Unusual 11 Mid-Day Movers 6/30: NVAX, VICL, GERN, XCO Higher; RZ, SRZ, AIG, ALY Lower
Raser Technologies, Inc. (NYSE: RZ) 28.3% LOWER; announced today that it has obtained commitments from institutional investors to purchase approximately $25.5 million of its common stock and warrants in a registered direct offering.
Sunrise Senior Living, Inc. (NYSE: SRZ) 27% LOWER; learned that HCP (NYSE: HCP) has filed complaints against Sunrise and certain of its subsidiaries in the Delaware Chancery Court alleging a variety of breaches of contract and certain fiduciary duty with respect to 64 HCP-owned communities managed by Sunrise. Click here for the full report.
Novavax, Inc. (Nasdaq: NVAX) 20% HIGHER; announced today its initial agreement to license its proprietary, recombinant virus-like-particle vaccine technology to ROVI Pharmaceuticals of Spain. Under separate agreements that are in the process of being negotiated by both companies, ROVI will receive exclusive licenses to Novavax's portable VLP vaccine technology to commercialize flu vaccines in Spain and Portugal, and non-exclusive licenses in Europe, Latin America and Africa. Furthermore, under a stock purchase agreement executed today, ROVI has committed to make a $3 million equity investment in Novavax at $2.74 per share.
Vical Incorporated (Nasdaq: VICL) 20% HIGHER; said its vaccine against A/H1N1 pandemic influenza (swine flu) produced robust immune responses well above the accepted protection threshold in 100% of vaccinated mice and rabbits after a standard two-dose vaccine regimen.
Geron Corporation (Nasdaq: GERN) 16.9% HIGHER; GE Healthcare, a unit of General Electric Company (NYSE: GE), and Geron entered into a global exclusive license and alliance agreement to develop and commercialize cellular assay products derived from human embryonic stem cells for use in drug discovery, development and toxicity screening.
EXCO Resources, Inc. (NYSE: XCO) 16.8% HIGHER; today announced that it has reached a definitive agreement with BG Group plc for the joint development and operation of EXCO's Haynesville shale and certain other related natural gas assets located in East Texas/North Louisiana. In addition, EXCO and BG Group have reached an agreement in principle regarding the joint development and operation of EXCO's midstream assets in East Texas/North Louisiana. Click here for the full report.
AIG (NYSE: AIG) 14.8% LOWER; announced that "If the credit markets continue to deteriorate, AIG may recognize unrealized market valuation losses in AIGFP’s regulatory capital super senior credit default swap portfolio in future periods which could have a material adverse effect on AIG’s consolidated financial condition or consolidated results of operations..."
Allis-Chalmers Energy, Inc. (NYSE: ALY) 12.5% LOWER; Wachovia downgrades the stock to Underperform; Valuation Range: $1.75 to $2. Click here for more color on the downgrade.
Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) 11.8% LOWER; reports Q3 loss of $0.05, versus the analyst estimate of a $0.16 gain and compared to a gain of $2.14 in the same quarter last year. Revenue for the quarter was $411.83 million, versus the consensus of $381.97 million and compared to $972.14 million in Q308.
H&R Block, Inc. (NYSE: HRB) 9.1% HIGHER; reports FY09 EPS from continuing operations of $1.53. Full year revenues were essentially flat at $4.1 billion. H&R Block sees FY10 EPS from continuing operations of $1.60-$1.80.
Apollo Group (Nasdaq: APOL) 8.5% HIGHER; reports Q3 EPS of $0.85, ex-items, or $1.26 on a GAAP basis, versus the analyst estimate of $1.12. Revenue for the quarter was $1.05 billion, versus the consensus of $1.04 billion.
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