Unusual 11 Mid-Day Movers 12/31: DDSS, GILT, PNX, CWST Higher; NFLD, RTIX, PAY, LZB Lower

December 31, 2008 1:29 PM EST

Labopharm Inc. (Nasdaq: DDSS) 41.5% HIGHER; announced that RYZOLT, its once-daily formulation of the analgesic tramadol, has been approved by the FDA. RYZOLT is indicated for the management of moderate to moderately severe chronic pain in adults who require around-the-clock treatment of their pain for an extended period of time.

Gilat Satellite Networks Ltd. (Nasdaq: GILT) 35.7% HIGHER; announced that the lengthy negotiations with the Ministry of Communications in Colombia have led to signature of new agreements for the provision of services under the Compartel I, Compartel II and Telecentros projects which were awarded to Gilat’s Colombian subsidiaries in 1999 and 2002.

The Phoenix Companies, Inc. (NYSE: PNX) 32.2% HIGHER; announced today that it has entered into a reinsurance agreement with Reassure America Life Insurance Company, a subsidiary of Swiss Re, for a group of in-force term life insurance policies. Detailed terms of the transaction were not disclosed.

Castella Waste Systems (Nasdaq: CWST) 29.8% HIGHER; following a Form 4 filed yesterday afternoon disclosing that Brian Oliver, the company's Regional VP, purchased 10,000 shares recently, the stock is continuing higher today. After the news hit yesterday, shares of Castella surged about 27%.

ION Geophysical Corporation (NYSE: IO) 23.7% HIGHER; today announced that its Board of Directors adopted a Shareholder Rights Plan. The Rights Plan is designed to enable all of the Company's shareholders to realize the full long-term value of their investment and to provide for fair and equal treatment for all shareholders in the event that an unsolicited attempt is made to acquire the Company. Separately, ION announced that it has reached agreement to refinance the debt it incurred for its September 2008 acquisition of ARAM Systems.

Northfield Laboratories Inc. (Nasdaq: NFLD) 23.4% LOWER; the FDA has accepted for filing its Biologics License Application (BLA) for PolyHeme the Company’s investigative human hemoglobin-based red cell substitute for the treatment of life-threatening red blood cell loss when an oxygen-carrying fluid is required and red blood cells are not available.

Akorn, Inc. (NASDAQ: AKRX) 23% HIGHER; Akorn-Strides, LLC announced that the FDA has granted approvals for two Abbreviated New Drug Applications for Sterile Vancomycin HCl USP, 500 mg/vial, 1 g/vial and Sterile Vancomycin HCl USP, 5 g/vial Pharmacy Bulk Package. Akorn-Strides, LLC is a Joint Venture that was formed in 2004 by Akorn, Inc. (NASDAQ: AKRX) and Strides Arcolab Limited.

RTI Biologics, Inc. (NASDAQ: RTIX) 13.6% LOWER; sees Q4 sales of $37 million and FY08 sales of $146.3 million. The Street estimates are currently for Q4 sales of $39.15 million and FY08 sales of $148.29 million. The firm said it is also comfortable with the current Street average consensus for sales of $167.2 million and EPS of $0.12.

VeriFone Holdings (NYSE: PAY) 11.8% LOWER; announced it has filed a Notification of Late Filing in accordance with Rule 12b-25 of the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission (SEC) for its Annual Report on Form 10-K for the fiscal year ended October 31, 2008, which provides for a 15 calendar day extension for the filing of its Annual Report on Form 10-K until January 14, 2009.

La-Z-Boy (NYSE: LZB) 9.6% LOWER; the stock is trading substantially lower on about normal-to-somewhat light volume, but we are not hearing any specific news that would justify today's slide.

Ceradyne Inc. (Nasdaq: CRDN) 7% LOWER; Morgan Joseph downgrades Ceradyne from Buy to Hold. Click here for the full report.

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