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Morning Movers 07/13: (CHCI) (GBE) (PBTH) (MDW) Higher; (TSPT) (OWW) (ITG) Lower

July 13, 2011 10:15 AM EDT
Transcept Pharmaceuticals, Inc. (Nasdaq: TSPT) 39.1% 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.

Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI) 30.7% HIGHER; announced that it has formed a strategic alliance with SunBridge Capital Management, LLC. The purpose of the strategic alliance is to facilitate Comstock's and SunBridge's ongoing pursuit of certain homebuilding and multi-family rental projects in the Washington, DC market.

Grubb & Ellis (NYSE: GBE) 18.1% HIGHER; the stock is continuing higher today, up 75 percent over the last five trading sessions. On Monday, the company announced a new $100 million credit facility with KeyBank.

PROLOR Biotech (Nasdaq: PBTH) 13.3% 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.

Midway Gold (NYSE: MDW) 10.6% HIGHER; gold hit a new all-time high earlier. The company also announced results calculated from data provided by Barrick Gold Exploration Inc. Highlights include metallic screen assays with gold intercepts of 166 meters of 1.48 grams per tonne gold, including 23 meters of 2.15 gpt gold in SV10-510, and 218 meters of 2.7 gpt gold including 41 meters of 12.3 gpt in SV10-511c.

Orbitz Worldwide (NYSE: OWW) 10.1% LOWER; traders are taking profits today following a 30% jump yesterday amid a partnership with Virgin Australia.

Clean Energy Fuels (Nasdaq: CLNE) 9.8% HIGHER; upgraded at BofA this morning.

Investment Technology Group (NYSE: ITG) 9.6% 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.

Validus Holdings, Ltd. (NYSE: VR) 8.8% 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.

Coffee Holdings (Nasdaq: JVA) 8.3% HIGHER; following one day of downside, the stock is rebounding today. Shares fell nearly 24 percent yesterday after gaining about 68 percent over the prior six trading sessions.

Glu Mobile, Inc. (Nasdaq: GLUU) 7.7% HIGHER; is seeing pre-open action following Electronic Arts (Nasdaq: ERTS) takeover of PopCap Games, annoucned after the close.

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