Unusual 11 Mid-Day Movers 6/25: CAEI, JAZZ, TWB, NCS Higher; INSM, MTMC, OSUR, ACXM Lower

June 25, 2009 1:47 PM EDT
China Architectural Engineering, Inc. (NASDAQ: CAEI) 65.6% HIGHER; announced that it has entered into a new agreement with Shanghai Nine Dragon Co., Ltd. to undertake the major projects located in the Nine Dragon Resort, Zhejiang, including a seven star hotel, a marine park and luxurious villas. The total project value is expected to exceed $500 million. The projects are expected to commence in the second half of 2009 and be completed within three years.

Insmed Inc. (Nasdaq: INSM) 50% LOWER; announced results from its exploratory U.S. Phase II clinical trial evaluating IPLEX(TM) (mecasermin rinfabate) in patients with myotonic muscular dystrophy. Click here for the full report.

Jazz Pharmaceuticals, Inc. (Nasdaq: JAZZ) 45.9% HIGHER; Jazz and UCB announced today positive preliminary top-line results from the second of two Phase III clinical trials of sodium oxybate (JZP-6) for the treatment of fibromyalgia. Confirming the positive results from the first Phase III study, this international, placebo-controlled trial of sodium oxybate to treat fibromyalgia achieved its key endpoints. As in the first randomized, double-blind fibromyalgia study, sodium oxybate significantly decreased pain and fatigue and improved daily function and patient global impression of change. Sodium oxybate has not been evaluated by regulators for the treatment of fibromyalgia and is not approved for this use. Click here for the full report.

MTM Technologies (Nasdaq: MTMC) 39.2% LOWER; yesterday was mentioned in a press release issued by Mobile Armor, announcing that Mobile Armor’s data security software had been selected by the Department of the Navy to protect its data at rest. MTM is an authorized reseller of certain of Mobile Armor’s data security solutions, but is not otherwise affiliated with Mobile Armor. Click here for the full report.

Tween Brands, Inc. (NYSE: TWB) 29.7% HIGHER; Dress Barn, Inc. (NASDAQ: DBRN) and Tween today jointly announced that they have entered into a definitive agreement pursuant to which a subsidiary of Dress Barn, Inc. will merge with Tween Brands, Inc. in a stock-for-stock transaction. Under the terms of the merger agreement, each share of Tween Brands, Inc. common stock will be exchanged for 0.47 shares of Dress Barn, Inc. common stock. Based on Dress Barn Inc.’s stock price of $13.24 as of June 24, 2009, this consideration would be equivalent to $6.22 per Tween Brands, Inc. share, representing an aggregate equity value of approximately $157 million.

OraSure Technologies, Inc. (NASDAQ: OSUR) 25% LOWER; today announced an update regarding the status of its application for U.S. FDA approval of an OraQuick(R) Hepatitis C test for professional use and its clinical program for an OraQuick(R) HIV-1/2 test for sale in the consumer or OTC market. In addition, the Company announced its efforts to address manufacturing challenges recently experienced with respect to its OraQuick ADVANCE(R) rapid HIV-1/2 antibody test. Click here for the full report.

Acxiom(R) Corporation (Nasdaq: ACXM) 22.3% LOWER; sees Q1 sales of $245-$255 million and EPS of about $0.03-$0.07. The Street is currently looking for Q1 sales and EPS of $282.87 million and $0.21, respectively.

NCI Building Systems (NYSE: NCS) 21.4% HIGHER; not hearing any company-specific news today, but traders may be buying the stock on the back of earnings from Lennar (NYSE: LEN), which is currently up more than 14%.

Spherix (Nasdaq: SPEX) 21% LOWER; shares spiked about 130% yesterday afternoon on preliminary reports related to a Phase 2 study on Naturlose(R). After the initial surge, shares sold off about 30% and are continuing lower today.

Xyratex Ltd (Nasdaq: XRTX) 20% HIGHER; reports Q2 non-GAAP loss of $0.23, 5 cents better than the analyst estimate of ($0.28). Revenue for the quarter was $194.7 million, versus the consensus of $180.89 million. The stock was also upgraded at Stifel Nicolaus and Baird.

Dollar Thrifty Automotive Group Inc. (NYSE: DTG) 17.4% HIGHER; jumping today on raised guidance from Hertz (NYSE: HTZ) and comments from both Hertz and Avis Budget's (NYSE: CAR) CEO's suggesting opposition to an excise tax on car rental transactions that has been included in New Jersey Senate Bill 2299/Assembly 4048.

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