Unusual 11 Mid-Day Movers 6/6: TMWD, ISPH, PARL, MXC Higher; MRVC, GENT, EVC, GEOI Lower

June 6, 2008 12:47 PM EDT

Tumbleweed Communications (NASDAQ: TMWD) 47% HIGHER; Sopra Group and Tumbleweed Communications (Nasdaq: TMWD) announced a plan of merger in which Sopra Group, via its subsidiary Axway, would acquire all the outstanding Tumbleweed stock in cash at $2.70 per share. Shares of Tumbleweed closed at $1.77 yesterday.

Inspire Pharmaceuticals, Inc. (NASDAQ: ISPH) 45.3% HIGHER; announced top-line results from the 352-patient, double-blind, 24-week placebo-controlled portion of its Phase 3 trial (TIGER-1) with denufosol tetrasodium inhalation solution for the treatment of cystic fibrosis.

Parlux Fragrances, Inc. (NASDAQ: PARL) 40% HIGHER; reports FY08 (for the fiscal year ended March 31, 2008) EPS of $0.24, versus the analyst estimate of $0.17 and compared to ($0.44) last year. Revenues for the year were $153.69 million, versus the consensus of $154.40 million.

MRV Communications (Nasdaq: MRVC) 22.6% LOWER; today announced that as a result of the recent discovery and preliminary analysis by management of information relating to the company's stock option practices during the period from 2002 through the first quarter of 2004, the company's board of directors has established a special committee of independent directors to review the company's historical stock option practices and related accounting. The special committee will be assisted by independent legal counsel and outside accounting experts.

Gentium S.p.A (NASDAQ: GENT) 21% LOWER; Announces Update from Data Safety Monitoring Board Review of the Phase III Treatment Trial of Defibrotide for Severe Veno-Occlusive Disease. In its latest report, the DSMB reconfirmed its findings regarding safety and balance of the trial arms based on the data presented to date. However, the DSMB did have concerns and questions about the data assembled and, accordingly, the DSMB "did not regard it proper to make a recommendation concerning the further conduct of the study at this time."

Entravision Communications (NYSE: EVC) 19.9% LOWER; Citi downgrades Entravision from Buy to Hold.

GeoResources, Inc. (NASDAQ: GEOI) 17% LOWER; entered into definitive agreements with institutional investors to sell 1.53 million shares of unregistered common stock in a private placement for $22.50 per share for gross proceeds of $34.5 million.

Sangamo BioSciences, Inc. (Nasdaq: SGMO) 16.7% LOWER; announced today the completion of patient enrollment into its Phase 2 clinical trial (SB-509-701) in subjects with moderate to severe diabetic neuropathy. Additionally, based upon positive initial data, the company plans to expand this study and enroll additional subjects to obtain more information for the design of a potential Phase 3 trial.

Mexco Energy (AMEX: MXC) 15.3% HIGHER; with crude oil up more than $6 today and returning to near all-time high levels, the speculative oil stocks are back in play. Royale Energy (Nasdaq: ROYL) and Fieldpoint Petroleum (AMEX: FPP) are also up big today.

Concho Resources Inc. (NYSE: CXO) 14% HIGHER; has entered into a definitive agreement to acquire all the outstanding general partner, limited partner and membership interests of Henry Petroleum and certain affiliated entities, for $565 million in cash, subject to customary closing conditions.

C&D Technologies, Inc. (NYSE: CHP) 13.9% HIGHER; reports Q1 EPS of $0.02, 3 cents better than estimates. First quarter revenues were $93.8 million vs. consensus of $90.68 million.

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• Citi

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?