Lincare Fall; Christopher & Banks Gain

Mayank Mehta
02 Jul, 2010
New York City

Lincare Holdings Inc. led the decliners in the S&P 500 index with a loss of 9.6%. Blockbuster Inc annual meeting did not attract enough shareholders for its reverse split proposal. Watson Pharmaceuticals received regulatory approval for its generic drug for the treatment of organ transplant.

[R]11:00 AM New York - Lincare Holdings Inc. led the decliners in the S&P 500 index with a loss of 9.6%. Blockbuster Inc annual meeting did not attract enough shareholders for its reverse split proposal. Watson Pharmaceuticals received regulatory approval for its generic drug for the treatment of organ transplant.[/R]

Lincare Holdings Inc. led the decliners in the S&P 500 index with a loss of 9.6% followed by losses in Valhi, Inc. of 8.3% and in Helix Energy Solutions Group, Inc. of 8.4%, and in Amedisys, Inc. of 7.3% and in Tesla Motors Inc. of 5.8%.

Thor Industries, Inc. led gainers in the S&P 500 index with a rise of 8.3% followed by gains in Allergan, Inc. of 7.5%, in Biogen Idec Inc. of 6.7% and in Elan Corporation, plc of 5.8% and in Genzyme Corporation of 5.6%.

Other Movers

Avanir Pharmaceuticals, Inc. ((AVNR)) surged 11.6% or 30 cents to $2.87 after the drugmaker was upgraded to “buy” in new coverage at Jeffries & Co.

Blockbuster Inc. ((BBI)) plunged 21.7% or 5 cents to $0.18 after the money-losing video-rental chain announced that the preliminary tabulation figures received from the inspector of election for the company''s 2010 annual meeting had a low shareholder turnout. The reverse split proposal received overwhelming support but failed to meet the minimum number of voters’ turnout requirement.

Christopher & Banks Corporation ((CBK)) surged 17.9% or $1.11 to $7.30 after the women’s clothing retailer reported first-quarter profit excluding some items of 18 cents a share.

Demandtec, Inc. ((DMAN)) added 3.0% or 20 cents to $6.86 after the software provider to retailers and consumer products makers said first quarter revenues fell 7.7% to $18.0 million from $19.5 million a year ago. Net loss in the quarter was $5.9 million or 20 cents per diluted share compared to net loss of $3.7 million or 13 cents per share a year ago.

Dendreon Corporation ((DNDN)) rose 0.4% or 12 cents to $30.25 after the agency supervising Medicare and Medicaid said it would review the effectiveness of the company’s Provenge prostate-cancer treatment.

Flow International Corporation ((FLOW)) advanced 2.0% or 5 cents to $2.44 after the maker of industrial waterjet machines for cutting and cleaning said fourth quarter sales rose 11% to $48.6 million from $43.7 million a year ago. Net income in the quarter was $112,000 or breakeven per diluted share compared to net loss of $4.5 million or 12 cents per share a year ago.

Franklin Covey Co. ((FC)) rose 1.8% or 12 cents to $6.62 after the provider of execution, leadership, and personal-effectiveness training said third quarter sales rose 3.4% to $30.5 million from $29.5 million a year ago. Net income in the quarter was $135,000 or 2 cents per diluted share compared to net loss of $5.1 million or 41 cents per share a year ago.

Hawk Corporation ((HWK)) gained 7.6% or $1.95 to $27.40 after the maker of products used in brakes and transmissions announced that its Board of Directors has commenced a process to explore and consider possible strategic alternatives, including a possible sale of the company.

Harte-Hanks, Inc. ((HHS)) increased 7.4% or 78 cents to $11.23 after the advertising circular was upgraded to “market perform” from “underperform” at Bank of Montreal.

Isle of Capri Casinos, Inc. ((ISLE)) climbed 6.9% or 64 cents to $9.90 after the operator of 14 casinos in six states announced that it has postponed the proposed public offering of 9 million shares of its common stock due to recent market conditions.

Micrus Endovascular Corporation ((MEND)) added 4.5% or 93 cents to $21.40 after the medical device manufacturer was picked to replace CKE Restaurants Inc in Standard and Poor’s Small Cap 600 Index.

Pinnacle Airlines Corp. ((PNCL)) added 5.5% or 30 cents to $5.74 after the holding company announced that it has acquired Mesaba Aviation, Inc. from Delta Air Lines for a price of $62 million.

Watson Pharmaceuticals, Inc. ((WPI)) rose 1.0% or 42 cents to $41.07 after the company today announced that its subsidiary received approval from the Food and Drug Administration for Tacrolimus 5 mg capsules, the generic equivalent to Astellas'' Prograf(R) capsules. Watson intends to begin shipping the product immediately.