Unusual 11 Mid-Day Movers 10/16: JOEZ, USEG, KNDI, TRGT Higher; CRYP, GNV, MTG, RDN Lower
Joe's Jeans Inc. (NASDAQ: JOEZ) 53.8% HIGHER; reports Q3 EPS of $0.03, compared to $0.03 in the same quarter last year. Revenue for the quarter was $21.2 million, versus $18.2 million in Q308. Operating income increased 22% to $2.8 million. Net income was $1.9 million versus $1.8 million the same time last year. Q3 EPS $0.03 was the same as Q3 2008.
US Energy (Nasdaq: USEG) 33% HIGHER; have rallied sharply today following news of a strong initial production rate from the Brad Olson 9-16 #1H Bakken well. Click here for the full report.
CryptoLogic Limited (NASDAQ: CRYP) 21.2% LOWER; sees Q3 sales of about $9.6 million on a trading loss of $3.4 million.
Kandi Technologies, Corp. (NASDAQ: KNDI) 19.8% HIGHER; announced today it has received a letter from the US Department of The Treasury notifying the Company that its low speed electric vehicle, the Kandi "COCO" convertible, has met the requirements of the Qualified Plug-in Electric Vehicle Credit as a Qualified Plug-in Electric Vehicle. Consequently, qualifying purchasers of this vehicle will receive a tax credit in the amount of $4,435.
GSC Investment Corp. (NYSE: GNV) 17.7% LOWER; reports Q2 loss of $1.94, compared to a loss of $0.31 in the same quarter last year.
MGIC Investment Corp. (NYSE: MTG) 17.1% LOWER; reports Q3 loss of $4.44, versus the analysts estimate of ($1.62). Revenue for the quarter was $413.3 million, which compares to the estimate of $437.03 million. Revenues for the quarter were down from $461.6 or the same period in 2008.
Radian (NYSE: RDN) 17% LOWER; the entire insurance group is trading down on concerning earnings from MGIC.
Targacept, Inc. (NASDAQ: TRGT) 16.7% HIGHER; is indicated to open higher today after announcing data from its recently completed Phase 2b clinical trial of TC-5214 as an augmentation (add-on) treatment in subjects with major depressive disorder, or MDD, who did not respond adequately to first-line treatment with the representative SSRI citalopram hydrobromide. In the trial, the add-on TC-5214 arm (TC-5214 + citalopram) outperformed the add-on placebo arm (placebo + citalopram) on the primary outcome measure, the Hamilton Rating Scale for Depression-17, or HAM-D, and all of the secondary outcome measures, with high statistical significance. Click here for the full report. The stock was also upgraded to Buy at Needham.
Palomar Medical Technologies Inc. (Nasdaq: PMTI) 15.1% LOWER; is under pressure today (-13%) after announcing the termination of its agreement with Johnson & Johnson (NYSE: JNJ) to develop, clinically test and commercialize home-use, light-based devices for (i) reducing or reshaping body fat including cellulite; (ii) reducing appearance of skin aging; and (iii) reducing or preventing acne. Click here for the full report.
AudioCodes (Nasdaq: AUDC) 12.8% HIGHER; BofA Merrill Lynch upgrades two-notches from Underperform to Buy. The firm raised its price target from $1.75 to $3.50.
Agria Corporation (NYSE: GRO) 12.6% HIGHER; PGG Wrightson and Agria today announced their signing of an agreement that provides for Agria to make an investment in PGG Wrightson and for the formation of a strategic partnership between PGG Wrightson and Agria.
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