Morning Movers 6/24: TTGT, CUR, CYAN, OCLS, AM Higher; PQ, SVU Lower

June 24, 2009 9:33 AM EDT

TechTarget, Inc. (NASDAQ: TTGT) 26% HIGHER; said preliminary revenues for Q1 are expected to be in the upper end of the revenue guidance previously provided by the Company. TechTarget also said preliminary adjusted EBITDA for Q1 is expected to exceed the upper end of the guidance range. For Q2, the Company expects total revenues to increase sequentially over the first quarter by approximately 20%. Furthermore, the Company expects the adjusted EBITDA margin for the second quarter to be in the range of 15%-20% of total revenues.

Neuralstem, Inc. (Amex: CUR) 17.5% HIGHER; announced today that it has entered into a sponsored research agreement with the China Medical University & Hospital of Taiwan, in Taichung, Taiwan, to prepare for a human clinical trial using Neuralstem's human spinal cord neural stem cells to treat stroke patients. The therapy will focus on patients whose post-stroke symptoms, including complete or partial paralysis, have stopped improving more than six months after an ischemic stroke. Ischemic stroke, caused by a blockage in a vessel supplying blood to the brain, is the most common type of stroke and affects more than 400,000 people in the United States yearly.

Cyanotech Corporation (Nasdaq: CYAN) 13.4% HIGHER; reports Q4 EPS of $0.04, compared to $0.03 in the same quarter last year. Revenue for the quarter was $3.42 million, versus $3.41 million in Q408.

Oculus Innovative Sciences, Inc. (NASDAQ: OCLS) 11.5% HIGHER; confirmed the effectiveness of Microcyn Technology at inactivating the H1NI Swine Influenza A. In a virucidal time-kill suspension test conducted by an independent laboratory, BioScience Laboratories, Inc., the specific Microcyn Technology formulation reduced infectivity of the swine flu virus by 4.00log10 (99.99%) reduction after just 30-seconds exposure.

PetroQuest Energy, Inc. (NYSE: PQ) 11.5% LOWER; has commenced an underwritten public offering of 10,000,000 shares of its common stock. The Company intends to use the net proceeds from the offering for general corporate purposes, including to fund capital expenditures related to its exploration and development drilling program.

American Greetings Corporation (NYSE: AM) 10.9% HIGHER; reports Q1 EPS of $0.27, 7 cents better than the analyst estimate of $0.20. Revenue for the quarter was $412.9 million, versus the consensus of $396.59 million.

SUPERVALU INC. (NYSE: SVU) 10.8% LOWER; announced that identical store sales and net earnings for its first quarter ending June 20, 2009 were impacted by a tougher than expected business environment, investments in price and higher levels of promotional spending. As a result, the company will be substantially below First Call consensus earnings for the quarter. The Wall Street consensus is $0.65.

CASCAL N.V. (NYSE: HOO) 9.7% HIGHER; reports Q4 EPS of $0.03, compared to $0.08 in the same quarter last year. Revenue for the quarter was $37.77 million, versus $39.8 million in Q408.

OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) 8.1% HIGHER; announced today that the company has reached an agreement with the U.S. FDA via the special protocol assessment process on an amendment to the design of a Phase 3 registration trial of OGX-011, its lead product candidate targeting castrate resistant prostate cancer. Click here for the full report.

MGM MIRAGE (NYSE: MGM) 8% HIGHER; disclosed that its auditor has concluded that there is no longer substantial doubt about its ability to continue as a going concern. Click here for the full report.

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