Cree Inc (NASDAQ:CREE) Surges 12% On Earnings Beat (PPHM, CREE, URI, CNC, OCZ)

Cree Inc (NASDAQ:CREE) soared 11.65% to $29.24 on a traded volume of 4.26 million shares. has posted mixed results for its first quarter ended September 23. It earned revenue of $315.8 million in this period, an increase of 17 percent from the first quarter last year. Sequentially, the revenue rose 3 percent. Analysts had expected revenue of $317.9 million for the period. The company’s non-GAAP earnings were 27 cents a share, slightly higher than analysts’ estimates.

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For the second quarter, the company sees revenues in the range of $320 million and $340 million. Analysts expect revenue to be $333.6 million. Cree sees non-GAAP profits of 27 cents to 31 cents a share compared to Street estimates of 30 cents.

Peregrine Pharmaceuticals(NASDAQ:PPHM) surged up 29.47% to $0.906 on a traded volume of 7.93 million shares.The Company raised $14.3 million in gross proceeds through an ATM agreement with MLV & Co.

The Company provided an update on financing activities, its contract manufacturing business and upcoming potential clinical milestones. 

United Rentals Inc (NYSE:URI) increased 12.93% to $38.36 on a traded volume of 4.96 million shares.The Company reported net income from continuing operations of $73 million or $0.70 per share compared to $65 million or $0.91 per share in the prior year period.Total revenues for the quarter increased 68% to $1.22 billion, but below analysts' consensus estimate of $1.27 billion. The increase in profit was due to revenue growth amid increases in rental rates and rental volumes.

Centene Corp(NYSE:CNC) surged up 10.26% to $38.57.Kentucky Spirit Health Plan, the subsidiary ofCentene Corp has notified the Cabinet for Health and Family Services is exercising a contractual right that it believes allows Kentucky Spirit to terminate its Medicaid managed care contract with the Commonwealth of Kentucky effective July 5, 2013. In addition, Kentucky Spirit has filed a formal dispute with the Cabinet for damages incurred under the contract. 

OCZ Technology Group Inc (NASDAQ:OCZ) jumped up 7.72% to $1.47 on a traded volume of 2.22 million shares.The Company said that it was unable to file its Form 10-Q for the second quarter of fiscal year 2013 which ended on August 31, 2012 on time as the Company's financial statements are still under review.

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Stock Losers: OCZ Technology Group Inc. (NASDAQ:OCZ) & Cummins Inc. (NYSE:CMI)

OCZ sees significant 2Q loss

OCZ Technology Group Inc.(NASDAQ:OCZ) has said that its second quarter net loss will be ‘significant’ and that revenue will be much lower than originally forecast due to certain problems with its customer incentive program.

Shares of the solid-state hard drive maker plummeted as much as 46 percent in the pre-market trading session on Wednesday. The company which had earlier seen revenue for the quarter ending last month between $130 million and $140 million, now sees it at somewhere between $110 million and $120 million.

Although the company was to report its results today, it is said that its financial statements are still under review.

The San Jose, California based company has also named a new CEO, PLX Technology Inc Chief Executive Officer Ralph Schmitt. Cofounder Brian Peterson had resigned as CEO last month.

OCZ shares were trading at $1.88, down 40.37 percent at mid day session.

Cummins falls on proposed job cuts and lower outlook

Cummins Inc.(NYSE:CMI) has said that it expects to cut around 1500 jobs by the end of 2012 and has lowered its revenue and profit forecasts for the year. The engine maker’s shares fell to a 3 month low on this news.

The shares had gained 3.2 percent this year through yesterday. But today, the stock fell to a low of $86.50, but then recovered to $88.68, down 2.38 percent.

Yesterday, the company cut its full year revenue forecast to about $17 billion from $18 billion and its earnings before interest and tax to 13.5 percent from its earlier estimate in the range of 14.25 percent to 14.75 percent.

“We continued to see weak economic data in a number of regions during the third quarter, increasing the level of uncertainty regarding the direction of the global economy,” CEO Tom Linebarger said in a statement. “As a result of the heightened uncertainty, end customers are delaying capital expenditures in a number of markets, lowering demand for our products.”

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Royale Energy Jumped Sharply (RIMM, LVS, ROYL, OCZ, MON)

Research In Motion Limited (USA)(NASDAQ:RIMM) shares increased 0.86% to $7.04. Last week, GEMA, the Global Enterprise Mobility Alliance, and Research In Motion Ltd announced an agreement to jointly deliver global managed mobility solutions for multinational customers. Leveraging BlackBerry Mobile Fusion, RIM's Mobile Device Management solution, and supported by the global managed mobility services from GEMA members, customers will have a globally consistent approach to service delivery and technical expertise, offering them the best possible experience from their mobile deployments comprising BlackBerry, iOS, and Android devices.

Las Vegas Sands Corp.(NYSE:LVS) shares jumped 0.41% to $46.55. Investment analysts at Lazard Capital boosted their target price on shares of Las Vegas Sands from $48.00 to $52.00 in a note issued to investors on Sept. 26. The firm currently has a “buy” rating on the stock. Additionally, analysts expect that Las Vegas will post $2.37 EPS for the current fiscal year.

Royale Energy, Inc.(NASDAQ:ROYL) shares surged 50.77% to $4.93 in the morning hour. The company’s Co-CEO Stephen Hosmer spoke to delegates at the Alaska Oil and Gas Congress in Anchorage last week. While sharing the stage with CEO of Great Bear Petroleum Operating LLC, Ed Duncan discussed the results of their initial test wells (Alcor #1 and Merak #1) in which they cored portions of the Shublik, HRZ/GRZ, and Kingak shales, the source rock for Alaska's Prudhoe Bay oil field.

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OCZ Technology Group Inc.(NASDAQ:OCZ) stock increased 9.01% to $3.62. The company last week said that it has changed it top management but efforts to win back investor confidence is expected to take more time as the company, which has not made a profit for almost a year, has to first fix a supply chain problem.

The company’s Chief Executive Ryan Petersen has resigned, a month after it announced the retirement of Chief Financial Officer Arthur Knapp.

Monsanto Company(NYSE:MON) stock gained 1.25% to $90.61 after Wells Fargo & Co. upgraded shares of Monsanto from a market perform rating to an outperform rating in a research report released today. Separately, analysts at Argus raised their price target on shares of Monsanto from $95.00 to $109.00 in a research note to investors on Monday. They now have a buy rating on the stock.

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Early Hour Gainers (ROYL, TPX, OCZ, THO, ACHN)

Royale Energy, Inc.(NASDAQ:ROYL) shares soared 39.08% to $4.47 in the morning hour. The company’s Co-CEO Stephen Hosmer spoke to delegates at the Alaska Oil and Gas Congress in Anchorage last week. While sharing the stage with CEO of Great Bear Petroleum Operating LLC, Ed Duncan discussed the results of their initial test wells (Alcor #1 and Merak #1) in which they cored portions of the Shublik, HRZ/GRZ, and Kingak shales, the source rock for Alaska's Prudhoe Bay oil field.

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Tempur-Pedic International Inc.(NYSE:TPX) shares jumped 15.76% to $30.82 after Tempur-Pedic and Sealy Corp announced that they have signed a definitive agreement to create a $2.7 billion global bedding provider. The transaction has been approved by the Boards of Directors of both companies. Tempur-Pedic will acquire all of the outstanding common stock of Sealy for $2.20 per share, representing a premium of approximately 23% to Sealy's 30-day average closing price on September 26, 2012.The transaction is expected to close during the first half of 2013.  

OCZ Technology Group Inc.(NASDAQ:OCZ) stock increased 7.21% to $3.57. The company last week said that it has changed it top management but efforts to win back investor confidence is expected to take more time as the company, which has not made a profit for almost a year, has to first fix a supply chain problem.

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The company’s Chief Executive Ryan Petersen has resigned, a month after it announced the retirement of Chief Financial Officer Arthur Knapp.

Thor Industries, Inc.(NYSE:THO) stock climbed 7.44% to $36.97 after the company posted fourth quarter net income of $44.4 million or $0.84 per share from $37.0 million or $0.66 per share in the same period last year. Consolidated sales were $888.2 million, up 15% from $770.5 million in the same period last year. Analysts expected the company to earn $0.77 per share on revenues of $886.84 million.

Achillion Pharmaceuticals, Inc.(NASDAQ:ACHN) shares gained 6.20% to $10.08 after the company announced positive proof-of-concept results with ACH-3102, a second-generation pan-genotypic NS5A inhibitor being developed for the treatment of chronic hepatitis C viral infections (HCV). Administration of a single-dose of ACH-3102 to genotype 1a HCV-infected subjects resulted in a mean maximum 3.74 log10 reduction in HCV RNA (range 2.9 - 4.6 log10). Significant reductions in HCV RNA were achieved in subjects with resistant variants at baseline, including L31M and Y93C variants.

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