Unusual 11 Mid-Day Movers 10/10: (CPX) (AXAS) (EMAN) Higher; (INSM) (ALTH) (SPN) Lower

October 10, 2011 2:14 PM EDT
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Complete Production Services, Inc. (NYSE: CPX) 37.9% HIGHER; Superior Energy Services, Inc. and Complete Production today announced that their Boards of Directors have unanimously approved a definitive merger agreement combining the two companies into the premier diversified mid-cap oilfield services company. Under terms of the agreement, Complete stockholders will receive 0.945 common shares of Superior and cash of $7.00 in exchange for each share of Complete common stock held at closing.

Insmed Incorporated (Nasdaq: INSM) 32.4% LOWER; has been notified by the U.S. FDA that it is continuing the clinical hold previously placed on Insmed's phase 3 clinical trials for ARIKACE (liposomal amikacin for inhalation) in Cystic Fibrosis (CF) patients with Pseudomonas lung infections. Insmed has not yet received a response from FDA regarding the clinical hold previously placed on Insmed's phase 3 clinical trials for ARIKACE in patients with non-tuberculous mycobacterial (NTM) lung disease.

Abraxas Petroleum (Nasdaq: AXAS) 24.1% HIGHER; bouncing with the majority of the oil & gas group this morning. NYMEX crude oil is currently up 3.4 percent to around $85.80 per barrel. Notably, the stock is back over $3 today. The stock was down more than 35 percent during September.

eMagin Corporation (AMEX: EMAN) 20.7% HIGHER; reports Q2 EPS of $0.01, versus $0.00 reported for the same period a year ago. Revenue for the quarter was $7.45 million, compared to $8.31 million in Q210.

Allos Therapeutics, Inc. (Nasdaq: ALTH) 18.3% LOWER; On October 7, 2011, the publicly traded pharmaceutical company that had previously submitted a proposal to acquire Allos for $2.20 per share in cash and stock delivered a letter to Allos withdrawing its revised proposal to acquire Allos.

Cal Dive International, Inc. (NYSE: DVR) 17.1% HIGHER; reports an amendment to its credit facility, which matures in April 2016, has been approved. In connection with the amendment, the primary financial covenants included in the credit facility will be amended, and the size of the revolving credit facility will be reduced from $300 million to $150 million.

Coffee Holding Co., Inc. (Nasdaq: JVA), 15.9% HIGHER; stock holding above its 200-day smooth moving average as the $9 and $10 levels have been breached. After falling about 60 percent during September, shares bounced nearly 21 percent last week.

Superior Energy (NYSE: SPN) 15.8% LOWER; traders not liking the company's acquisition of Complete Production today.

Pioneer Drilling (NYSE: PDC) 14.4% HIGHER; moving higher with the entire oil & gas sector.

Phoenix New Media (NYSE: FENG) 13.4% LOWER; may be responding to reports out of China Android's app store and Gmail are being blocked.

Sprint (NYSE: S) 12.7% LOWER; the Street is responding to the company's horrendous analyst meeting on Friday. A total of seven firms have downgraded Sprint shares today: Deutsche Bank, Collins Stewart, Kaufman, JPMorgan, Raymond James, Mizuho and Atlantic. Check out our Analyst Ratings section to all of Sprint's recent rating changes.

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Deutsche Bank, JPMorgan, Raymond James, Collins Stewart, Crude Oil, Unusual 11 Mid-Day Movers, Superior Energy Services/Complete Production Services

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