Unusual 11 Mid-Day Movers 07/13: (TAOM) (GURE) (PBTH) Higher; (TSPT) (ITG) (OWW) Lower

Transcept Pharmaceuticals, Inc. (Nasdaq: TSPT) 39.9% LOWER; announced today that it expects to receive a Complete Response Letter from the FDA regarding the resubmitted New Drug Application for Intermezzo on or before July 14, 2011.

Taomee Holdings Ltd. (Nasdaq: TAOM) 22.5% HIGHER; a China Internet stock that could be reacting to Weibo's plan to offer virtual currency. Though both are not in the same category, investors may be looking for any positive sign in the sector to jump back in. The recently IPO'd company is showing some positive signs, shares well above the $8.50 they opened at.

Investment Technology Group (NYSE: ITG) 17.2% LOWER; announced a cost reduction plan aimed at improving margins and shareholder returns. The plan is focused on employment, consulting and infrastructure costs in both the US and Europe. The plan is expected to generate more than $20 million in pre-tax cost savings next year, or about 30 cents per share after taxes. ITG expects to record a Q2 pre-tax charge of 23-26 cents per share after taxes. The company also announced it will record a Q2 non-cash goodwill impairment charge of $210-$230 million, or about $4.50-$5 per share after taxes. Related to the above charges, ITG sees Q2 non-GAAP EPS of 12-15 cents, below the current Street estimate of 20 cents per share.

Gulf Resources, Inc. (Nasdaq: GURE), 15.4% HIGHER; reports its Chairman, Ming Yang and his family will hold their shares for the next three years and confirmed that Gulf Resources maintains 100 percent ownership of its two PRC subsidiaries Shouguang City Haoyuan Chemical Ltd. Co. and Shouguang Yuxin Chemical Industry Co., Ltd.

PROLOR Biotech (Nasdaq: PBTH) 15.3% HIGHER; Seeking Alpha highlighted several bullish analyst calls from this week earlier this morning. The stock broke over the $5.50 level at the open.

Clean Energy Fuels (Nasdaq: CLNE) 13.7% HIGHER; upgraded at BofA this morning.

North American Palladium (AMEX: PAL) 13.7% HIGHER; Metals stocks are trading sharply higher today. Gold hit a new all-time high over $1,588/oz this morning. Silver is also surging amid indications from the Fed further easing could happen.

American Lorain Corporation (Amex: ALN) 13.3% HIGHER; today announced that on July 7, two premium European frozen food manufacturers and distributors, Crop's NV and Findus Company conducted a successful factory inspection and signed a 200 ton export order for frozen strawberries and asparagus.

Orbitz Worldwide (NYSE: OWW) 11.3% LOWER; traders are taking profits today following a 30 percent jump yesterday amid a partnership with Virgin Australia.

Adtran, Inc. (NASDAQ: ADTN) 8.7% LOWER; reported Q2 EPS of $0.56, $0.03 better than the analyst estimate of $0.53. Revenue for the quarter came in at $184.23 million versus the consensus estimate of $179.44 million. Notably, most of the downside following the results came during the company's conference call.

Validus Holdings, Ltd. (NYSE: VR) 8.2% LOWER; has delivered to the Board of Directors of Transatlantic Holdings, Inc. (NYSE: TRH) a proposal to merge the businesses of Validus and Transatlantic. Pursuant to the proposal, Transatlantic stockholders would receive 1.5564 Validus voting common shares in the merger and $8.00 in cash per share pursuant to a one-time special dividend from Transatlantic immediately prior to closing of the merger for each share of Transatlantic common stock they own.

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