Morning Movers 12/06: (PPHM) (AMR) (FRO) (OWW) Higher; (CMED) (PLX) (XING) (MTL) Lower
Up)
Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) 46% HIGHER; reports preliminary results from a randomized Phase II trial showing a 50% improvement in overall tumor response rates (ORR) in non-small cell lung cancer patients. Patients treated with bavituximab plus carboplatin and paclitaxel currently demonstrate an ORR of 39%, versus 26% in patients treated with carboplatin and paclitaxel alone. This preliminary analysis using RECIST guidelines included all 86 front-line, Stage IV NSCLC patients randomized in this Phase II trial.
AMR Corp. (NYSE: AMR) 36.7% HIGHER; seems to be breaking above the 200-day SMA this morning on very heavy volume. Late last night, the company's three largest unions and banks representing bondholders were named to the committee of unsecured creditors. An SEC filing disclosed AMR appraised its $1 billion 7.5 percent Senior Secured Notes Offering, and came up with a value of collateral of $1,526,511,000, or over a 50 percent increase in the value of the Notes.
Frontline Ltd. (NYSE: FRO) 27.4% HIGHER; is pleased to announce that the restructuring of Frontline has been approved by the Board of the Company and will in the next few days be put forward to our creditors and counterparties for approval.
China Medical Technologies Inc. (Nasdaq: CMED) 21.6% LOWER; is seeing heavy early pressure after Glaucus Research initiated coverage on the stock with a Strong Sell and believes the equity is worth zero. Click here to see the full report.
Protalix BioTherapeutics, Inc. (AMEX: PLX) 15.8% LOWER; has received notification from the U.S. FDA that the FDA has extended the Prescription Drug User Fee Act goal date of the New Drug Application for taliglucerase alfa to May 1, 2012, a three-month extension from the previous PDUFA date of February 1, 2012.
Qiao Xing Universal Resources, Inc. (Nasdaq: XING) 13.5% LOWER; reports its wholly-owned subsidiary, Chifeng Haozhou Mining Co., Ltd., has suspended mining operations at its copper-molybdenum poly-metallic mine, located within the Balinzuo Banner administrative area of Chifeng City, Inner Mongolia, China. The decision was made following the receipt of a safety-inspection report from the inspection team based at the open-pit mining area.
Orbitz Worldwide Inc. (NYSE: OWW) 13.1% HIGHER; Benchmark upgraded from Hold to Buy, price target raised from $3 to $5. Click here to see the full report.
Mechel OAO (NYSE: MTL) 12.8% LOWER; reports that work was suspended at several facilities at two of Southern Kuzbass Coal Company's mines. Following a check conducted at Lenin Underground and New-Olzherassk mines by the Mezhdurechensk territorial branch of the Southern Siberian department of the Federal Agency for Ecological, Technological and Nuclear Monitoring, work at some of the two mines' facilities was suspended by order of the Mezhdurechensk city court. As of now, most of the monitoring agency's requirements have been met. Within Lenin Underground and New-Olzherassk mines' mining sections, the gas and dust conditions meet safety standards. Mining at all facilities of Lenin Underground and New-Olzherassk mines is planned to be resumed within a few days.
Getty Realty (NYSE: GTY) 11.2% LOWER; traders selling as the company announced its Getty Petroleum Marketing unit filed for Chapter 11 Bankruptcy late last night. The company said it may see a material impact from the filing.
Darden Restaurants, Inc. (NYSE: DRI) 10.4% LOWER; today reported that it expects diluted net earnings per share from continuing operations of approximately $0.41 for its fiscal second quarter ended November 27, 2011, versus $0.54 expected by the Street. Cuts FY12 EPS growth from 12-15% to 4-7%.
Spreadtrum Communications (Nasdaq: SPRD) 10.4% LOWER; traders may be taking profits following news of a $1.6 billion deal between Clearwire and Sprint late last week. Shares are down more than 15 percent this week.
GMX Resources (Nasdaq: GMXR) 9.6% LOWER; continuing lower following a 34 percent run-up last week. The stock is below $1.50 today.
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AMR Corp. (NYSE: AMR) 36.7% HIGHER; seems to be breaking above the 200-day SMA this morning on very heavy volume. Late last night, the company's three largest unions and banks representing bondholders were named to the committee of unsecured creditors. An SEC filing disclosed AMR appraised its $1 billion 7.5 percent Senior Secured Notes Offering, and came up with a value of collateral of $1,526,511,000, or over a 50 percent increase in the value of the Notes.
Frontline Ltd. (NYSE: FRO) 27.4% HIGHER; is pleased to announce that the restructuring of Frontline has been approved by the Board of the Company and will in the next few days be put forward to our creditors and counterparties for approval.
China Medical Technologies Inc. (Nasdaq: CMED) 21.6% LOWER; is seeing heavy early pressure after Glaucus Research initiated coverage on the stock with a Strong Sell and believes the equity is worth zero. Click here to see the full report.
Protalix BioTherapeutics, Inc. (AMEX: PLX) 15.8% LOWER; has received notification from the U.S. FDA that the FDA has extended the Prescription Drug User Fee Act goal date of the New Drug Application for taliglucerase alfa to May 1, 2012, a three-month extension from the previous PDUFA date of February 1, 2012.
Qiao Xing Universal Resources, Inc. (Nasdaq: XING) 13.5% LOWER; reports its wholly-owned subsidiary, Chifeng Haozhou Mining Co., Ltd., has suspended mining operations at its copper-molybdenum poly-metallic mine, located within the Balinzuo Banner administrative area of Chifeng City, Inner Mongolia, China. The decision was made following the receipt of a safety-inspection report from the inspection team based at the open-pit mining area.
Orbitz Worldwide Inc. (NYSE: OWW) 13.1% HIGHER; Benchmark upgraded from Hold to Buy, price target raised from $3 to $5. Click here to see the full report.
Mechel OAO (NYSE: MTL) 12.8% LOWER; reports that work was suspended at several facilities at two of Southern Kuzbass Coal Company's mines. Following a check conducted at Lenin Underground and New-Olzherassk mines by the Mezhdurechensk territorial branch of the Southern Siberian department of the Federal Agency for Ecological, Technological and Nuclear Monitoring, work at some of the two mines' facilities was suspended by order of the Mezhdurechensk city court. As of now, most of the monitoring agency's requirements have been met. Within Lenin Underground and New-Olzherassk mines' mining sections, the gas and dust conditions meet safety standards. Mining at all facilities of Lenin Underground and New-Olzherassk mines is planned to be resumed within a few days.
Getty Realty (NYSE: GTY) 11.2% LOWER; traders selling as the company announced its Getty Petroleum Marketing unit filed for Chapter 11 Bankruptcy late last night. The company said it may see a material impact from the filing.
Darden Restaurants, Inc. (NYSE: DRI) 10.4% LOWER; today reported that it expects diluted net earnings per share from continuing operations of approximately $0.41 for its fiscal second quarter ended November 27, 2011, versus $0.54 expected by the Street. Cuts FY12 EPS growth from 12-15% to 4-7%.
Spreadtrum Communications (Nasdaq: SPRD) 10.4% LOWER; traders may be taking profits following news of a $1.6 billion deal between Clearwire and Sprint late last week. Shares are down more than 15 percent this week.
GMX Resources (Nasdaq: GMXR) 9.6% LOWER; continuing lower following a 34 percent run-up last week. The stock is below $1.50 today.
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