Unusual 11 Mid-Day Movers 2/19: MENT, COCO, CUBA Higher; ONXX, GIVN, TONE Lower
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Onyx Pharmaceuticals Inc. (Nasdaq: ONXX) 24.3% LOWER; Bayer and Onyx Pharmaceuticals announced that a Phase 3 trial evaluating Nexavar tablets in patients with non-small cell lung cancer was stopped early following a planned interim analysis, when the independent Data Monitoring Committee concluded that the study would not meet its primary endpoint of improved overall survival.
Mentor Graphics (Nasdaq: MENT) 21.3% HIGHER; lowered FY08 non-GAAP EPS from $1.02 to $1.00, versus the consensus of $0.98. Mentor said revs for the year are expected to be $860 million, versus the Street consensus of $854.9 million. As a result of the trimmed guidance, Citi upgraded Mentor from Hold to Buy and set a $14 price target, also adding the stock its its Top-Pick list. The firm noted that the lowered guidance was unfortunate, but shows operating expenditures discipline. Citi is telling clients to build positions ahead of peak year '09.
Corinthian Colleges (Nasdaq: COCO) 21% HIGHER; after the close Friday, the Washington Post Co. (NYSE: WPO) disclosed a 8.1% stake in Corinthian in a 13D filing. The stake represents an almost $60 million investment in the Company.
Herzfeld Caribbean Basin Fund (Nasdaq: CUBA) 21% HIGHER; is surging today as a result of Cuba's President, Fidel Castro, announcing he would step down from his position. Castro's brother, Raul is expected to takeover for Fidel. Herzfeld is a closed-end management investment Company that is viewed around Wall Street as a way to play volatile political issues within Cuba.
Premier Exhibitions, Inc. (Nasdaq: PRXI) 20% HIGHER; appointed a new CFO: Harold "Bud" Ingalls, effective immediately. Also announced a 3 million share repurchase program, but today's jump is due to the former news item.
North American Palladium (NYSE: PAL) 19.4% HIGHER; is jumping today due to palladium prices which jumped about $25, or more than 5% to $475 an ounce.
Cell Genesys (Nasdaq: CEGE) 16.3% HIGHER; continues to rise after Friday's 20% rise due to positive clinical results for its GVAX.
Given Imaging Ltd. (Nasdaq: GIVN) 14.4% LOWER; announced that the FDA has sent the company a not substantially equivalent letter regarding its 510(k) application to market PillCam COLON in the United States.
TierOne Corp. (Nasdaq: TONE) 14% LOWER; today announced that it is still waiting for regulatory approval before it can complete its proposed merger with CapitalSource (NYSE: CSE). This bodes negatively for shareholders as the deadline that would allow either company to cancel the agreement was February 17.
Westlake Chemical (NYSE: WLK) 10.6% LOWER; reported Q4 GAAP EPS of $0.29, versus the consensus of $0.33. Revenues for the quarter came in at $850.6 million, compared to the Street estimate of $830.19 million.
Alon USA Energy Inc. (NYSE: ALJ) 7.6% LOWER; experienced an explosion and fire at its Big Spring refinery that has temporarily shut down production at the 70,000-barrel-a-day facility.
Mentor Graphics (Nasdaq: MENT) 21.3% HIGHER; lowered FY08 non-GAAP EPS from $1.02 to $1.00, versus the consensus of $0.98. Mentor said revs for the year are expected to be $860 million, versus the Street consensus of $854.9 million. As a result of the trimmed guidance, Citi upgraded Mentor from Hold to Buy and set a $14 price target, also adding the stock its its Top-Pick list. The firm noted that the lowered guidance was unfortunate, but shows operating expenditures discipline. Citi is telling clients to build positions ahead of peak year '09.
Corinthian Colleges (Nasdaq: COCO) 21% HIGHER; after the close Friday, the Washington Post Co. (NYSE: WPO) disclosed a 8.1% stake in Corinthian in a 13D filing. The stake represents an almost $60 million investment in the Company.
Herzfeld Caribbean Basin Fund (Nasdaq: CUBA) 21% HIGHER; is surging today as a result of Cuba's President, Fidel Castro, announcing he would step down from his position. Castro's brother, Raul is expected to takeover for Fidel. Herzfeld is a closed-end management investment Company that is viewed around Wall Street as a way to play volatile political issues within Cuba.
Premier Exhibitions, Inc. (Nasdaq: PRXI) 20% HIGHER; appointed a new CFO: Harold "Bud" Ingalls, effective immediately. Also announced a 3 million share repurchase program, but today's jump is due to the former news item.
North American Palladium (NYSE: PAL) 19.4% HIGHER; is jumping today due to palladium prices which jumped about $25, or more than 5% to $475 an ounce.
Cell Genesys (Nasdaq: CEGE) 16.3% HIGHER; continues to rise after Friday's 20% rise due to positive clinical results for its GVAX.
Given Imaging Ltd. (Nasdaq: GIVN) 14.4% LOWER; announced that the FDA has sent the company a not substantially equivalent letter regarding its 510(k) application to market PillCam COLON in the United States.
TierOne Corp. (Nasdaq: TONE) 14% LOWER; today announced that it is still waiting for regulatory approval before it can complete its proposed merger with CapitalSource (NYSE: CSE). This bodes negatively for shareholders as the deadline that would allow either company to cancel the agreement was February 17.
Westlake Chemical (NYSE: WLK) 10.6% LOWER; reported Q4 GAAP EPS of $0.29, versus the consensus of $0.33. Revenues for the quarter came in at $850.6 million, compared to the Street estimate of $830.19 million.
Alon USA Energy Inc. (NYSE: ALJ) 7.6% LOWER; experienced an explosion and fire at its Big Spring refinery that has temporarily shut down production at the 70,000-barrel-a-day facility.
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