Unusual 11 Mid-Day Movers 9/24: BAYN, AM, OSP, HLCS Higher; CHTP, ILI, CNXT, FTBK Lower

September 24, 2009 12:23 PM EDT

Bay National Corp. (Nasdaq: BAYN) 147.4% HIGHER; is seeing unsual upside action today. The stock is up on volume that is 50x normal.

Chelsea Therapeutics (Nasdaq: CHTP) 64.3% LOWER; announced top-line results from Study 302, the first of two Phase III trials of Droxidopa for the treatment of symptomatic neurogenic orthostatic hypotension did not show statistically significant improvement versus placebo. Click here for the full report.

American Greetings (NYSE: AM) 24.7% HIGHER; reports Q2 EPS of $0.40 versus the analyst estimate of $0.06. Revenue for the quarter was $385.8 million, which compares to the estimate of $362.67 million. Previously, it expected FY10 cash flow from operating activities of approximately $105 million to $115 million and now it expects cash flow from operating activities of at least $160 million.

Interleukin Genetics, Inc. (Amex: ILI) 23% LOWER; correcting today following yesterday's 270% surge on news of positive top-line results from a study evaluating its generic test's impact on weight loss.

OSG America, L.P. (NYSE: OSP) 17.1% HIGHER; today reported that Overseas Shipholding Group, Inc. (NYSE: OSG), which owns a 77.1% interest in OSG America, announced that it has increased the price per unit that it will offer to pay for all of the outstanding publicly held common units of OSG America from $8.00 to $10.25 per unit in cash. The increased offer price represents a 28% increase over the original proposed offer price of $8.00 per unit, a premium of approximately 44% over the closing price of the units on July 29, 2009, the last full trading day prior to the first public announcement of OSG's proposed offer, and a premium of approximately 42% above the average closing price of the units for the 90 trading days immediately preceding July 29.

Conexant Systems, Inc. (NASDAQ: CNXT) 15.9% LOWER; today announced that it intends to offer to sell, subject to market and other conditions, 7 million shares of its common stock in an underwritten public offering. Conexant intends to grant the underwriter a 30-day option to purchase up to 1.05 million additional shares to cover over-allotments, if any. Oppenheimer & Co. Inc. is the sole underwriter for the offering.

Helicos BioSciences Corporation (NASDAQ: HLCS) 14.8% HIGHER; announced the publication of a landmark study in which Helicos' True Single Molecule Sequencing technology was used to directly sequence individual molecules of RNA. The paper appeared yesterday in the on-line edition of Nature and will appear in an upcoming 2009 print issue of Nature.

Frontier Financial (Nasdaq: FTBK) 14.4% LOWER; continuing lower following news on Tuesday that the company received a non-compliance notification from NASDAQ. The stock fell nearly 10% yesterday.

SulphCo (AMEX: SUF) 13.5% LOWER; appears to be breaking lower on technicals today. The stock moved sharply below its 200-day smooth moving average this morning, and volume has been extremely heavy.

Red Hat, Inc. (NYSE: RHT) 12.3% HIGHER; reports Q2 EPS of $0.20, 5 cents better than the analyst estimate of $0.15. Revenue for the quarter was $183.6 million, which compares to the estimate of $179.10 million.

OraSure Technologies, Inc. (Nasdaq: OSUR) 12.1% HIGHER; today announced that it has been awarded a 36-month contract for its OraQuick ADVANCE(R) Rapid HIV-1/2 Antibody Test with Premier Purchasing Partners, L.P., the group purchasing unit of Premier, Inc.

To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.

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