Unusual 11 Mid-Day Movers 11/13: AMAG, OPTR, CBG, GSOL Higher; WCG, CROX, FEED, PERY Lower
AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG) 90.3% HIGHER; announced that the U.S. FDA has designated the Company's resubmission to the October 2008 Complete Response letter for its New Drug Application for ferumoxytol as a complete, Class 1 response. The FDA has established a December 30, 2008 Prescription Drug User Fee Act target action date. AMAG is seeking marketing approval for ferumoxytol for the treatment of iron deficiency anemia in patients with all stages of chronic kidney disease (CKD), including those on dialysis and those not on dialysis.
WellCare Health Plans, Inc. (NYSE: WCG) 68.7% LOWER; Delays 10-Q, hires Goldman to review financing alternatives.
Crocs, Inc. (Nasdaq: CROX) 49.2% LOWER; reports Q3 loss of $1.79, which includes items and may not compare to the analyst estimate of $0.02. Revenue for the quarter was $174.2 million, versus the consensus of $201.72 million. Sees Q4 revs of $100-$120 million, versus the consensus of $186 million and a loss of $0.50-$0.65, versus the consensus of a loss of $0.06.
AgFeed Industries, Inc. (Nasdaq: FEED) 40.8% LOWER; reports Q3 EPS of $0.25, 5 cents lower than the analyst estimate of $0.30. Revenue for the quarter was $49.4 million, versus the consensus of $44.90 million. (only 1 analyst covers the stock) Slashes its FY08 adj-EPS guidance from $1.10-$1.20 to $0.55-$0.65, versus the consensus of $0.93.
Optimer Pharmaceuticals (Nasdaq: OPTR) 30.4% HIGHER; shares of Optimer have had a volatile week of trading; after reporting positive data from a Phase 3 study on its OPT-80 on Tuesday morning, shares nearly doubled that day, correcting the next day and giving up about 35% of those gains on Wednesday. Today's spike still does not put shares of Optimer back to the stock's closing price on Tuesday.
Perry Ellis International, Inc. (NASDAQ: PERY) 28.1% LOWER; sees Q3 revenues of $222.8 million, versus the consensus of $233.5 million. Sees Q3 EPS of $0.30-$0.33, versus the consensus of $0.55. Perry Ellis sees 2009 EPS of $0.90-$1.10, versus prior guidance of $1.67-$1.72. The Company also revised its revenue guidance for the twelve months ending January 31, 2009 from the $910 - $925 million to the $875 - $900 million range. The consensus is $1.45 and $893.3 million.
CB Richard Ellis Group, Inc. (NYSE: CBG) 20.4% HIGHER; priced its public offering of 50,000,000 shares of its Class A common stock at an offering price of $3.77 per share. CB Richard Ellis has granted the underwriters a 30-day over-allotment option to purchase up to 7,500,000 additional shares of Class A common stock.
Global Sources Ltd. (Nasdaq: GSOL) 18% HIGHER; reports Q3 EPS of $0.05, 2 cents better than the analyst estimate of $0.03. Revenue for the quarter was $37.6 million, versus the consensus of $38.29 million. Sees Q4 sales growth of 4-5% and GAAP EPS in the range of $0.12-$0.13. The Street's non-GAAP EPS estimate for Q4 is currently $0.20. Separately, Global Sources announced that it intends to commence an issuer tender offer before the end of November 2008, with expected completion before the end of December 2008, for 6.25 million shares, or approximately 13.4% of its outstanding common shares as of Sept. 30, 2008, at a purchase price of $8.00 per share in cash.
GT Solar (Nasdaq: SOLR) 17.2% LOWER; Friedman Billings & Ramsey downgrades GT Solar from Outperform to Market Perform.
Sprint Nextel (NYSE: S) 15.9% HIGHER; According to reports from Bloomberg, Sprint is offering some employees a buyout package in a effort to cut costs. Employees who take the package will get eight weeks pay, plus an additional two weeks for every year they've been with the company. The company did not say how many jobs would be cut.
Paragon Shipping (Nasdaq: PRGN) 14.5% HIGHER; reports Q3 EPS of $0.54, ex-items, 9 cents better than the analyst estimate of $0.45. Revenue for the quarter was $43.6 million, versus the consensus of $36.14 million.
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