Unusual 11 Mid-Day Movers 08/02: ETRMD, PATK, SMTX, CSCX, GERN, POL Higher; CTIB, EMMS, ROIAK, DVAX, MCBC Lower
EnteroMedics, Inc. (Nasdaq: ETRMD) 53.2% HIGHER; announced that the Company has received conditional approval for its Investigational Device Exemption (IDE) application with the U.S. Food and Drug Administration (FDA). The IDE outlines plans for conducting a pivotal trial, the ReCharge Trial, evaluating the safety and efficacy of VBLOC vagal blocking therapy delivered via the Company’s second-generation Maestro RC System in the treatment of obesity. The Maestro System is the first obesity treatment to use neuroblocking technology and represents a less invasive alternative to existing surgical weight loss procedures, which alter digestive system anatomy, lifestyle and food choices and may present significant risks. The Company also announced its plans to commercialize the Maestro RC System in Australia and expects to file an application for approval and listing with the Australian Therapeutic Goods Administration (TGA) upon receiving CE Mark certification for the Maestro RC System. EnteroMedics hopes to receive TGA approval during the second half of 2011. The Company continues to explore commercialization opportunities in other markets outside of the United States.
Patrick Industries Inc. (Nasdaq: PATK) 41% HIGHER; reports Q2 EPS of $0.19, versus $0.07 reported for the same period a year ago. Revenue for the quarter was $83.9 million, compared to $55.9 million in Q209.
SMTC Corp. (Nasdaq: SMTX) 24.3% HIGHER; the stock could be breaking out technically today as the stock price closed above the 200-day smooth moving average on Friday. Volume is very heavy: already 415,000 shares have traded hands, which compares to the stock's average daily volume of 123,000.
CTI Industries (Nasdaq: CTIB) 21.9% LOWER; traders finally seem to be taking profits in the stock; shares have rallied nearly 280% since mid-March. The stock has already traded 230,000 shares, which compares to the average daily volume of just 23,000 shares.
Emmis Communications Corp (Nasdaq: EMMS) 14.3% LOWER; may be moving lower on Radio One news today.
Cardiac Science (Nasdaq: CSCX) 14.0% HIGHER; continuing higher today following Q2 earnings on Thursday of last week. Shares have moved over the $3 level today.
Geron Corporation (Nasdaq: GERN) 11.6% HIGHER; After rising 17 percent on Friday after positive FDA news, Geron is continuing higher this week. On Friday the company announced that the FDA has notified the company that the clinical hold placed on Geron’s Investigational New Drug (IND) application has been lifted and the company's Phase I clinical trial of GRNOPC1 in patients with acute spinal cord injury may proceed.
Radio One, Inc. (Nasdaq: ROIAK) LOWER; announced that it had further extended the expiration time of its previously announced exchange offer for its 8-7/8% Senior Subordinated Notes due 2011 and its 6-3/8% Senior Subordinated Notes due 2013, and the related consent solicitation, to 5:00 p.m., New York City time, on August 13, 2010. The extended date coincides with the company's amended forbearance agreement with Wells Fargo.
PolyOne (NYSE: POL) 10.5% HIGHER; reports Q2 adjusted EPS of $0.25, 6 cents better than the analyst estimate of $0.19. Revenue for the quarter was $692.9 million, which compares to the estimate of $660.40 million.
Dynavax Technologies (Nasdaq: DVAX) 7.7% LOWER; announced their second quarter earnings after the market closed last Friday. DVAX reported a Q2 loss of $0.34, versus $0.10 reported for the same period a year ago. Revenue for the quarter was $2.2 million, down 86% from Q209.
Macatawa Bank Corp (Nasdaq: MCBC) 9.8% LOWER; coming back a little today after surging about 18% last Friday following the company's second quarter earnings reported late last week. Shares closed at $1.83 on Friday, from a $1.54 close on Thursday. The corporation reported their second quarter earnings after the market closed last Thursday, reporting a Q2 EPS of $0.10, compared to a loss of $1.82 for the same period one year ago.
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Patrick Industries Inc. (Nasdaq: PATK) 41% HIGHER; reports Q2 EPS of $0.19, versus $0.07 reported for the same period a year ago. Revenue for the quarter was $83.9 million, compared to $55.9 million in Q209.
SMTC Corp. (Nasdaq: SMTX) 24.3% HIGHER; the stock could be breaking out technically today as the stock price closed above the 200-day smooth moving average on Friday. Volume is very heavy: already 415,000 shares have traded hands, which compares to the stock's average daily volume of 123,000.
CTI Industries (Nasdaq: CTIB) 21.9% LOWER; traders finally seem to be taking profits in the stock; shares have rallied nearly 280% since mid-March. The stock has already traded 230,000 shares, which compares to the average daily volume of just 23,000 shares.
Emmis Communications Corp (Nasdaq: EMMS) 14.3% LOWER; may be moving lower on Radio One news today.
Cardiac Science (Nasdaq: CSCX) 14.0% HIGHER; continuing higher today following Q2 earnings on Thursday of last week. Shares have moved over the $3 level today.
Geron Corporation (Nasdaq: GERN) 11.6% HIGHER; After rising 17 percent on Friday after positive FDA news, Geron is continuing higher this week. On Friday the company announced that the FDA has notified the company that the clinical hold placed on Geron’s Investigational New Drug (IND) application has been lifted and the company's Phase I clinical trial of GRNOPC1 in patients with acute spinal cord injury may proceed.
Radio One, Inc. (Nasdaq: ROIAK) LOWER; announced that it had further extended the expiration time of its previously announced exchange offer for its 8-7/8% Senior Subordinated Notes due 2011 and its 6-3/8% Senior Subordinated Notes due 2013, and the related consent solicitation, to 5:00 p.m., New York City time, on August 13, 2010. The extended date coincides with the company's amended forbearance agreement with Wells Fargo.
PolyOne (NYSE: POL) 10.5% HIGHER; reports Q2 adjusted EPS of $0.25, 6 cents better than the analyst estimate of $0.19. Revenue for the quarter was $692.9 million, which compares to the estimate of $660.40 million.
Dynavax Technologies (Nasdaq: DVAX) 7.7% LOWER; announced their second quarter earnings after the market closed last Friday. DVAX reported a Q2 loss of $0.34, versus $0.10 reported for the same period a year ago. Revenue for the quarter was $2.2 million, down 86% from Q209.
Macatawa Bank Corp (Nasdaq: MCBC) 9.8% LOWER; coming back a little today after surging about 18% last Friday following the company's second quarter earnings reported late last week. Shares closed at $1.83 on Friday, from a $1.54 close on Thursday. The corporation reported their second quarter earnings after the market closed last Thursday, reporting a Q2 EPS of $0.10, compared to a loss of $1.82 for the same period one year ago.
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