Morning Movers 8/10: FRE, YMI, FNM, OCN, TIBX, INO, ELON, CHDX, HWCC, TGIC
Freddie Mac (NYSE: FRE) 89% HIGHER; after reporting a second quarter loss of just $0.11 per share on Friday. Freddie Mac also did not submitted a new draw request to Treasury, although the firm will likely need additional funds in the future.
YM BioSciences Inc. (USA) (NYSE: YMI) 71% HIGHER; announced that its wholly-owned subsidiary, YM BioSciences USA Inc. (YM-USA) has received a license from the US Department of the Treasury's Office of Foreign Assets Control (OFAC) to further develop its lead product, nimotuzumab, for patients with solid tumor cancers in the United States.
Fannie Mae (NYSE: FNM) 36% HIGHER; see Freddie Mac news
Ocwen Financial (NYSE: OCN) 31% HIGHER; spinning off Alti SOurce Porfolio Solutions (Nasdaq ASPS)
Tibco Software (Nasdaq: TIBX) 23% HIGHER; reports from oversees that SAP (NYSE: SAP) is in talks to buy them.
Inovia Biomedical (NYSE: INO) 21% HIGHER; entered into a research collaboration agreement with the National Institutes of Health (NIH) Vaccine Research Center (VRC) to develop influenza vaccines.
Echelon (Nasdaq: ELON) 19% HIGHER; entered into a long-term agreement with Duke Energy (NYSE: DUK), to supply its Networked Energy Services (NES) system as a key part of Duke Energy's smart grid program. Currently, Duke Energy provides electricity service to approximately 4 million customers in five states - North Carolina, South Carolina, Indiana, Ohio and Kentucky.
Chindex (Nasdaq: CHDX) 14% HIGHER; announced that it has entered into two new exclusive, multi-year distribution agreements for China with Biotest AG and Cutera Inc.
Houston Wire & Cable (Nasdaq: HWCC) 15% LOWER; reports Q2 EPS of $0.10, 7 cents below the analyst estimate of $0.17. Revenue for the quarter was $61.9 million, versus the consensus of $72.83 million.
Triad Guaranty (Nasdaq: TGIC) 12% LOWER; selling off after strength from last week.
Maguire Properties (NYSE: MPG) 9% LOWER; announced it has approved management's plan to seek to dispose of four former EOP/Blackstone assets and two other assets in cooperation with lenders as well as Park Place I and certain parking areas and development rights. During the quarter ended June 30, 2009, the Company recorded a non-cash impairment charge of approximately $345 million associated with these assets.
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