Unusual 11 Mid-Day Movers 12/06: (AMR) (PPHM) (FRO) Higher; (CMED) (XING) (PLX) Lower

December 6, 2011 1:12 PM EST
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AMR Corp. (NYSE: AMR) 67% HIGHER; the stock has halted twice today on circuit breakers and have been up as much as 82 percent on the day, the company's three largest unions and banks representing bondholders were named to the committee of unsecured creditors. An SEC filing disclosed AMR appraised its $1 billion 7.5 percent Senior Secured Notes Offering, and came up with a value of collateral of $1,526,511,000, or over a 50 percent increase in the value of the Notes.

Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) 32% HIGHER; reports preliminary results from a randomized Phase II trial showing a 50% improvement in overall tumor response rates (ORR) in non-small cell lung cancer patients. Patients treated with bavituximab plus carboplatin and paclitaxel currently demonstrate an ORR of 39%, versus 26% in patients treated with carboplatin and paclitaxel alone. This preliminary analysis using RECIST guidelines included all 86 front-line, Stage IV NSCLC patients randomized in this Phase II trial.

China Medical Technologies Inc. (Nasdaq: CMED) 22.8% LOWER; is seeing heavy pressure after Glaucus Research initiated coverage on the stock with a Strong Sell and believes the equity is worth zero. Click here to see full report.

Frontline Ltd. (NYSE: FRO) 21.4% HIGHER; is pleased to announce that the restructuring of Frontline has been approved by the Board of the Company and will in the next few days be put forward to our creditors and counterparties for approval.

Orbitz Worldwide Inc. (NYSE: OWW) 21.2% HIGHER; Benchmark upgraded from Hold to Buy, price target raised from $3 to $5. Click here to see full report.

Mines Management Inc. (NYSE: MGN) 17.4% HIGHER; stock holding over the $2.50 level today. Shares rallied nearly 12 percent yesterday. The stock has not been over $3 since early this year.

Saratoga Resources, Inc. (AMEX: SARA) 16.4% HIGHER; today announced that it is in advanced discussions with McMoRan Oil and Gas LLC (McMoRan) regarding a potential joint venture on Saratoga’s Long John Silver Prospect at Vermilion 16 field.

Qiao Xing Universal Resources, Inc. (Nasdaq: XING) 14.1% LOWER; reports its wholly-owned subsidiary, Chifeng Haozhou Mining Co., Ltd., has suspended mining operations at its copper-molybdenum poly-metallic mine, located within the Balinzuo Banner administrative area of Chifeng City, Inner Mongolia, China. The decision was made following the receipt of a safety-inspection report from the inspection team based at the open-pit mining area.

Protalix BioTherapeutics, Inc. (AMEX: PLX) 12.6% LOWER; has received notification from the U.S. FDA that the FDA has extended the Prescription Drug User Fee Act goal date of the New Drug Application for taliglucerase alfa to May 1, 2012, a three-month extension from the previous PDUFA date of February 1, 2012.

Mechel OAO (NYSE: MTL) 12.4% LOWER; reports that work was suspended at several facilities at two of Southern Kuzbass Coal Company's mines. Following a check conducted at Lenin Underground and New-Olzherassk mines by the Mezhdurechensk territorial branch of the Southern Siberian department of the Federal Agency for Ecological, Technological and Nuclear Monitoring, work at some of the two mines' facilities was suspended by order of the Mezhdurechensk city court. As of now, most of the monitoring agency's requirements have been met. Within Lenin Underground and New-Olzherassk mines' mining sections, the gas and dust conditions meet safety standards. Mining at all facilities of Lenin Underground and New-Olzherassk mines is planned to be resumed within a few days.

Affymax Inc. (Nasdaq: AFFY) 12.3% LOWER; shares are taking back some of the gains from yesterday when shares closed up over 19%. Shares were up yesterday following news out of the FDA that the company's anemia drug peginesatide works as well as Amgen's (Nasdaq: AMGN) epogen, aranesp.

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