Unusual 11 Mid-Day Movers 11/18: IDMI, PSUN, DHT, CQB Higher; XTLB, NCOC, SKS, DIVX Lower

November 18, 2008 1:04 PM EST

XTL Biopharmaceuticals Ltd. (Nasdaq: XTLB) 94% LOWER; announced today the top-line results from the Bicifadine Phase 2b clinical trial for the treatment of diabetic neuropathic pain. The trial's primary objective was to compare the efficacy of two doses of Bicifadine against placebo in reducing pain associated with diabetic neuropathy. The primary endpoint of the study was the reduction in pain score during the course of treatment. The company announced that the study failed to meet its primary endpoint. The trial also failed to meet key secondary analysis.

IDM Pharma, Inc. (Nasdaq: IDMI) 62.6% HIGHER; announced that the Committee for Medicinal Products for Human Use of the European Medicines Agency has issued a positive opinion, recommending grant of a centralized marketing authorization for mifamurtide (L-MTP-PE), known as MEPACT(R) in Europe, for the treatment of patients with non-metastatic, resectable osteosarcoma, a rare and often fatal bone tumor that typically affects children and young adults. The CHMP recommendation will be adopted at the next CHMP meeting in December with final European Commission approval expected within 60 to 90 days thereafter.

National Coal (Nasdaq: NCOC) 29.6% LOWER; after reporting decent Q3 earnings, but revising its '08-'10 production goals, shares of National Coal sunk more than 13% yesterday. As the stock moved below the $2 technical level just after the market opened, the decline continues today.

Saks Incorporated (NYSE: SKS) 27.3% LOWER; reports Q3 loss of $0.31, versus the analyst estimate of ($0.03). Revenue for the quarter was $698 million, versus the consensus of $712.73 million. Sees Q4 same store sales are expected to be in the up low-sing-digit range.

DivX, Inc. (Nasdaq: DIVX) 21.2% LOWER; today announced a revision to its revenue and earnings estimates for the fiscal year ending December 31, 2008, following notification from a major advertising customer, Yahoo!, Inc. (Nasdaq: YHOO) that it intends to breach the two-year advertising services agreement announced in September 2007 between the two companies and discontinue making payments required under the agreement. Lowers its FY08 sales guidance from $95-$97 million to $90-$92 million, versus the consensus of $98.50 million, and non-GAAP EPS from $0.58-$0.60 to $0.49-$0.51, versus the Street estimate of $0.59.

Pacific Sunwear (Nasdaq: PSUN) 20.3% HIGHER; not hearing any rumors that would cause today's spike. The stock traded flat all day until about 11:45am ET, at which time the stock price jumped from $1.30 to $1.70 by noon. The stock is also seeing unusually heavy volume. The company will report its Q3 earnings after the close today.

CIT Group (NYSE: CIT) 19.7% LOWER; following news yesterday that the company is planning to exchange some of its outstanding note and equity units for cash, common stock and subordinated debt, the stock slide almost 15%. The steep downside continues today.

DHT Maritime, Inc. (NYSE: DHT) 19.3% HIGHER; reports Q3 EPS of $0.31, 1 cent lower than the analyst estimate of $0.32. Revenue for the quarter was $31 million, versus the consensus of $30.12 million. Raises its quarterly dividend from $0.25 to $0.30 per common share, to be paid on December 11, 2008 to shareholders of record as of the close of business on December 2, 2008.

Chiquita Brands (NYSE: CQB) 18.6% HIGHER; following insider buying at the company yesterday, BB&T Capital upgraded the stock to Buy. The stock is seeing heavy volume today: it has already traded about 740K times, versus average daily volume of 930K.

Xerium Technologies (NYSE: XRM) 16.8% HIGHER; since reporting Q3 earnings after the close on November 10, shares of Xerium have fallen everyday... until today. Before today's slight correction, the stock was down more than 72% in a little more than a week.

HP (NYSE: HPQ) 12% HIGHER; reports preliminary Q4 sales of $33.6 billion, versus the consensus of $33.09 billion. Preliminary non-GAAP EPS were $1.03, which compares to the Street estimate of $1.00. Sees Q1 sales of $32-$32.5 billion, versus the consensus of $33.72 billion, and non-GAAP EPS of $0.93-$0.95, versus the consensus of $0.93. For FY09, HP sees sales of $127.5-$130 billion and non-GAAP EPS of $3.88-$4.03, versus the Street estimates of $117.78 billion and EPS of $3.59.

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