Options Wonderland

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ups and downs 3-19

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09:09 IPCI Intellipharmaceutics Intl will issue an aggregate of ~1.815 mln common shares and warrants to purchase an additional 453,750 common shares in a registered direct unit offering at $1.72 per unit (1.91 )
Co announced that it is raising approximately US$3.1 million in a registered direct unit offering at a price of US$1.72 per unit. In connection with the offering, the Company will be issuing to the investors an aggregate of ~1.815 mln common shares and warrants to purchase an additional 453,750 common shares. The warrants will be exercisable immediately, have a term of five years and an exercise price of USD$2.10 per share of common stock. After placement agent fees and estimated offering expenses, the Company expects to receive net proceeds of ~$2.7 million.

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09:05 STEM StemCells beats by $0.06 (1.82 )
Reports Q4 net loss of $0.07 vs ($0.13) CIQ estimate; Total revenue was $211,000 vs $330,000 CIQ est and compared to $541,000 in the same period of 2011. The decline was primarily due to higher revenue from licensing agreements in 2011.

For the full year 2012, cash used in operations totaled $19,869,000, a 10% decrease compared to $22,058,000 in 2011. At December 31, 2012, cash, cash equivalents and marketable debt securities totaled $24,410,000 on a pro forma basis.

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09:03 BPAX BioSante sends letter urging stockholders to vote 'FOR' proposed merger with ANI Pharmaceuticals (1.29 )
Co announces it sent a letter to shareholders recommending that stockholders vote "FOR" the proposed merger. The letter highlights the significant benefits to BioSante stockholders of the value of the proposed merger and the importance of promptly delivering a vote "FOR" the merger.

Within the letter, co states:
"The BioSante board of directors strongly believes that the proposed merger with ANI is the best alternative for BioSante stockholders. If the merger isn't approved, BioSante will remain a stand-alone company and will still need to address the issues and risks that led it to propose the merger with ANI in the first place. The BioSante board of directors believes that the merger would create more value for BioSante stockholders in the long-term than BioSante could create as an independent, stand-alone company..."

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08:26 SUMRX Gapping down: ABC +6.6% and WAG +1.3% following earnings/agreement... DSW -6%, LULU -5.6% on earnings/guidance, metals/mining stocks lower
Gapping up:
In reaction to strong earnings/guidance: ABC +6.6% (light volume, also AmerisourceBergen announces strategic, long-term relationship with Walgreens (WAG) and Alliance Boots; agreements are expected to be meaningfully accretive to ABC's earnings), EA +4.8% (also announced that John Riccitiello will step down as Chief Executive Officer), ROVI +2%, WAG +1.3% (also deal with ABC).

M&A related: DELL +0.5% (reports out indicate Blackstone considering outbidding Silver Lake for Dell), LCC +1.2% (higher on reports that AMR deal not likely to be delayed), .

Other news: SKUL +6% (names Hoby Darling President and Chief Executive Officer), ZLCS +3.7 (presents data demonstrating advantages of state-dependent ion channel screening says 'it may be possible to broaden the therapeutic window, minimize adverse effects'), SNE +3.5% (still checking), YRCW +2.3% ( is not aware of any specific developments to which the recent sharp increase in its stock trading volume and price would be attributable), DFS +1.4% (following positive Meredith Whitney comments), BA +1% (plans to announce a major airplane order today, according to reports), HUN +0.5% (announces successful completion of it's scheduled maintenance at Port Neches; total estimated impact on first quarter 2013 EBITDA is ~$55 mln).

Analyst comments: SRPT +3.1% (initiated with a Buy at Deutsche Bank), ACAD +2.9% (initiated with a Buy at Jefferies), TEF +1.8% (upgraded to Overweight from Equal-Weight at Morgan Stanley), EBAY +1.8% (upgraded to Buy at Cantor Fitzgerald), AUY +1.1% (upgraded to Buy at Cowen), HAIN +1% (upgraded to Buy from Neutral at Longbow, also positive mention on MadMoney)

Gapping down:
In reaction to disappointing earnings/guidance: WSCI -19.2% (thinly traded), INTX -14%, FF -9.2%, DSW -6%, LULU -5.6%, (Black Luon pants shortage expected, downgraded to Neutral from Buy at Sterne Agee).

Select financial related names showing modest weakness: NBG -3.1%, BCS -1.4%, DB -1.2%, IBN -1.2%.

Select metals/mining stocks trading lower: RIO -3.7% ( added to Conviction Sell list; downgraded from Neutral at Goldman), BBL -2.3%, MT -1.8%, GFI -1.4%, AU -1.2%.

Other news: AFFY -58.9% (announces reduction in force to align resources around ongoing product investigation; to retain a bank to evaluate strategic alternatives), HNR -49.2% (files to delay its 10-K), GLCH -11.6% (following commentary in 10-K), STSI -8.6% (discloses update in 10-K; responding to subpoenas in a government investigation), CAH -6.2% (completes acquisition Of AssuraMed), USMO -5% (files to delay its 10-K), CMLP -4.6% (announces public offering of common units), HPT -4.4% (announces proposed public offering of 10 mln common shares), LRE -4.3% (to acquire oil and gas producing properties in Oklahoma from Lime Rock Resources for $38.2 mln and announces public offering of common units of 6 mln common units, including 3 mln by Lime Rock Resources), HEP -4% (announces public offering of 1.875 mln common units representing limited partner interest), ARMH -2.1% (announces CEO succession plan; CEO Warren East has decided to retire, effective 1 July 2013), SQNM -2% (files to delay its 10-K), TWO -1.9% (announces public offering of 50 mln shares of common stock), TICC -1.6% (commences 3 mln share public offering of common stock), CHTR -0.9% (Charter Communications and Liberty Media Corporation Announce Agreement for Investment).

Analyst comments: JNPR -3.3% (downgraded to Sell from Neutral at Goldman), AGCO -1.1% (downgraded to Neutral from Buy at UBS), DE -1.1% (downgraded to Neutral from Buy at UBS), ERIC -0.8% (downgraded to Hold from Buy at Nordea)

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08:09 CHTP Chelsea Therapeutics presents Northera Study 306 Data; hypotheses formed in Study 306A were confirmed in Study 306B (1.87 )
Co announces presentation from Northera Study 306 at the American Academy of Neurology. Results presented show that the hypotheses formed in Study 306A, including exploratory analyses regarding clinical trial parameters such as dizziness/lightheadedness, rate of falls, and number of fall-related injuries, were confirmed in Study 306B.

Specifically, droxidopa was shown to improve both dizziness/lightheadedness and standing systolic BP at Week 1 in patients with NOH associated with PD compared with placebo. In addition, there was a lower rate of falls and fall-related injuries in patients who received droxidopa compared with placebo (not statistically significant). Data from the overall study was consistent with that seen in Study 306B, including dizziness/lightheadedness at Week 1and Week 8.

Results also demonstrated that, although a large majority of patients were taking dopa-decarboxylase inhibitors, which are thought to potentially block the conversion of droxidopa to norepinephrine, their use did not appear to affect either the symptomatic effects of droxidopa or its effect on standing systolic blood pressure.

Droxidopa was found to be safe and well tolerated (including no evidence of worsened PD), and the number and types of adverse events were consistent with previous studies.