Unusual 11 Mid-Day Movers 3/2: CRXX, MSN, SQNM, HVT, QCOR Higher; NUHC, CXDC, NTRI, ARD Lower
CombinatoRx, Incorporated (NASDAQ: CRXX) 36.9% HIGHER; today announced that the U.S. FDA has approved the New Drug Application for Exalgo (hydromorphone HCl) extended-release tablets, for the management of moderate to severe pain in opioid tolerant patients requiring continuous, around-the-clock opioid analgesia for an extended period of time. Click here for the full report.
Nu Horizons Electronics Corp. (NASDAQ: NUHC) 28% LOWER; announced today that Xilinx, Inc. has formally notified Nu Horizons of its intention to terminate its distribution agreement with Nu Horizons due to a change in Xilinx's distribution strategy. The termination is effective as of June 5, 2010 and until that date Xilinx and Nu Horizons intend to work together to ensure a smooth transition. Additionally, Xilinx has stated that it will work with Nu Horizons to honor customer backlog. Pursuant to the terms of the distribution agreement, Nu Horizons has the right to return all unsold Xilinx inventory to Xilinx, at Xilinx's expense, for a full refund of the original purchase price. The stock was also downgraded at Thomas Weisel.
Emerson Radio Corp. (NYSE Amex: MSN) 23.8% HIGHER; today reported that its Board of Directors this morning declared an extraordinary cash dividend of $1.10 per common share payable on March 24, 2010 to shareholders of record of the Company at the close of trading on March 15, 2010. The Company also announced that, in principle, its lead bank had consented to the dividend payment and had agreed with the Company, consistent with the forecasted borrowing needs of the Company through the facility's December 2010 expiration date, to reduce the maximum credit available under the facility from $45 million to $15 million and to limit credit advances to cash collateralized letters of credit. Click here to see the full report.
Sequenom (Nasdaq: SQNM) 22% HIGHER; Cantor Fitzgerald upgrades the stock from Hold to Buy with a $16 price target. Click here to see the full report.
Haverty Furniture (NYSE: HVT) 18.8% HIGHER; reports Q4 EPS of $0.45, ex-items, versus the analyst estimate of $0.13 and compared to a GAAP loss of $0.44 in the same quarter last year. Revenue for the quarter was $162.4 million, which compares to the estimate of $162.40 million. Same store sales rose 2%.
Questcor Pharma (NASDAQ: QCOR) 17.5% HIGHER; reports Q4 EPS of $0.13, 4 cents better than the analyst estimate of $0.09. Revenue for the quarter was $25.9 million, which compares to the estimate of $21.56 million.
Grubb & Ellis (NYSE: GBE) 17% HIGHER; an analyst at JMP Securities has initiated coverage on the stock with a Market Outperform rating and a $2.50 price target. Volume is extremely heavy today.
China XD Plastics (Nasdaq: CXDC) 16.3% LOWER; the stock seems to be barreling through technical support levels like theres no tomorrow. After breaking below the $8 level yesterday, shares are now coming dangerously close to crashing through the $6 level on very heavy volume today.
Nutrisystem (NASDAQ: NTRI) 13.5% LOWER; reports Q4 adjusted EPS of $0.18, 5 cents better than the analyst estimate of $0.13. Revenue for the quarter was $106.2 million, which compares to the estimate of $102.17 million.
Arena Resources Inc. (NYSE: ARD) 12.9% LOWER; reports Q4 EPS of $0.25, ex-items, 10 cents worse than the analyst estimate of $0.35 and compared to $0.37 in the same quarter last year. Revenue for the quarter was $32.97 million, which compares to the estimate of $41.03 million.
CryptoLogic (NASDAQ: CRYP) 12.5% LOWER; reports Q4 loss of $1.97, versus the analyst estimate of ($0.13) and a loss of $2.05 for the same period in 2008. Revenue for the quarter was $9.9 million, which compares to the estimate of $11 million.
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