Unusual 11 Mid-Day Movers 09/22: (PIP) (DEER) (RENT) (IRIS) Higher; (SIGA) (KGN) (NOAH) Lower

SIGA Technologies, Inc. (Nasdaq: SIGA) 36.5% LOWER; announced today that the Delaware Court of Chancery has issued its post-trial opinion in the litigation commenced by PharmAthene, Inc. in 2006. The Court denied PharmAthene's contention that a draft license term sheet attached to the parties' 2006 merger agreement was a binding license and denied PharmAthene's request for specific performance of the alleged license. The Court ruled in PharmAthene's favor, however, on its claims for promissory estoppel and breach of the duty to negotiate a license agreement. The Court, after acknowledging that PharmAthene did not establish a right to any traditional form of relief on these claims, awarded to PharmAthene an "equitable payment stream" consisting of 50% of the net profits that SIGA achieves from the next ten years of sales of ST-246®, its smallpox drug, after the first $40 million of net profits goes entirely to SIGA.

Keegan Resources (AMEX: KGN) 26.8% LOWER; gold stocks getting crushed this morning as the metal has plunged about 4.7 percent to around $1,723 per ounce on the Comex.

Noah Holdings Limited (NYSE: NOAH) 26.2% LOWER; has not been able to retake the 200-day moving average and is now tanking through numerous support levels. Volume is very heavy.

PharmAthene, Inc. (AMEX: PIP) 21.2% HIGHER; SIGA (Nasdaq: SIGA) lost a bid to deny smallpox-drug rights to PharmAthene. The stock was halted following a circuit breaker and has not reopened since.

Golden Minerals Company (AMEX: AUMN) 20.7% LOWER; down with the entire metals mining sector.

Steelcase Inc. (NYSE: SCS) 19.1% LOWER; reported Q2 EPS of $0.15, 2 cents worse than the analyst estimate of $0.17. Revenue for the quarter came in at $700.5 million versus the consensus estimate of $686.7 million. Sees Q311 EPS of $0.17 to $0.21, versus the consensus of $0.22. Sees Q311 revenue of $690 to $715 million, versus the consensus of $704.50 million.

Deer Consumer Products, Inc. (Nasdaq: DEER) 14.5% HIGHER; making a nice bounce higher today, potentially as short-seller alfred little comes under further scrutiny.

Rentrak Corp (NASDAQ: RENT) 13.5% HIGHER; In a 13D filing on Rentrak, hedge fund Mark Cuban disclosed a 8.67%, or 972,900 share, stake in the company. This is up 27.07% from the 765,632 shares held at the end of the latest quarter ending September 22, 2011.

IRIS International (Nasdaq: IRIS) 13.4% HIGHER; spiked sharply higher in afternoon trade following news the company received FDA 510(k) clearance for its Nadia Prosvue(TM).

Vical Incorporated (Nasdaq: VICL) 12.8% HIGHER; reports encouraging animal data demonstrating a synergistic (more than additive) improvement in efficacy using a combination of the company's Allovectin immunotherapy with an anti-CTLA-4 antibody.

Goodrich Corporation (NYSE: GR) 10.2% HIGHER; United Technologies Corp. (NYSE: UTX) today announced it has reached agreement to purchase Goodrich for $127.50 per share in cash. This equates to a total enterprise value of $18.4 billion, including $1.9 billion in net debt assumed.

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