Morning Movers 12/28: (ZGNX) (EMKR) (ACAT) Higher; (MCP) (FRO) Lower

December 28, 2011 11:12 AM EST Send to a Friend
Zogenix (Nasdaq: ZGNX) 23.6% HIGHER; continuing to break out after testing support at $1.50 and rebounding over levels at $1.75 and $2. Stock is now up more than 70 percent since a low on December 20th.

Emcore Corp (NASDAQ: EMKR) 20.8% HIGHER; reported Q4 EPS of ($0.15), $0.12 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $52.1 million versus the consensus estimate of $53.04 million. Sees first-quarter 2012 revs of $36 to $38 million, down from Q4 revs of $54.08 million, which it attributes primarily "to the [Thai] flood impact to its Fiber Optics business." The Street is looking for revs of $52.35 million. The stock initially traded lower on the results.

Arctic Cat Inc. (Nasdaq: ACAT) 20.4% HIGHER; has purchased all of Suzuki Motor Corporation’s approximately 6.1 million shares of Arctic Cat Class B common stock for a purchase price of $79.3 million. The stock buyback reduces Arctic Cat’s outstanding shares from 18.4 million to 12.3 million, increasing non-Suzuki shareholders’ ownership of outstanding common shares by approximately 33 percent, and leaves Arctic Cat’s public share float unchanged. Arctic Cat funded this purchase with existing cash on its balance sheet. The company expects to end its 2012 fiscal year with more than $60 million in cash and no debt, after deducting cash used for the share purchase from Suzuki.

SemiLEDs (Nasdaq: LEDS) 18.6% HIGHER; volume is very heavy despite the thin trading across the broader equity market. Technicians may be jumping in following a break above the 200-day SMA and resistance around $3.50.

Molycorp (NYSE: MCP) 11.7% LOWER; one of just six or so analysts who cover Molycorp reduced his price target on the stock from $57 to $39 earlier. The analyst cited concerns with rare earth prices.

Endeavour International (NYSE: END) 11% HIGHER; following a 24 percent surge yesterday amid some acquisition news, shares continuing higher today following an analyst upgrade. Rodman & Renshaw upgraded the stock from Market Perform to Market Outperform with a price target of $12.50.

Doral Financial (NYSE: DRL) 9.2% LOWER; profit taking following a 50-plus percent surge since December 16th when the company received a continued listing standard notice from the NYSE.

Frontline (NYSE: FRO) 7.9% LOWER; some profit taking following a 30 percent rise over the last two weeks amid some updates on its restructuring.


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