Pre-Open Stock Movers 6/24: (VRTX) (ISR) (MU) Higher; (GIGA) (OHRP) (CTRP) Lower (more...)

June 24, 2014 9:28 AM EDT

xG Technology, Inc (Nasdaq: XGTI) 62.7% HIGHER; has been selected as a subcontractor to provide communications and network services to the U.S. Army's Communications-Electronics Research, Development and Engineering Center (CERDEC) Space and Terrestrial Communications Directorate (S&TCD). xG Technology teamed with prime contractor Science Applications International Corporation ("SAIC") (NYSE: SAIC) on this five-year period of performance (a thirty-six (36) month base and two (12) month options) multiple-award indefinite delivery/indefinite quantity (IDIQ) contract. The contract has a ceiling value of $497 million, represents new work, and expands xG Technology's presence in its cognitive radio market area.

Vertex Pharma (NASDAQ: VRTX) 49.3% HIGHER; announced results from two Phase 3 studies of lumacaftor in combination with ivacaftor that showed statistically significant improvements in lung function (percent predicted forced expiratory volume in one second, or ppFEV1) in people ages 12 and older with cystic fibrosis (CF) who have two copies (homozygous) of the F508del mutation in the cystic fibrosis transmembrane conductance regulator (CFTR) gene. All four 24-week combination treatment arms in the studies, known as TRAFFIC and TRANSPORT, met their primary endpoint of mean absolute improvement in ppFEV1 from baseline compared to placebo at the end of treatment. Mean absolute improvements in ppFEV1 of between 2.6 and 4.0 percentage points from baseline compared to placebo were observed across the studies (p0.0004), with mean relative improvements of 4.3 percent to 6.7 percent (p0.0007).

IIsoRay, Inc. (NYSE: ISR) 18% HIGHER; today announced another milestone -- the treatment of a brain tumor that had metastasized from esophageal cancer utilizing IsoRay's liquid Cesium-131

Giga-Tronics, Inc. (NASDAQ: GIGA) 14.6% LOWER; reported Q4 EPS of ($0.25), versus ($0.31) reported last year. Revenue for the quarter came in at $2.9 billion, versus $2.8 million reported last year.

Ohr Pharmaceutical, Inc. (Nasdaq: OHRP) 8.3% LOWER; announced positive top-line interim results for its double-masked, placebo-controlled Phase II clinical trial of Squalamine eye drops in patients with wet age-related macular degeneration (wet AMD). The data demonstrated a positive benefit in visual function across multiple clinically relevant endpoints, including a mean change in visual acuity at the end of study visit for the interim analysis group of +10.4 letters with Squalamine eye drops plus Lucentis® PRN versus +6.3 letters in the placebo eye drops plus Lucentis PRN arm, a 65 percent additional relative benefit (p=0.18). The visual acuity improvements were seen as early as four weeks and the relative difference in visual acuity between the two treatment arms continued to increase throughout the study. Group (NASDAQ: WWWW) 8% LOWER; B. Riley downgraded from Buy to Neutral with a price target of $40.00 (unchanged (NASDAQ: CTRP) 4.5% LOWER; ​Stifel Nicolaus downgraded from Buy to Hold and removed its price target (prior $58.00).

Zhaopin Ltd. (NASDAQ: ZPIN) 4.4% HIGHER; In a 13G filing on Zhaopin Ltd. (NYSE: ZPIN), Chase Coleman's hedge fund Tiger Global Management disclosed a 18.6%, or 2,496,740 share, stake in the company. The firm did not hold shares at the end of the latest quarter ending March 31, 2014.

MercadoLibre, Inc. (Nasdaq: MELI) 1.9% LOWER; announced that it intends to offer, subject to market and other conditions, US$300 million aggregate principal amount of Convertible Senior Notes due 2019 (the "notes"). MercadoLibre expects to grant the initial purchasers a 13-day option to purchase up to an additional $30 million principal amount of notes, solely to cover over-allotments.

Isis Pharmaceuticals (Nasdaq: ISIS) 1.5% LOWER; announced that it has earned a $1 million milestone payment from GlaxoSmithKline (NYSE: GSK) related to the advancement of the Phase 2/3 study of ISIS-TTRRx in patients with familial amyloid polyneuropathy (FAP).

Sonic Corp. (NASDAQ: SONC) 1.4% HIGHER; reported Q3 EPS of $0.30, $0.01 better than the analyst estimate of $0.29. Revenue for the quarter came in at $152.2 million versus the consensus estimate of $148.55 million. Comps increased 5.3%.

Diamondback Energy, Inc. (Nasdaq: FANG) 1.3% LOWER; announced today the launch of an underwritten public offering of 2,000,000 shares of its common stock by certain selling stockholders, subject to market and other conditions. The underwriters will have an option to purchase up to an additional 300,000 shares of common stock from the selling stockholders. The shares to be sold in the offering will be sold by certain entities controlled by Wexford Capital LP and by Gulfport Energy Corporation (Nasdaq: GPOR) ("Gulfport Energy"). The Wexford entities intend to sell 1,000,000 shares and Gulfport intends to sell 1,000,000 shares. All of the net proceeds will go to the selling stockholders.

Walgreen Company (NYSE: WAG) 1.2% LOWER; reported Q3 EPS of $0.91, $0.03 worse than the analyst estimate of $0.94. Revenue for the quarter came in at $19.4 billion versus the consensus estimate of $19.33 billion. Comps rose 4.8 percent.

Micron Technology, Inc. (NASDAQ: MU) 0.8% HIGHER; reported Q3 EPS of $0.79, $0.09 better than the analyst estimate of $0.70. Revenue for the quarter came in at $3.98 billion versus the consensus estimate of $3.89 billion. Upgraded to Strong Buy at Needham & Company

Hilton Worldwide (NYSE: HLT) 0.4% LOWER; announced today that certain selling stockholders affiliated with The Blackstone Group L.P. have commenced a secondary offering of 90,000,000 shares of Hilton Worldwide common stock. The underwriters will have a 30-day option to purchase up to an additional 13,500,000 shares of common stock from the selling stockholders.

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