StreetInsider.com Unusual 11 Mid-Day Movers 09/10/2007
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KMG America Corporation (NYSE: KMA) 67% HIGHER; Humana Inc. (NYSE: HUM) signed a definitive agreement to purchase KMG America Corporation for cash consideration of $6.20 for each outstanding share of KMG. Shares of KMA closed at $3.49 on Friday.
XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB) 25.2% HIGHER; Announced the initiation of a Phase IIb clinical trial of Bicifadine - a serotonin and norepinephrine reuptake inhibitor (SNRI) - for the treatment of diabetic neuropathic pain.
Repligen (Nasdaq: RGEN) 15% LOWER; Reached a settlement with ImClone Systems (Nasdaq: IMCL) in the lawsuit against ImClone for infringement of U.S. Patent No. 4,663,281 based on ImClone's manufacture and sale of Erbitux. The settlement provides for ImClone to make a payment of $65 million to co-plaintiffs Repligen and The Massachusetts Institute of Technology and will result in net proceeds to Repligen of approximately $40 million after payment of obligations to MIT and legal expenses.
Krispy Kreme Doughnuts Inc. (NYSE: KKD) 14.3% LOWER; Shares continue to slide after Friday's drop on a CIBC downgrade.
Bearingpoint (NYSE: BE) 14% LOWER; Company reported Q1 loss in a 10-Q filed with the SEC last Friday.
Clearwire Corporation (Nasdaq: CLWR) 13.4% LOWER; Stock seeing profit taking after gaining approx. 27% in the past 4 trading sessions.
Hollis-Eden Pharmaceuticals, Inc. (Nasdaq: HEPH) 10% LOWER; Stock seeing profit taking after jumping over 40% last Friday
Cardica (Nasdaq: CRDC) 9.3% LOWER; AG Edwards downgrades CRDC to Sell.
Great Lakes Bancorp (NYSE: GLK) 9.2% HIGHER; First Niagara Financial Group Inc. (Nasdaq: FNFG) announced a definitive Merger Agreement under which Great Lakes will merge into First Niagara in a transaction valued at approximately $153 million. Under the terms of the Agreement, stockholders of Great Lakes may elect to receive $14.00 in cash for each share of common stock they own or .993 shares of First Niagara stock for each share of Great Lakes stock.
China Technology Development Group Corporation (Nasdaq: CTDC) 8.2% HIGHER; Stock seeing continued momentum after last Friday's 30% move up.
Mylan Laboratories Inc. (NYSE: MYL) 3.8% HIGHER; Announced that Mylan Pharmaceuticals Inc. has received tentative approval from the U.S. Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for Topiramate Capsules, 15 mg and 25 mg. Topiramate Capsules are the generic version of Ortho McNeil Pharmaceuticals' Topamax Sprinkle Capsules which had U.S. sales of approximately $46 million for the 12 months ending June 30, 2007. Also this morning, UBS and Credit Suisse upgrades MYL.
XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB) 25.2% HIGHER; Announced the initiation of a Phase IIb clinical trial of Bicifadine - a serotonin and norepinephrine reuptake inhibitor (SNRI) - for the treatment of diabetic neuropathic pain.
Repligen (Nasdaq: RGEN) 15% LOWER; Reached a settlement with ImClone Systems (Nasdaq: IMCL) in the lawsuit against ImClone for infringement of U.S. Patent No. 4,663,281 based on ImClone's manufacture and sale of Erbitux. The settlement provides for ImClone to make a payment of $65 million to co-plaintiffs Repligen and The Massachusetts Institute of Technology and will result in net proceeds to Repligen of approximately $40 million after payment of obligations to MIT and legal expenses.
Krispy Kreme Doughnuts Inc. (NYSE: KKD) 14.3% LOWER; Shares continue to slide after Friday's drop on a CIBC downgrade.
Bearingpoint (NYSE: BE) 14% LOWER; Company reported Q1 loss in a 10-Q filed with the SEC last Friday.
Clearwire Corporation (Nasdaq: CLWR) 13.4% LOWER; Stock seeing profit taking after gaining approx. 27% in the past 4 trading sessions.
Hollis-Eden Pharmaceuticals, Inc. (Nasdaq: HEPH) 10% LOWER; Stock seeing profit taking after jumping over 40% last Friday
Cardica (Nasdaq: CRDC) 9.3% LOWER; AG Edwards downgrades CRDC to Sell.
Great Lakes Bancorp (NYSE: GLK) 9.2% HIGHER; First Niagara Financial Group Inc. (Nasdaq: FNFG) announced a definitive Merger Agreement under which Great Lakes will merge into First Niagara in a transaction valued at approximately $153 million. Under the terms of the Agreement, stockholders of Great Lakes may elect to receive $14.00 in cash for each share of common stock they own or .993 shares of First Niagara stock for each share of Great Lakes stock.
China Technology Development Group Corporation (Nasdaq: CTDC) 8.2% HIGHER; Stock seeing continued momentum after last Friday's 30% move up.
Mylan Laboratories Inc. (NYSE: MYL) 3.8% HIGHER; Announced that Mylan Pharmaceuticals Inc. has received tentative approval from the U.S. Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for Topiramate Capsules, 15 mg and 25 mg. Topiramate Capsules are the generic version of Ortho McNeil Pharmaceuticals' Topamax Sprinkle Capsules which had U.S. sales of approximately $46 million for the 12 months ending June 30, 2007. Also this morning, UBS and Credit Suisse upgrades MYL.
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