Unusual 11 Mid-Day Movers 9/29: ASTC, LEE, SNR, NVGN Higher; SQNM, RCON, QBAK, SLTM Lower

September 29, 2009 1:48 PM EDT

Astrotech Corp. (Nasdaq: ASTC) 176.7% HIGHER; reported Q4 net income of $2.6 million, or $0.15 per diluted share on revenue of $10.4 million compared with a Q408 net loss of $1.5 million, or $(0.11) per diluted share on revenue of $6.1 million. Astrotech also announced today that its Board of Directors has engaged investment banking firm Lazard Ltd. to advise the Company in exploring strategic financial and business alternatives to enhance shareholder value. The range of alternatives which may be considered could include strategic acquisitions, a sale of some or all of the company’s assets or a variety of other possible transactions.

Lee Enterprises Inc. (NYSE: LEE) 48.6% HIGHER; moving higher on the back of strong guidance from Gannett earlier.

Sunair Services Corporation (AMEX: SNR) 43.7% HIGHER; entered into a definitive merger agreement with Massey Services, Inc. pursuant to which Massey would acquire all of the outstanding common stock of Sunair in an all-cash transaction valued at $2.75 per share, which represents a premium of approximately 47% over the stock's closing price on September 25, 2009.

Sequenom, Inc. (Nasdaq: SQNM) 36.7% LOWER; announced the completion of the independent investigation by a special committee of independent directors related to the test data and results for the company's noninvasive prenatal test for Trisomy 21 (Down syndrome). Based on the special committee's work and recommendations, the independent members of the company's board of directors have concluded that as a result of the company's attempted transition from researching potential molecular diagnostic tests to developing and commercializing those tests, the company failed to put in place adequate protocols and controls for the conduct of studies in the Trisomy 21 program at the company. Click here for the full report.

Novogen Limited (NASDAQ: NVGN) 36.2% HIGHER; trading higher on news that Marshall Edwards, Inc. (NASDAQ: MSHL) today released data demonstrating that the efficacy of NV-128 in animal xenograft models is achieved without apparent toxicity. Shares of MSHL are up 90% today.

Gannett (NYSE: GCI) 18.7% HIGHER; sees Q3 adj-EPS of $0.39-$0.42, versus the consensus of $0.28, on sales of $1.307-$1.32 billion, which compares to the Street estimate of $1.38 billion.

MCG Capital (Nasdaq: MCGC) 18.3% HIGHER; Stifel Nicolaus upgrades from Hold to Buy. Price target $6.

Recon Technology, Ltd. (Nasdaq: RCON) 16% LOWER; reports '09 sales of $11.1 million, up 15% from $9.6 million last year. EPS for the year came in at $0.99, up from $0.77 in '08. Sees FY10 sales of $12.7-$13.3 million, with EPS of $0.65-$0.68.

Qualstar (Nasdaq: QBAK) 15.1% LOWER; continuing lower today following a Q4 miss on Friday. The stock has fallen 22% this week.

Solta Medical, Inc. (Nasdaq: SLTM) 13.9% LOWER; last night issued Q3 guidance: sees sales of $17-$19 million. More from the release.

Repros Therapeutics (Nasdaq: RPRX) 12.5% LOWER; announced that the Company has received further clarification from the FDA on the Full Clinical Hold status of Proellex. As announced in early August 2009, and after voluntarily suspending dosing of all patients in its clinical trials, the Company received verbal notice from FDA that the Company's Investigational New Drug Applications for Proellex had been placed on clinical hold for safety reasons, due to the observation of increased liver enzymes in a number of patients treated with Proellex.

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