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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Peregrine Pharmaceuticals (NASDAQ:PPHM) defaults on $30 mln loan

A problem with a drug trial related to lung cancer treatment has Peregrine Pharmaceuticals (NASDAQ:PPHM) in trouble, leading it to default on a $30 million loan agreement.

The loan agreement, which it entered into on August 30, was tied to the success of the trial.

The company has been working on its experimental drug bavituximab which would have been used in the treatment of lung cancer. A study to assess the success of the trail midway showed that there were significant discrepancies between some patient sample test results and treatment code assignments.

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Peregrine said in a statement that the issue arose due to an independent third party which was contracted to code and distribute the product.

The company said in a filing to the Securities and Exchange Commission that it was informed of the default on Monday.

It said that it had repaid the $15 million it had drawn on the loan, which was underwritten by Oxford Finance LLC, Silicon Valley Bank and MidCap Financial SBIC. The loan agreement is now terminated.

Shares in the drug firm fell after this news and ended down 55 cents to $1.11 on Thursday and now down another 7%. 

The company had earlier said that preliminary clinical trials had shown that patients who had been treated with the drug lived twice as long as those who had been treated with chemotherapy.

The shares had reached a three-year high on Monday.

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Wall Street Stocks go up after a 5-day Lull – CRUS, NOK, GMCR, CLWR, PPHM

Wall Street stocks experienced a slight rise on Thursday, which was the first gain of the week. This occurred right after unemployment claims in the United States dropped sharply to the lowest level in 2 months. The Dow Jones industrial average was up 72.46 (0.54%) at 13,485.97, the Standard & Poor's 500 index gained 13.83 (0.96%) to 1,447.15, and the NASDAQ Composite(INDEXNASDAQ:.IXIC) was up 42.90 (1.39%) to 3,136.60.

Banks and energy stocks soared in early trading, but surprisingly, utility stocks declined, making it the sole industry group in the S&P to plummet. The decline continues from five trading days in a row. Japan stocks experienced a growth of 0.5% and in Hong Kong; they went up to 1.1%.

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Following Data from US was varied and mixed:

Long-lasting manufactured goods slumped in terms of demand in August mostly due to a decline in commercial aircraft orders.

From April to June, the economy went up by 1.3% annually, which is lower than the estimated 1.7%.

There was a drop in the number of Americans applying for unemployment benefits. The numbers fell by 26,000 last week, coming to 359,000, which is a record low in nine weeks.

Fewer Americans are buying up occupied homes now as the demand has slackened in July after a two-year high. The National Association of Realtors' sales index remains at 10% higher than a year back.

Demand for government bonds dropped, which means investors are willing to take on challenges. The yield on the 10-year note, which moves opposite the price, rose 0.03 % point to 1.64 %.

Crude oil prices shot up to $1.19 per barrel to $91.15, whereas dollar remained flat against most currencies. Apple’s stock fared better and rose by 1.8% coming to $677.56 even after sales estimates of iPhone 5 were much lower than expected due to supply issues. The stock has a “buy” rating by Steven Milunovich, an analyst with a price target of $780.

Notable Movers:

Nokia Corporation (ADR)(NYSE:NOK) was up over 3% rebounding from the recent slump.

Green Mountain Coffee Roasters Inc.(NASDAQ:GMCR) also added 5.30% after plunging 25% in the past one week.

Clearwire Corporation(NASDAQ:CLWR) was among the notable losers and slid 4.50%. Cirrus Logic, Inc.(NASDAQ:CRUS) soared 5.15%, after falling over 15% in the past one week.

Peregrine Pharmaceuticals(NASDAQ:PPHM) was the biggest loser and slumped 33%. A problem with a drug trial related to lung cancer treatment has landed Peregrine Pharmaceuticals in trouble, leading it to default on a $30 million loan agreement.

The loan agreement, which it entered into on August 30, was tied to the success of the trial.

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The company has been working on its experimental drug bavituximab which would have been used in the treatment of lung cancer. A study to assess the success of the trail midway showed that there were significant discrepancies between some patient sample test results and treatment code assignments. 

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Big Movers: Peregrine Pharmaceuticals (PPHM), Yahoo! Inc.(NASDAQ:YHOO), CTC, APPY, VRNG

Peregrine Pharmaceuticals(NASDAQ:PPHM)’s shares once again came under pressure after the small retreat. The stock is now down 36% after recovering about 50% earlier this week following a 80% slump in Friday’s session. On Friday, the stock had lost 80% of its value after the survival rates from its lung cancer study reported earlier this month were unreliable. The company The company discovered “major discrepancies” involving patient test results in a mid-stage study of the experimental drug bavituximab. Peregrine blamed a vendor and said it’s reviewing the problem. However, despite the recent fall, the stock is up 100% in the past three-month.

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IFM Investments Limited (ADR)(NYSE:CTC) is the biggest gainer and soared 42% despite without any news. IFM Investments (Century 21 China) states that its policy is not to comment on unusual market activity.

AspenBio Pharma, Inc.(NASDAQ:APPY) added 30% after the company announced that four members of its nine-member board are resigning amid the diagnostic-product developer's increased focus on its lead product candidate, a blood-based appendicitis test. The company said it is in the process of finding successors but ultimately plans to see a smaller sized board. AspenBio also plans to propose a new name later this year.

Vringo, Inc.(AMEX:VRNG) fell 14.50% to $2.96 without any news. On October 16, erstwhile penny stock company Vringo will take on Internet search giant Google Inc(NASDAQ:GOOG) in a Virginia court as the smaller company will try to convince the court that Google had infringed on its patent search technology.

Yahoo! Inc.(NASDAQ:YHOO) is back on the research radar Goldman Sachs which resumed its coverage of the stock with a buy rating on it and a one-year price target of $22 a share.

 "We believe the value of Yahoo's balance sheet assets and the core business are worth more than the current stock price and that capital allocation actions over the coming months will serve as the catalyst to drive that revaluation," said analyst Heath Terry.

Shares of YHOO are up 3%.

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U.S. stocks fall on fresh economic worries – NFLX, CLWR, PPHM, ANR, AMD, Google Inc

U.S. stocks fell on Wednesday on fresh concerns over revival of the Eurozone as protests in Spain over austerity measures dimmed the chances of debt-laden countries being able to reduce their debt burden.

Violent protests were seen in the Spanish capital city of Madrid as people revolted against the government’s decision to impose austerity measures on the citizens.

Catalonia, the economically wealthy region and of economically strategic importance to Spain also announced elections in a bid to separate itself from the country.

Greece was also the scene of protests against an austerity drive, even as international lenders debated how best to solve the debt crisis in the country.

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Analysts said that there would be difficulties in implementing the austerity measures as there was wide disagreement between policy makers and the people on the streets.

For the day, the Dow Jones industrial average was down 44.04 points, or 0.33 percent, at 13,413.51. The Standard & Poor's 500 Index was down 8.27 points, or 0.57 percent, at 1,433.32. The Nasdaq Composite Index was down 24.03 points, or 0.77 percent, at 3,093.70.

Last week the markets were more upbeat as both the U.S. Federal Reserve and the European Central Bank had taken a series of measures which looked as if they might just solve the economic crisis gripping the.

The main drivers for the stocks have been tied to policy actions by the U.S. and European governments and analysts said that the markets would be waiting for further cues from them.

Analysts are expecting stocks to move up in the long term, especially in the first half of 2013, when more clarity could be expected from the actions of the central banks.

Netflix, Inc.(NASDAQ:NFLX) was up 2.50% to $55.13, rebounded from its slump.

Clearwire Corporation(NASDAQ:CLWR) was among the notable gainer 4.73% and resumed its uptrend. Alpha Natural Resources, Inc.(NYSE:ANR) surged 0.76% to $6.59.

Peregrine Pharmaceuticals(NASDAQ:PPHM) was the most volatile stock and ended lower by 2.36% to $1.66, off session high of $1.94. The stock has lost 60% on news that previously released results from a midstage cancer drug study aren't reliable because of a third-party error in conducting the study. The news erased a tenfold increase in the company's stock price this summer and removed almost a half-billion dollars in market value for the Tustin, Calif., drug maker.

Google Inc(NASDAQ:GOOG) was the notable gainer and became the 5^th most valuable company. Google meteoric rise stems from a number of factors. The company has been busy with its Android operating software and upgrades made to it as more handset makers are using it for their phones.

Advanced Micro Devices, Inc.(NYSE:AMD) ended up by 1.22% to $3.32, off 3-year low of $3.22 earlier in the session after announcing the departure of its Chief Financial Officer Thomas Seifert.

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Early Biotech Gainers (ARNA, PPHM, ROSG, SCMP, CBLI)

Following are the notable stock movers in the biotech sector in the first hour:-

Arena Pharmaceuticals, Inc.(NASDAQ:ARNA) shares gained 0.53% to $8.45 in the morning hour. Investment analysts at Credit Suisse initiated coverage on shares of Arena Pharmaceuticals in a note issued to investors on Sept. 6. The firm set an “underperform” rating and a $6.00 price target on the stock. Additionally, analysts predict that ARNA will post $-0.26 earnings per share for the current fiscal year.

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Peregrine Pharmaceuticals(NASDAQ:PPHM) continued to bounce back and added another 9% to $1.89 after recovering 46.50% in yesterday’s session . On Monday, the stock was down 80% on news that previously released results from a midstage cancer drug study aren't reliable because of a third-party error in conducting the study. The news erased a tenfold increase in the company's stock price this summer and removed almost a half-billion dollars in market value for the Tustin, Calif., drug maker.

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Rosetta Genomics Ltd. (USA)(NASDAQ:ROSG) stock gained 3.89% to $7.21. The company announced that Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics, will present a corporate update at the 2012 Aegis Healthcare Conference taking place from September 27-29, 2012 at The Wynn in Las Vegas, Nevada. Mr. Berlin's presentation will take place on Saturday, September 29th at 10:00 a.m. Pacific time.

Sucampo Pharmaceuticals, Inc.(NASDAQ:SCMP) stock climbed 16.61% to $5.28 after SCMP and Takeda Pharmaceuticals U.S.A., Inc. announced that the U.S. Food and Drug Administration (FDA) has granted priority review of their supplemental new drug application (sNDA) filing. The sNDA was filed in late July seeking approval for an additional indication for AMITIZA (lubiprostone) for the treatment of opioid-induced constipation (OIC) in patients with chronic, non-cancer pain.

Cleveland BioLabs, Inc.(NASDAQ:CBLI) shares gained 0.35% to $2.88. The company, on Sept. 10, announced the receipt of an Advice Letter from the U.S. Food and Drug Administration (FDA) indicating agreement with proposed pivotal animal efficacy studies for the development of CBLB502 as a radiation countermeasure. The FDA also accepted the Company's recently concluded Good Laboratory Practice non-human primate (NHP) study as part of the pivotal program.

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Peregrine Pharmaceuticals Rebounded Sharply (PPHM, ROSG, UDRL, NFLX, AEZS)

Peregrine Pharmaceuticals(NASDAQ:PPHM) shares climbed 16.37% to $1.35 following a 80% fall in yesterday’s session after the company announced that Attorney Advertising, Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Peregrine Pharmaceuticals, Inc., concerning potential violations of federal securities laws. The discrepancy was made while reviewing trial data in preparation for a meeting with the U.S. Food and Drug Administration.

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Rosetta Genomics Ltd. (USA)(NASDAQ:ROSG) stock gained 10.78% to $7.50. The company announced that Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics, will present a corporate update at the 2012 Aegis Healthcare Conference taking place from September 27-29, 2012 at The Wynn in Las Vegas, Nevada. Mr. Berlin's presentation will take place on Saturday, September 29th at 10:00 a.m. Pacific time.

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Union Drilling, Inc.(NASDAQ:UDRL) shares climbed 5.68% to $6.48 after UDRL and Sidewinder Drilling Inc. have entered into a definitive agreement and plan of merger pursuant to which Sidewinder will acquire all of the outstanding shares of Union Drilling common stock in an all-cash tender offer valued at approximately $242 million. Under the terms of the agreement and plan of merger, which has been unanimously approved by Union Drilling's Board of Directors, Sidewinder's acquisition subsidiary, Fastball Acquisition, Inc., will commence a cash tender offer to purchase all of the outstanding shares of Union Drilling for $6.50 per share.

Netflix, Inc.(NASDAQ:NFLX) shares fell 1.03% to $55.80 after Cantor Fitzgerald initiated coverage on shares of Netflix in a research note released last week. The firm issued a buy rating and a $70.00 price target on the stock. Separately, Analysts at Macquarie initiated coverage on shares of Netflix in a research note to investors on September 17. They set an underperform rating and a $50.00 price target on the stock.

AEterna Zentaris Inc. (USA)(NASDAQ:AEZS) shares increased 3.86% to $0.803 after the company said the European Patent Office, granted patent for the use of its product, AEZS-130, a ghrelin agonist in connection to methods and kits for use in the diagnosis of growth hormone deficiency in Europe, effective September 19, 2012. The company said the patent would expire on February 19, 2027.

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