Tag - Avnr

Stocks continued their slide today as traders are holding tight until they get the Fed's word on the economy. Bernanke & Co. are expected to wrap things up tomorrow, so we could see another round of lower closing prices. 

The Dow closed down 96.50 points at 9,241.45; the Nasdaq finished at 1,969.73, down 22.51; and the S&P 500 fell back below 1,000 to finish the day's session at 994.35, down 12.75 points. 

Stocks in the Russell 2000 were down 9.75 points to end at 562.12. 

Oil closed at $69.38, down $1.22 and gold was at $946.20, up $1.20.
Bucking the downward trend were small-caps like Avanir Pharmaceuticals (Nasdaq:AVNR) up 30%; EchoStar (Nasdaq:SATS) up 19%; and Ivanhoe Energy (Nasdaq:IVAN) up 15%.  

Trending down with the broader markets many small-cap outpaced the market's fall, including Anthracite Capital (NYSE:AHR), down 30%; Javelin Pharamceutical (Amex:JAV), down 27%; Petroleum Development (Nasdaq:PETD), down 22%; and Flotek Industries (NYSE:FTK), down 20%. 

*****Have you noticed that analysts are starting to downgrade stocks? Sprint Nextel (NYSE:S), Yum Brands (NYSE:YUM), PETsMART (Nasdaq:PETM), MBIA (NYSE:MBI) and Aegon (NYSE:AEG) were all marked down by analysts yesterday.  
Coverage was initiated on American Express (NYSE:AXP) at "Sell" by Ladenburg Thalman. Boeing (NYSE:BA) and Research in Motion (Nasdaq:RIMM) have also been downgraded in the last few days.  

So what gives? If everyone's so bullish right now, why are stocks getting downgraded?  
First, stocks have rallied strongly since March. And second, there's no guarantee that earnings can continue to rise. The analysts may be playing it safe, but investors should take note.  

*****AIG (NYSE:AIG) has doubled in the last three days. If there was ever a company that shouldn't double, it's AIG. The government owns something like 90% of the company. And it's actively selling off its important pieces to pay off debt. It's highly unlikely there will be any return for common shareholders.  

And if a completely speculative stock like AIG is moving, we might expect to see others. And sure enough, General Motors, which now carries the ominous name Motors Liquidation Company (MTLQQ.PK), has very nearly doubled in the last week. I don't think that's a good sign for the health of the stock market.

*****Word is that more traders think the dollar may have put in an important low. That would be bad for stocks and commodities. To follow the action, watch the iShares Barclay's 20+ Treasury Bond Fund (TLT).

When this ETF rallies, stocks are usually selling off. And the chart for TLT shows a pretty decent looking double bottom at $90.

*****The latest FOMC meeting starts today. Nobody really expects the Fed to raise interest rates. Even the inflation crowd has to admit that the economic recovery is too frail for higher rates. Still, judging by the declines in the stock market, investors are nervous about what the Fed has to say.

Alan Greenspan used to try to let his words act as monetary policy. Instead of actually moving rates, he would voice his bearish opinion, in the hope that he could keep a lid on asset prices.

It didn't work. And I hope Bernanke doesn't make the same mistake. There's no substitute for actual changes in rates. And despite the weak economy, investors could probably use a message about asset bubbles and risk.  

*****The Managed America Internet video conference aired last night with great success. You can still catch it if you missed. There's a replay available HERE if you're interested in discovering the trends that will affect your investments for the next couple of years and how you can profit from them.

Ian Wyatt
Editor
Daily Profit

P.S. Investors have been asking me about commodities plays. They know that long term inflation will kick in once the recovery starts to ramp up and that will drive commodities, and the share prices of the underlying stocks, through the roof. My Global Commodity Investing advisory service is benefiting from current commodity prices and will provide one of the only safe havens for profits when inflation picks up. Click here to find out more about Global Commodity Investing.

 

AVANIR Pharmaceuticals (Nasdaq: AVNR) shares are climbing after the Aliso Viejo, Calif.-based firm reported fourth-quarter net profit of $12.1 million, or $0.28 per share, up from with a loss of $22.2 million, or $0.70 per share, a year earlier.

“We have strengthened our financial position through the non-dilutive sale and licensing of non-core assets, restructured our operations to focus our resources on Zenvia, and begun our clinical and non-clinical activities to advance Zenvia in both PBA and DPN pain,” CEO Keith Katkin said in a statement.

Fourth-quarter revenue from continuing operations were $2.9 million, from $2.2 million a year earlier.

In morning trading, AVNR shares are up 19.88%, or $0.33, at $1.99. Over the last 52 weeks, shares have ranged from $1.07 to $6.75.

Avanir Pharmaceuticals (Nasdaq: AVNR) announced ahead of the opening this morning that it reached an agreement with the U.S. Food and Drug Administration, under the FDA’s Special Protocol Assessment  process, to design a single confirmatory Phase III clinical trial for Zenvia, which treats patients with pseudobulbar affect.

Pseudobulbar affect is a condition associated with neurological disorders, including involuntary emotional expression disorder such as uncontrollable laughing and/or crying. Neurological disorders include, but are not limited to multiple sclerosis, Alzheimer's disease, Parkinson's disease and stroke.

Shares of Avanir (AVNR) popped 38.54%, or $0.79, to $2.84 out of the gate. Shares of Avanir have been trading in the range of $1.07 to $9.41 for the past 52 weeks.

Shares of Avanir Pharmaceuticals (Nasdaq: AVNR) got a jolt this morning after the specialty pharmaceutical company reported it has completed the sale of its currently marketed antipsychotic drug, FazaClo, to pharmaceutical company Azur Pharma.

Upon close of the transaction, Avanir Pharmaceuticals received an upfront payment of $42 million, plus an additional $1.9 million in working capital adjustments.

Under the terms of the agreement, previously announced July 3, Avanir Pharmaceuticals could receive up to an additional $10 million in payments in 2009 conditional upon certain regulatory conditions. The company further said it could also receive up to $2 million in royalties based on 3% of annualized net product revenues in excess of $17 million.

Shares of Avanir Pharmaceuticals jumped 16.48%, or $0.29, to $2.05 in pre-market trading.

The Russell 2000 and Dow are just above the flat line following news that U.S. factory orders fell less then expected in May. At 11:24 a.m. ET the Russell 2000 was up 1.88 points, or 0.22%, to 846.94. The Dow Jones Industrial Average had gained 32.44 points, or 0.24%, to 13,567.87.

Shares of AVANIR Pharmaceuticals (Nasdaq: AVNR) are rising following news that it has signed an agreement to sell antipsychotic drug FazaClo to Irish specialty pharmaceutical company Azur Pharma. AVANIR will receive approximately $42 million at the close of the transaction with up to $10 million in additional payments in 2009, the Aliso Viejo-based company said before the start of trading. The agreement is expected to be finalized in August. The stock is up $0.37, or 16%, to $2.74.

Shares of Pinnacle Airlines Corp. (Nasdaq: PNCL) are lower despite news after Thursday’s close that the Memphis, Tenn.-based operator of Pinnacle Airlines and Colgan Air reported a 10.2% increase in customers for the month of May, compared with a year earlier.  Shares are down $0.41, or 2%, to $18.88.

Aliso Viejo, Calif.-based AVANIR Pharmaceuticals (Nasdaq: AVNR) reported this morning that data from a Phase III clinical trial of the painkiller Zenvia shows the drug significantly eases the suffering of patients complaining of Diabetic Peripheral Neuropathic Pain.

The Russell 2000 index is the strongest performer among the major indices, after news of corporate deal-making and slow U.S. GDP growth.  At 11:24 a.m. ET the Russell 2000 had added 2.06 points, or 0.24%, to 845.41.  The Dow Jones Industrial Average was up 7.97 points, or 0.06%, to 13,641.05.

Shares of Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) are rising on news the maker of packaged fuel systems has received a contract by Force Protection, Inc. (Nasdaq: FRPT) to provide engineering design and production support for its Mine Resistant Ambush Protected (MRAP) military vehicles.

U.S. indices are falling across the board this morning as investors consolidate their positions after a week of gains.  On Wednesday the Federal Reserve will meet to discuss its interest rate policy.
 
At 9:57 a.m. ET the Russell 2000 had lost 7.06 points, or 0.85 percent, to 824.81. The Dow Jones Industrial Average was down 68.51 points, or 0.51 percent, to 13,244.46

In business news, shares of Hewlett-Packard Co. (NYSE: HPQ) are rising on news the world’s largest PC maker reported second-quarter earnings above Wall Street’s expectations.  Revenues also outpaced analysts’ estimates, buoyed by strong sales of home computers and servers.

The following were the most actively traded companies in Monday's trading among those with market capitalizations under $500 million:

Small-cap stocks are trading close to the flat line shortly after the opening this morning, as news of a stronger-than-expected rise in U.S. productivity was offset by a steep profit drop at General Motors Corp.

At 9:54 a.m. ET the Russell 2000 had lost 1.66 points, or 0.20 percent, to 826.80. The Dow Jones Industrial Average was up 4.30 points, or 0.03 percent, to 13,216.18.
The productivity of American workers grew more than expected in the first quarter of 2007, the Labor Department said before the opening bell.  The annualized growth rate of 1.7% was just above economists’ expectations of a 1.6% rise.  Productivity grew 2.1% in the fourth quarter of 2006.

On the other hand, labor costs grew 0.6%, significantly below the rise of 6.2% posted in the last three months of 2006.

In business news, auto giant General Motors Corp. (NYSE: GM) reported a sharp decline in quarterly profit before the opening.  Net income was $62 million, or $0.11 per share, compared with $602 million, or $1.06 per share the first quarter of 2006.  First quarter earnings without items were $94 million, or $0.17 per share, below analysts’ expected earnings of $0.87 per share.

The following are the most actively traded companies in Tuesday's trading among those with market capitalizations under $500 million:

The following are the most actively traded companies at 2:01 ET among those with market capitalizations under $500 million:

The following are the most actively traded companies at 1:33 ET among those with market capitalizations under $500 million:

The following are the most actively traded companies at 12:10 among those with market capitalizations under $500 million:

The following are the most actively traded companies at 1:03 ET among those with market capitalizations under $500 million:

These were the most actively traded stocks at 11:49 ET among companies with market capitalizations under $500 million:

These companies were the biggest percentage gainers at 10:42 ET among companies with market capitalizations under $500 million:

April 19 (SmallCapInvestor.com) – Shares of Aliso Viejo, Calif.-based Avanir Pharmaceuticals (Nasdaq: AVNR) are continuing their positive momentum from Wednesday, when the stock price nearly tripled on news the drug Zenvia decreases the nerve pain experienced by diabetics.  At 9:50 a.m. ET shares were up $0.92, or 17.70%, to $6.11 in heavy trading.

These are the most actively traded stocks in pre-market trading among companies with market capitalizations under $500 million (at 8:40 ET):

April 18 (SmallCapInvestor.com) – The Russell 2000 stumbled, but the Dow closed at a new record high as news of strong results from the financial sector offset tech sector woes.  Among small caps, Avanir Pharmaceuticals (Nasdaq: AVNR) tripled on news of a successful drug trial, while shares of Intevac, Inc. (Nasdaq: IVAC) were downgraded.

The Russell 2000 lost for the second day, dropping 4.58 points, or 0.55 percent, to 824.38.  The Dow Jones Industrial Average set a new record close, adding 30.80 points, or 0.24 percent, to 12,803.84.  The previous record was 12,786.64, set on Feb.20.

April 18 (SmallCapInvestor.com) – Shares of Aliso Viejo, Calif.-based Avanir Pharmaceuticals (Nasdaq: AVNR) have more than doubled following news the drug Zenvia decreases the nerve pain experienced by diabetics.

A Phase III clinical trial showed that patients with diabetic neuropathic pain treated with the drug reported significantly less pain over 90 days when compared to patients given a placebo.  Both groups were asked to rate their pain daily by making journal entries.