Unusual 11 Mid-Day Movers 8/23: PAR, SCOK, ECTY, XING, CVLT, ISLN Higher; EPCT, JAZZ, MIPI, GUT, WXCO Lower
3Par Inc. (NYSE: PAR) 43% HIGHER; Hewlett-Packard Co. (NYSE: HPQ) said Monday that it has offered a $1.5 billion bid for 3PAR a week after rival Dell Inc (NASDAQ: DELL) had agreed to acquire the data storage provider for $1.13 billion. The new bid is at $24/share.
EpiCept Corporation (Nasdaq: EPCT) 40% LOWER; announced that it received a refusal to file letter from the FDA on the New Drug Application for Ceplene. In its preliminary review of the Ceplene NDA, the FDA concluded that the application did not establish Ceplene’s therapeutic contribution in its combination with IL-2, and recommended that an additional confirmatory pivotal trial assessing Ceplene’s contribution and using overall survival as a primary endpoint be conducted.
SinoCoking (Nasdaq: SCOK) 24.9% HIGHER; rebounding once again today after a 14% rise on Friday. Shares of SCOK sold-off by more than 30% following news earlier last week that an affiliate will acquire 60% of equity interests of Baofeng Shuangrui Coal Co., Ltd., which operates Shuangrui Coal Mine, and Baofeng Xingsheng Coal Co., Ltd., which operates Xingsheng Coal Mine, for total consideration of approximately $12.4 million.
Jazz Pharma (Nasdaq: JAZZ) 23.2% LOWER; late friday, an FDA advisory panel voted 20-2 against approval for Jazz Pharma's (Nasdaq: JAZZ) pain drug fibromyalgia. The panel has said that the drug's benefits do not outweigh the risks.
ECOtality (Nasdaq: ECTY) 17.6% HIGHER; shares remain volatile since reporting a Q2 update on August 16th. The stock fell by more than 35% last week amid the news. Traders appear to be buying the dip today.
Molecular Insight Pharma (Nasdaq: MIPI) 17% LOWER; shares have fallen below the all-important $1 support level today. The stock has never traded below $1.
Qiao Xing Universal Resources, Inc. (Nasdaq: XING) 15% HIGHER; reports Q1 EPS of $0.12 on sales of $28.63 million.
Gabelli Utility Trust (NYSE: GUT) 14.8% LOWER; traders are continuing to sell the stock this week following news after the close on Thursday that the company is reviewing its distribution rate.
WHX Corp. (Nasdaq: WXCO) 13.9% LOWER; traders are taking profits today given that shares have surged almost 70% since reporting Q2 results on August 10.
Commvault (Nasdaq: CVLT) 13.3% HIGHER; likely trading higher amid news of an apparent bidding war for 3PAR.
Isilon (Nasdaq: ISLN) 11.4% HIGHER; see Commvault.
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