Unusual 11 Midday Movers 12/28: (PRXI) (SQNS) (ACAT) Higher; (MCP) (PERF) (ZAGG) Lower
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Premier Exhibitions (Nasdaq: PRXI) 27% HIGHER; after bouncing off support around $1.60 in mid December, shares are now up nearly 45 percent from lows. The stock is over $2 for the first time since late 2008.
Sequans (Nasdaq: SQNS) 20.4% HIGHER; continuing to push over the $2.50 level and 200-day SMA. Volume in the stock picked up rather dramatically upon breach of these technical levels.
Arctic Cat Inc. (Nasdaq: ACAT) 19% HIGHER; has purchased all of Suzuki Motor Corporation’s approximately 6.1 million shares of Arctic Cat Class B common stock for a purchase price of $79.3 million. The stock buyback reduces Arctic Cat’s outstanding shares from 18.4 million to 12.3 million, increasing non-Suzuki shareholders’ ownership of outstanding common shares by approximately 33 percent, and leaves Arctic Cat’s public share float unchanged. Arctic Cat funded this purchase with existing cash on its balance sheet. The company expects to end its 2012 fiscal year with more than $60 million in cash and no debt, after deducting cash used for the share purchase from Suzuki.
SemiLEDs (Nasdaq: LEDS) 18% HIGHER; volume is very heavy despite the thin trading across the broader equity market. Technicians may be jumping in following a break above the 200-day SMA and resistance around $3.50.
Molycorp (NYSE: MCP) 13.7% LOWER; one of just six or so analysts who cover Molycorp reduced his price target on the stock from $57 to $39 earlier. The analyst cited concerns with rare earth prices.
Perfumania Holdings, Inc. (Nasdaq: PERF) 13.6% LOWER; the company announced plans to acquire Parlux Fragrances, Inc. yesterday. Shares fell nearly 33 percent yesterday on the news.
Antares Pharma (AMEX: AIS) 13.4% HIGHER; the stock has now almost taken back all the losses following news on December 14th a Phase 3 trial on BioSante's (Nasdaq: BPAX) LibiGel trial didn't meet endpoints. Antares shares are back over the $2 today. A SeekingAlpha article entitled "Antares Pharma's New Blockbuster Drug Has Potential to Generate Long-Term Revenue" may be helping upside today.
Delcath Systems, Inc. (Nasdaq: DCTH) 13.3% HIGHER; reports its Galway, Ireland location has achieved ISO 13485:2003 Certification—an internationally recognized quality standard designed to ensure that medical device manufacturers have the necessary comprehensive quality management systems in place to safely design, develop, manufacture and distribute medical devices in the European Union (EU). ISO 13485 Certification is a regulatory requirement of the EU's Medical Device Directive, and represents an important step toward commercialization of the Delcath Hepatic CHEMOSAT® Delivery System following its European CE Mark approval in April 2011.
Rare Element Resources (AMEX: REE) 11.3% LOWER; comments from JPMorgan in regards to Molycorp are impacting the entire rare-earth group today. Shares of Avalon Rare Metals (AMEX: AVL) are down 13.4 percent.
ZAGG Inc. (Nasdaq: ZAGG) 11.2% LOWER; on December 27th, shares opened below their 200 day moving average following a announcement that Horizons Ventures, Ltd. purchased a $3 million stake in HzO as part of a preferred equity investment. With the investment Horizons, becomes a shareholder in HzO with other preferred equity investors, including ZAGG. The stock fell more than 7 percent yesterday.
Parlux Fragrances, Inc. (Nasdaq: PARL) 10.1% LOWER; investors are taking profits today after shares closed up over 71 percent yesterday. Management at Parlux Fragrances announced Perfumania Holdings (Nasdaq: PERF) would be acquiring the company for $170 million.
Sequans (Nasdaq: SQNS) 20.4% HIGHER; continuing to push over the $2.50 level and 200-day SMA. Volume in the stock picked up rather dramatically upon breach of these technical levels.
Arctic Cat Inc. (Nasdaq: ACAT) 19% HIGHER; has purchased all of Suzuki Motor Corporation’s approximately 6.1 million shares of Arctic Cat Class B common stock for a purchase price of $79.3 million. The stock buyback reduces Arctic Cat’s outstanding shares from 18.4 million to 12.3 million, increasing non-Suzuki shareholders’ ownership of outstanding common shares by approximately 33 percent, and leaves Arctic Cat’s public share float unchanged. Arctic Cat funded this purchase with existing cash on its balance sheet. The company expects to end its 2012 fiscal year with more than $60 million in cash and no debt, after deducting cash used for the share purchase from Suzuki.
SemiLEDs (Nasdaq: LEDS) 18% HIGHER; volume is very heavy despite the thin trading across the broader equity market. Technicians may be jumping in following a break above the 200-day SMA and resistance around $3.50.
Molycorp (NYSE: MCP) 13.7% LOWER; one of just six or so analysts who cover Molycorp reduced his price target on the stock from $57 to $39 earlier. The analyst cited concerns with rare earth prices.
Perfumania Holdings, Inc. (Nasdaq: PERF) 13.6% LOWER; the company announced plans to acquire Parlux Fragrances, Inc. yesterday. Shares fell nearly 33 percent yesterday on the news.
Antares Pharma (AMEX: AIS) 13.4% HIGHER; the stock has now almost taken back all the losses following news on December 14th a Phase 3 trial on BioSante's (Nasdaq: BPAX) LibiGel trial didn't meet endpoints. Antares shares are back over the $2 today. A SeekingAlpha article entitled "Antares Pharma's New Blockbuster Drug Has Potential to Generate Long-Term Revenue" may be helping upside today.
Delcath Systems, Inc. (Nasdaq: DCTH) 13.3% HIGHER; reports its Galway, Ireland location has achieved ISO 13485:2003 Certification—an internationally recognized quality standard designed to ensure that medical device manufacturers have the necessary comprehensive quality management systems in place to safely design, develop, manufacture and distribute medical devices in the European Union (EU). ISO 13485 Certification is a regulatory requirement of the EU's Medical Device Directive, and represents an important step toward commercialization of the Delcath Hepatic CHEMOSAT® Delivery System following its European CE Mark approval in April 2011.
Rare Element Resources (AMEX: REE) 11.3% LOWER; comments from JPMorgan in regards to Molycorp are impacting the entire rare-earth group today. Shares of Avalon Rare Metals (AMEX: AVL) are down 13.4 percent.
ZAGG Inc. (Nasdaq: ZAGG) 11.2% LOWER; on December 27th, shares opened below their 200 day moving average following a announcement that Horizons Ventures, Ltd. purchased a $3 million stake in HzO as part of a preferred equity investment. With the investment Horizons, becomes a shareholder in HzO with other preferred equity investors, including ZAGG. The stock fell more than 7 percent yesterday.
Parlux Fragrances, Inc. (Nasdaq: PARL) 10.1% LOWER; investors are taking profits today after shares closed up over 71 percent yesterday. Management at Parlux Fragrances announced Perfumania Holdings (Nasdaq: PERF) would be acquiring the company for $170 million.
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