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12-14 ups and downs

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08:20 SUMRX Gapping up/down: ADBE +3.6% on earnings.... PAY -7.6%, CNC -4%, SLB -2.1%, UTX -1.1% on earnings/guidance, oil/gas related names lower
Gapping up:
In reaction to strong earnings/guidance: CIS +5.1%, (light volume), ADBE +3.6%.

Other news: FCEL +22.7% (FuelCell Energy announces sale of a 14.9 megawatt fuel cell park in Bridgeport, Connecticut to Dominion), SZYM +16.6% (successfully scales renewable oil fermentation to 500,000 liters at ADM Clinton, Iowa Facility), ALU +10.9% (Alcatel-Lucent confirms multi-year financing commitments of EUR1.62 bln), EGOV +4.4% ( will replace OPNET Technologies in the S&P SmallCap 600), AVG +4.4% (announces new Search and Distribution relationship with Yahoo), MHR +2% (announces pricing of $150 mln add-on offering of 9.75% senior notes due 2020), BUD +1% (still checking).

Analyst comments: YOKU +2.5% (Ylight volume, initiated with OVerweight at Morgan Stanley), MRO +1.9% (upgraded to Buy from Neutral at Goldman), SAP +1.1% (SAP initiated with a Buy at Janney ), HST +0.9% (upgraded to Buy from Neutral at Citigroup)

Gapping down:
In reaction to disappointing earnings/guidance: ZQK -14.7%, PAY -7.6%, CNC -4%, SLB -2.1%, UTX -1.1%.

M&A news: CLWR -1.9% (Clearwire investors want more from Sprint (S) bid; Softbank set caps, according to reports).

Select oil/gas related names showing early weakness: BHI -2%, HAL -1.1%, WFT -1%, NOV -0.9%, BP -0.7%, TOT -0.6%, PBR 1.6%.

Other news: ISIS -8.8% (ISIS Pharm and Genzyme, a Sanofi co (SNY), announced that the Committee for Medicinal Products for Human Use of the EMA has adopted a negative opinion for its marketing authorization application for KYNAMRO), CLSN -8.4% (still checking), ACRE -5.7% (Announces $50 mln Private Offering of Unsecured Convertible Senior Notes), FBR -4.9% (still checking), NIHD -4.4% (appoints Chairman Steven Shindler as interim CEO), MOH -3.6% (following CNC guidance), LPTN -3.3% (announces proposed public offering of common stock), DB -2.2% (still checking), LHO -2% ( announces launch of offering of common shares), CYTX -1.8% (proposes public offering of common stock), MBI -1.4% (MBIA is in default on senior notes says Bank of America (BAC), according to reports), AU -1.4% and GFI -1.3% (still checking), .

Analyst comments: ZUMZ -2.9% (downgraded to Underperform at BofA/Merrill), AAPL -1.8% (attributed to cautious comments from UBS ), ETH -1.4% (light volume, downgraded to Hold from Buy at Stifel Nicolaus), AZN -1.4% (downgraded to Sell from Hold at Societe Generale), XOM -0.4% (downgraded to Neutral from Buy at Goldman).

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08:07 SGYP Synergy Pharma presents poster on novel mechanism of action of SP-333, an agonist of Guanylate Cyclase-C for treatment of ulcerative colitis; data also demonstrate that systemic absorption of orally administered SP-333 is minimal (5.14 )
The poster describes animal studies showing that oral treatment with SP-333, an analog of uroguanylin, ameliorated gastrointestinal (GI) inflammation in dextran sodium sulfate (DSS) induced colitis in mice, and that down-regulation of NF-kB and pro-inflammatory cytokines was associated with SP-333 administration. The data also demonstrate that systemic absorption of orally administered SP-333 is minimal, and is unaffected by the severity of the experimental colitis. Synergy recently completed a single-dose, dose-escalating Phase I trial of SP-333 in healthy adult volunteers, and is planning to initiate a multi-dose, dose-escalation study in healthy volunteers in early 2013.

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08:01 CEMP Cempra announces initiation of CEM-102 Phase 2 Clinical trial in patients with prosthetic joint infections (6.18 )
Co announced the initiation of its Phase 2 clinical trial of CEM-102 in patients with prosthetic joint infections (PJIs). CEM-102 is the company's loading dose formulation of fusidic acid, an orally-active anti-staphylococcal agent with a long history of safety and efficacy outside of the U.S. The Phase 2 study is an open-label clinical trial in which 50 patients with PJIs will be randomized to receive either oral CEM-102 plus rifampin or current standard of care, which is intravenous antibiotic therapy with antibiotics such as vancomycin, nafcillin or cefazolin.

08:01 ALXA Alexza Pharma: The CHMP delivers a positive opinion recommending grant of marketing authorization for ADASUVE (Staccato loxapine) in the European Union (5.24 ) Co announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion recommending that ADASUVE (Staccato loxapine) be granted European Union (EU) centralized marketing authorization. The CHMP recommends that ADASUVE be authorized in the EU for the rapid control of mild-to-moderate agitation in adult patients with schizophrenia or bipolar disorder. Patients should receive regular treatment immediately after control of acute agitation symptoms