA, NZ, REV, PNSN Lower

May 28, 2009 12:35 PM EDT

FreeSeas Inc. (Nasdaq: FREE) 31.1% HIGHER; reports Q1 EPS of $0.29, 4 cents better than the analyst estimate of $0.25 and compared to $0.01 in the same quarter last year. Revenue for the quarter was $17.6 million, versus the consensus of $17.93 million.

Angiotech Pharmaceuticals Inc. (Nasdaq: ANPI) 27.3% HIGHER; is seeing continued upside momentum this morning following yesterday's 45% run-up after FDA approval for a new TAXUS stent.

Oculus Innovative Sciences, Inc. (Nasdaq: OCLS) 21.7% HIGHER; continuing higher today following yesterday's 240% jump on news that the company has received 510(k) clearance from the FDA to market its Microcyn Skin and Wound Gel as both a prescription and over-the-counter formulation.

Exelixis, Inc. (Nasdaq: EXEL) 21.5% HIGHER; Sanofi-aventis (NYSE: SNY) and Exelixis announced a global license agreement for XL147 and XL765 and a broad collaboration for the discovery of inhibitors of phosphoinositide-3 kinase for the treatment of cancer. Click here for the full report.

Longtop Financial Technologies (NYSE: LFT) 15.7% HIGHER; reports Q4 EPS of $0.21, 3 cents better than the analyst estimate of $0.18. Revenue for the quarter was $25.9 million, versus the consensus of $23.98 million. Sees Q1 sales of about $27 million, with adj-EPS of $0.20. For FY10, sees sales of about $142 million with adj-EPS of $1.20.

Jamba, Inc. (NASDAQ: JMBA) 15.5% LOWER; announced the launch of a refranchising initiative that is expected to involve up to 150 Jamba Juice store locations primarily outside of California. The Company expects many of the refranchising transactions to also include a development agreement. Click here to see the full report.

Netezza (NYSE: NZ) 14.2% LOWER; reports Q1 EPS of $0.03, ex-items, 1 cent better than the analyst estimate of $0.02 and compared to a $0.06 profit in the same quarter last year. Revenue for the quarter was $45.4 million, versus the consensus of $46.75 million. Also downgraded to Hold at Roth.

Revlon, Inc. (NYSE: REV) 14.1% LOWER; today announced a worldwide organizational restructuring, rightsizing the organization to reflect the more efficient workflows and processes that the Company has implemented over the last two years. Includes the elimination of 400 positions. The CEO said Q209 sales, EPS will be significantly below Q208 levels. Click here for the full report.

Penson Worldwide, Inc. (NASDAQ: PNSN) 13.7% LOWER; last night announced that it is planning to offer $50 million aggregate principal amount of convertible senior notes due 2014, subject to market and other customary conditions. Penson may sell up to an additional aggregate $10 million of notes upon exercise of an over-allotment option that Penson expects to grant to the initial purchasers in connection with the offering. Upon conversion, holders will receive, at the election of Penson, cash, common stock or a combination of cash and common stock.

Terex Corporation (NYSE: TEX) 13.5% LOWER; is seeking approximately $600 million in new financing. The company intends to offer, subject to market and other conditions, $300 million in senior notes, $150 million in senior subordinated convertible notes and 11 million shares of Terex common stock. Terex intends to use the net proceeds from the offering to pay down certain outstanding amounts under its senior credit facility and for general corporate purposes.

CarMax (NYSE: KMX) 10% HIGHER; Deutsche Bank upgrades the stock from Hold to Buy. Here is more color on the upgrade.

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

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