May 3rd Gapping Up/Down

Gapping up on strong earnings/guidance: NVEC +15.6%, SMDI +15.5% (also upgraded to Outperform at CIBC), CHTR +10.1%, SUNH +9.2%, ICOC +9.0% (very light volume), KOP +8.8%, OMG +8.0%, RNWK +7.8% (also upgraded to Buy at ThinkEquity), SYMC +7.3% (also multiple upgrades), GFIG +6.5% (also tgt raised to $80 at Jefferies), GNA +6.5%, BBBB +6.0%, ARQL +4.9%... Biotechs gapping up on news: QMED +22.0% (Perlane approved for sales in the USA, also reports March EPS), BSM +21.6% (study concludes that hyperthermia added to radiation improved complete response, local relapse-free survival and overall survival), HNSN +19.7% (receives FDA clearance for commercialization of its robotic platform for catheter mapping procedures), BUF +17.8% (announces FDA approval of Sojourn Sevoflurane; also tgt upped to $10 at Hambrecht), EPCT +17.5% (to present new NP-1 data at American Pain Society meeting), YMI +16.2% (reports AeroLEF randomized phase IIb trial meets primary endpoint in patients with post-surgical pain), NVAX +6.7% (reports positive pre-clinical study results from live virus challenge to pandemic flu vaccine), AVNR +5.6% (presents data on long-term safety of Zenvia and prevalence of IEED)... M&A: IPS +6.1% (SSAB to acquire IPS for $160/share, according to Dow Jones... up in sympathy AKS +4.1%, X +1.4%, NUE +1.4%)... Other news: MRX +8.8% (Perlane approval should help relieve pressure on MRX - Jefferies), SOFO +8.5% (clarifies guidance after yesterday's earnings report), EFUT +7.9% (inks systems integrator agreement with JDA Software), FRPT 5.7% (momentum), TSYS +1.8% (late in session yesterday Fed Biz Ops website reports that TSYS was awarded $90 mln contract).

Gapping Up: EPCT +23.3%, QMED +23.2%, NVEC +18.1%, YMI +17.3%, BUF +16.9%, SMDI +14.1%, MRX +11.1%, TSYS +10.2%, ALAN +9.7%, RNWK +8.0%, SLW +7.3%, SYMC +6.8%, EFUT +5.6%, CEGE +5.4%... Gapping Down: TLB -9.7%, SMSI -9.5%, JDSU -9.3%, INCY -8.9%, ANDE -8.8%, CELG -6.8%, APKT -5.8%, TSO -5.7%, UBS -5.6%, LVS -5.4%, SUN -5.4%, WYNN -3.2%, AGU -2.8%, AHO -2.6%, RIGL -2.6%.