Morning Movers 11/18: ABK, CHS, LDK, RDN Higher; ONCY, NANO, EXEL, ADSK, CNQR Lower
Ambac Financial (NYSE: ABK) 37% HIGHER; shares are ripping higher today following an 8-K from this morning in which the company disclosed that it will receive about $440 million in tax refunds in Q4. Click here for the full report.
Oncolytics Biotech Inc. (NASDAQ: ONCY) 17.8% LOWER; announced today that it has entered into an underwriting agreement for an offering of 4,250,000 units, each comprised of one common share and 0.4 of a common share purchase warrant, at a price of $3.00 per unit to raise gross proceeds of $12,750,000. Each whole common share purchase warrant entitles the holder to acquire one common share of Oncolytics upon payment of $3.50, exercisable for a five year period commencing on the closing date of the offering, subject to an acceleration of the expiry date in certain circumstances.
Chico's FAS, Inc. (NYSE: CHS) 13.3% HIGHER; reports Q3 EPS of $0.13, 6 cents better than the analyst estimate of $0.07. Revenue for the quarter was $446.9 million, which compares to the estimate of $414.70 million.
LDK Solar Co., Ltd. (NYSE: LDK) 12.5% HIGHER; has entered into an agreement to sell a 15% ownership stake in its 15,000 metric ton (MT) annualized capacity polysilicon plant in Xinyu City, China. Jiangxi International Trust and Investment Co., Ltd. has agreed to purchase this interest for approximately RMB1.5 billion (equivalent to approximately US$219 million).
Nanometrics, Inc. (NASDAQ: NANO) 12.5% LOWER; filed with the SEC a registration to sell at various times in one or more offerings of up to 6,200,000 shares of our common stock. Of these shares, 1,200,000 are being offered by the selling stockholder named in this prospectus and 5,000,000 are being offered by Nanometrics.
Exelixis, Inc. (Nasdaq: EXEL) 11.3% LOWER; today reported interim data from an ongoing phase 1 dose-escalation trial of XL147: Preliminary pharmacokinetic analyses indicate that the PK profiles of XL147, paclitaxel, and carboplatin administered in combination are similar to the PK profiles of each compound administered as a single agent. Robust pharmacodynamic modulation of the PI3K pathway was evident in tumor biopsies at plasma exposures consistent with those associated with PI3K inhibition in tumors in an ongoing single-agent phase 1 trial of XL147. The stock was also downgraded to Neutral at Merriman.
Radian (NYSE: RDN) 10.7% HIGHER; moving higher on the back of the Ambac news.
Autodesk, Inc. (NASDAQ: ADSK) 10.4% LOWER; reports Q3 EPS of $0.27, 4 cents better than the analyst estimate of $0.23. Revenue for the quarter was $417 million, which compares to the estimate of $415.33 million. Autodesk sees Q4 EPS of $0.19-$0.24, versus the consensus of $0.25. Sees Q4 sales of $420-$440 million, versus the consensus of $433.5 million. The stock was also downgraded to Neutral at BofA.
Concur Technologies (NASDAQ: CNQR) 9.7% LOWER; reports Q4 EPS of $0.29, ex-items, versus the analyst estimate of $0.18. Revenue for the quarter was $64.8 million, which compares to the estimate of $64.39 million. Sees Q1 non-GAAP EPS pre-tax of $0.27. The Street is currently looking for EPS of $0.19. Sees FY10 adj-EPS of $1.27, versus the consensus of $0.87.
Myriad Pharmaceuticals, Inc. (NASDAQ: MYRX) 9.4% LOWER; today announced the presentation of initial clinical data from an ongoing Phase 2a study of Azixa (MPC-6827), a microtubule destabilizing agent in stage 4 melanoma patients. Azixa is in two additional phase 2 studies in recurrent glioblastoma multiforme. Myriad Pharmaceuticals further announces that it has received orphan drug status for Azixa in GBM.
Poniard Pharma (Nasdaq: PARD) 8.7% HIGHER; continuing to correct today following Monday's 76% drop on negative data on picoplatin.
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