Gapping up on strong earnings/guidance: INSW +43.5% (reports first profitable qtr), JOSB +7.8%, BDK +6.3%, JEF +4.5%, ADTN +4.4%, MTOX +3.6%... M&A: BCE +7.9% (to explore strategic alternatives)... Small-cap cancer/biotech stocks continue to rally: TELK +11.2% (reports positive data demonstrating synergy in combination and highly statistically significant effect of Telcyta), NGEN +10.3% (submits 510 for cystic fibrosis genetic assay and NanoChip 400 system), XOMA +8.0% (no news, just joining in the fun), CEGE +6.3% (reports GVAX immunotherapy for prostate cancer induces a broad, patient-specific antibody response)... Other news: VG +15.5% (Lightreading reports VG is in talks with Sprint Nextel about a way to resolve patent lawsuit), ONT +8.0% (continued momentum), MGAM +7.9% (reports installed base of player terminals and product mix), XING +8.4% (still checking), TISA +5.7% (announces that seven new German customers have chosen eFLOW platform), ACUS +4.8% (continued momentum), DIVX +4.4% (software to be bundled with Intel Media Series Motherboards), MDII +4.2% (continued momentum), CLWR +4.1% (multiple initiations of coverage), GCO +4.0% (Time running out for Foot Locker to launch a hostile bid - NY Post), STJ +2.6% & BSX +2.2% (upgraded to Outperform at Bernstein).
Gapping down on weak earnings/guidance: PACT -11.3%, UFPI -11.3%, FIC -9.4% (also multiple downgrades), AMTD -5.0%, ROCK -4.4%... Other news: NLST -17.2% (downgraded to Hold at Needham), KRY -6.0% (still checking), TFSM -4.6% (downgraded to Sector Perform at RBC), JSDA -4.4% (downgraded to Source of Funds at ThinkEquity), BMRN -4.4% (files for a $250 mln convertible notes offering; supplement to prospectus dated March 20), JASO -4.3% & SOLF -3.7% (downgraded to Sector Perform at CIBC), AGEN -3.8% (profit-taking following yesterday's gap up), AVR -3.4% (downgraded to Neutral at Goldman), PGLA -2.9% (continues to come in after giving up all of yesterday's gain).
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