No money was injured while filming

VIVUS, Inc. (NASDAQ: VVUS) is in the news this morning after entering into an agreements with a select group of institutional investors to sell 6,889,098 shares of its common stock.  Rather than this being a public secondary offing, it is a registered direct offering.

The investors are buying shares at $6.65 per share, a handy discount to the $7.28 closing price on Tuesday.  The gross proceeds raised will come to about $45.8 million.  The shares were covered under an existing shelf filing with the SEC.

VIVUS also identified the institutions as funds “managed by QVT Financial LP” as the lead investors, but the company noted that two other existing investors also are part of the placement.

The use the proceeds from this sale are earmarked for general corporate purposes.

Orexigen Therapeutics, Inc. (NASDAQ: OREX) and Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) are the most closely tied companies to VIVUS as far as Wall Street is concerned due to the obesity drug class.  These companies should be watching closely to see how the impact on VIVUS stock is.

VIVUS closed at $7.28 with a $596 million market cap on Tuesday and the 52-week range is $5.25 to $11.48.  As of June 30, VIVUS had a cash balance of more than $120 million and no long-term debt on its balance sheet.

JON C. OGG

Patients taking QNEXA with mean percentage weight loss after 108 weeks was -9.3% at mid-dose and -10.5% at top dose versus -1.8% for the placebo group.

QNEXA patients also showed a significant reduction in the number of antihypertensive medications required to be taken versus placebo.  Patients with hypertension at the start of the study at mid-dose was down by -9.8% and and down by -18.9% at the top dose; patients taking a placebo showed a net increase of +4.2%.

Dyslipidemic patients at baseline treated with the mid-dose and top dose of QNEXA saw triglycerides drops of -25.9% at the mid-dose and -26.3% at the top dose versus -14.3% for the placebo group.  Dyslipidemic patients saw improvements in HDL-C at the mid-dose of 11.4% and gains of 16.7% at the top dose of QNEXA versus gains of 9.1% for the placebo group.

Orexigen Therapeutics, Inc. (NASDAQ: OREX) is also trading higher on Phase III Contrave data.  The company announced in additional study data that overweight and obese patients treated with Contrave maintained normal 24-hour circadian patterns over one year of treatment.  Its shares are up 13.5% at $3.27 in pre-market trading versus a 52-week range of $2.47 to $11.15.

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) is up marginally as it is the other of the three seeking approval for its weight loss drug.  Keep in mind that it has recently announced a $35.5 million financing package.  At $1.40, its 52-week range is $1.26 to $8.00.

So, what does all this mean?  VIVUS still trades as though it will get FDA approval for QNEXA.  There are some safety profile issues in side-effects, but that may be mostly toward women who are pregnant.  VIVUS seems to have the goods here and it is our belief that QNEXA will get approval for weight loss and that it will have a Black Box warning against use by women who are pregnant and maybe those which may seek to become pregnant.

Right before the open, VIVUS shares are up about 12% at $7.07 on more than 1 million shares versus a 52-week range of $4.69 to $13.68.

JON C. OGG

Amazon.com Inc. (NASDAQ: AMZN) fell 7.2% to $171.14 on Friday on nearly 20 million shares.  Despite a 36% gain in earnings revenues fell short of estimates and its guidance was mixed as the margin pressure continues here.  Shares had hit an all-time high of $191.60 just a week before.

Arena Pharmaceuticals Inc. (NASDAQ: ARNA) died on Friday as shares fell 18.5% on more than 10 million shares to $1.63 after the company announced a 25% workforce cut while it focuses on regulatory approval of its diet drug called lorcaserin. Biotechs cutting workforce… bad.

Bionovo Inc. (NASDAQ: BNVI) is not as commonly discussed because of a low price, but its shares were hammered down by 20.9% Friday after a stock and warrant sale to help advance its menopause drug to late-stage trials.  Some 4.7 million shares traded and it fell to $0.87 versus a 52-week range of $0.84 to $3.15.  Friday marked a new 52-week low.

Eastman Kodak Co. (NYSE: EK) is about as ugly as it gets.  It lost a patent case and then on Wednesday announced a 95% drop in profits that missed expectations due to film, digital, and IP-licensing revenues.  Nothing ever works here and selling volume peaked at 70 million shares on Wednesday.  On Monday shares were $5.22, but on Friday shares closed at $3.64.  The tally comes to a drop of a whopping 30%… At least the short sellers cleaned up.

Ford Motor Co. (NYSE: F) caught everyone off guard on its earnings miss.  After so much improvement, what goes up exponentially must fall back down to reality.  Friday’s drop came to 13.4% in the red and on a massive 480 million shares on Friday alone.

Infinera Corp. (NASDAQ: INFN) was another huge loser on Friday with shares falling 17.9% to $7.37 on more than 11.2 million shares.  Its adjusted profit beat its forecasts, but the communication equipment maker gave guidance that was well under estimates.  Its 52-week range is $5.70 to $12.90.

Monster Worldwide Inc. (NYSE: MWW) was a serious loser this week.  After earnings and revenue came in very lackluster, its guidance was soft, it switched CFOs, and LinkedIn filed for an IPO.  Monster shares fell 25.4% to $15.95 on more than 21 million shares.

Momenta Pharmaceutical Inc. (NASDAQ: MNTA) was battered this week on fears that its role in selling generic blood thinners may be ending. Shares closed on Monday at $15.80 and closed out Friday at $12.49, withe the peak volume on Tuesday of almost 9 million shares.  Its drop for the week: -20.9%.  At $12.49, its 52-week range is $10.77 to $26.20.

Motorola Mobility Holdings Inc. (NYSE: MMI) got its first dose of earnings as its own public company this week.  Earnings beat estimates but the first quarter is put at only break-even on an operational basis.  Shares were down over 12% on Thursday’s 12.65 million shares, but the drop continued on Friday.  The pre-earnings high of $34.83 on Wednesday turned into $29.59 on Friday by the close.  The drop here came to 15% from Wednesday’s close to Friday.

Myriad Genetics Inc. (NASDAQ: MYGN) had a very hard Friday as ist Q2-profit fell by 32%. Income tax provisions and margins were not enough to matter even after it affirmed the annual guidance.  Shares fell by 13.8% to $19.30 on Friday on volume of more than 7 million shares.

Pluristem Therapeutics Inc. (NASDAQ: PSTI) was crushed on Thursday as shares were down by 26% to $3.09 after the cell therapy company showed the size and price of stock and warrant offering was very dilutive.  If it helps at all, shares were back up a whole 1.29% to $3.13 on Friday.

PMC-Sierra Inc. (NASDAQ: PMCS) saw its shares punished this week and Friday’s drop was 12.8% to $7.77 on more than 25 million shares after the provider of broadband communication chips said Q4 earnings fell by about 28% as margins fell and R&D costs rose.  On Monday, shares were at $9.00 on the close… making for a loss of almost 14% from Monday’s close to Friday’s close.

Quantum Corp. (NYSE: QTM) went from bad to worse after profits missed estimates due to an inability to close business in the quarter.  Guidance was weak too.  Shares were down more than 16% on Thursday to $3.01, but then shares slid yet another 8.3% on Friday down to $2.76.  After a close lower each day since Monday’s close of $3.93, the drop from Monday’s close to Friday’s close was a whopping 29.7%.

Tessera Technologies Inc. (NASDAQ: TSRA) wished that Friday would not have come.  Despite a large gain in profit, revenue, and margins, Tessera lowered guidance and announced job cuts.  Shares closed down 19.3% to $17.11 on Friday on more than 2.8 million shares.

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JON C. OGG

Applied Signal Technology, Inc. (NASDAQ: APSG) confirmed on Friday that it was exploring strategic alternatives; shares are up 5.3% at $32.99 and above the $31.65 year high put in on Friday.

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) announced that the FDA Rejected its Lorcaserin diet drug; shares are actually higher by 3.7% at $1.69 this morning.

Citigroup, Inc. (NYSE: C) is trading higher after Goldman Sachs added the bank to its Conviction Buy List.  Shares are up about 3% at $4.23.

CommScope, Inc. (NYSE: CTV) is soaring on news that it is talks with Carlyle over being acquired for $31.50 per share versus a $23.12 close on Friday and versus a 52-week range of $18.39 to $34.95.

Foster Wheeler AG (NASDAQ: FWLT) is trading lower after its CEO is leaving to pursue other interests.  Shares are down 1.6% at $23.65 this morning.

Novatel Wireless Inc. (NASDAQ: NVTL) is up on thin volume with shares up 5% at $11.30, likely on more hopes of getting iPad business from carriers.  We have not confirmed but BMO has reportedly upgraded the stock.

Pre-Paid Legal Services, Inc. (NYSE: PPD) is trading higher this morning after announcing that it is exploring strategic alternatives to increase shareholder value; it disclosed that it is evaluating an offer received from a well-known private equity firm to acquire it at $60.00 cash per share.  Shares are up 11.3% at $62.50 versus a 52-week trading range of $30.68 to $68.66.

Sinovac Biotech Ltd. (NASDAQ: SVA) is lower after it lowered its revenue guidance.  Shares are down about 6.7% at $3.77 in pre-market trading.

Sohu.com Inc. (NASDAQ: SOHU) is trading up after earnings with a 20% sales gain and 12% income gain.  Shares are up almost 7% at $65.76 before the open versus a 52-week trading range of $40.05 to $71.50.

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JON C. OGG

Apple Inc. (NASDAQ: AAPL) is trading higher after Kaufman Bros. raised its price target on Apple to $374 from $350 after strong iPad momentum was seen in channel checks.  Shares are up 0.4% at $276.44, but keep in mind that the 52-week high and all-time high is $279.01.

Arena Pharmaceuticals Inc. (NASDAQ: ARNA) is trading up marginally in early trading around $2.05.  This is after its diet drug failed and shares went from a $3.74 close on Thursday to a close of $1.99 on 80+ million shares.  Trading volume is still very light but is picking up.

Expedia Inc. (NASDAQ: EXPE) is down about 2% at $28.19 after being downgraded this morning by Oppenheimer.

Lennar Corp. (NYSE: LEN) shares are up over 5% at $14.75 after the homebuilder reported earnings of $0.16 EPS vs. $0.05 expected. Revenues were also much higher at $825 million.

L-1 Identity Solutions Inc. (NYSE: ID) is trading up 19% at $11.60 after the security solutions provider agreed to be acquired by Safran for $12.00 per share in cash for $1.1 billion in total equity.

Open Table, Inc. (NASDAQ: OPEN) is seeing share hit after Barron’s wrote that its “sky-high valuation could lead to indigestion for investors in the restaurant-reservation Website. Why it might be time to leave the table.”  Shares are down 3% at $63.17 in early indications.

TD Ameritrade Holding Corporation (NASDAQ: AMTD) was given a positive article in Barron’s saying not to count the discount broker out.  Shares are indicated up 4% at $16.35 on fairly thin volume.

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JON C. OGG

Oracle (NASDAQ: ORCL) is up 4% after posting good quarterly numbers.

Crucell (NASDAQ: CRXL) is up over 55% on news of a takeover offer from Johnson & Johnson (NYSE: JNJ)

Arena Pharma (NASDAQ: ARNA) is off 44% on new that the FDA rejected on of it most important trials.

Douglas A. McIntyre

AngloGold Ashanti Ltd. (NYSE: AU) was down 4.5% at $44.62 on over 500,000 shares after a mine accident closed down a mine after a worker’s death.

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) is down after its weight loss drug candidate is in trouble.  Shares are down 6.8% at $3.85 on over 200,000 shares.

Beazer Homes USA Inc. (NYSE: BZH) is down after saying that it might miss order expectations this quarter and cut estimates for the year on land costs.  Shares are down 4.6% at $4.33 on thin volume.

Harbor BioSciences, Inc (NASDAQ: HRBR) is soaring by 60% at $0.38 after its prostate cancer drug shows partial overall response.

Level 3 Communications Inc. (NASDAQ: LVLT) is recovering after pricing its $175 million 6.5% Convertible Senior Notes due 2016 with an initial conversion price of $1.235 per share.  Shares were hit yesterday but the stock is up 4.25 at $0.99 on recovery mode after an obvious Over-Sale yesterday.

Neurocrine Biosciences, Inc. (NASDAQ: NBIX) is down after its major depressive disorder drug candidate was ineffective.  Shares were down by 9.6% at $5.65 on more than 300,000 shares last night and shares are trading around $5.67 on last look this morning.

Novell, Inc. (NASDAQ: NOVL) is up on word that it may sell the company in two parts; sshares are up 6% around $5.90 on close to 1 million shares.

Savient Pharmaceuticals Inc. (NASDAQ: SVNT) is soaring after the FDA finally approvedits gout drug, about a year or two later than many expected.  Shares are up 27% at $18.81 on more than 1 million shares.

UTStarcom, Inc. (NASDAQ: UTSI) is up 7.25% at $2.07 after the company announced a contract from Jinan, Shandong Province to accelerate its network transformation and integration.

Radware Ltd. (NASDAQ: RDWR) was yesterday’s big rumor move higher but shares are down slightly this morning.

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JON C. OGG

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) Cut to Market Perform at BMO.
ARM Holdings plc (NASDAQ: ARMH) Cut to SELL at Execution Noble (Overseas).
DryShips Inc. (NASDAQ: DRYS) Started as Market Perform at Wells Fargo.
General Maritime (NYSE: GMR) Started as Outperform at Wells Fargo.
GlaxoSmithKline (NYSE: GSK) Cut to Hold at Jefferies.
Nokia Corporation (NYSE: NOK) Reiterated Overweight at JPMorgan.
Overseas Shipholding Group (NYSE: OSG) Started as Outperform at Wells Fargo.
Sonic Corporation (NASDAQ: SONC) Cut to Hold at KeyBanc.
Teekay Corporation (NYSE: TK) Started as Outperform at Wells Fargo.
Volcom Inc. (NASDAQ: VLCM) Started as Buy at Jefferies.
Wimm-Bill-Dann Foods (NYSE: WBD) Started as Buy at Citigroup.

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JON C. OGG

ARM Holdings, plc (NASDAQ: ARMH) is trading lower by 6.1% at $17.62 on over 140,000 shares in pre-market trading after overseas trading.

Arena Pharmaceuticals Inc. (NASDAQ: ARNA) is lower after Barclays cut the biotech cut to “underweight” over concerns that Arena’s lorcaserin will be approved by the FDA.  Shares are down 3.6% at $6.60 on more than 100,000 shares.

Best Buy Co.Inc.(NYSE: BBY) managed a stellar earnings report and shares are now indicated up 9% at $37.86 after a $34.65 close on Monday.  The 52-week trading range was $30.90 to $48.83.

Campbell Soup Co. (NYSE: CPB) is trading down 2.6% at $35.11 after Goldman Sachs reportedly cut its rating to SELL.

ICAgen Inc. (NASDAQ: ICGN) is getting hit after it stopped its epilepsy trial enrollment on adverse event; shares are down 26% at $0.17 versus a prior 52-week range of $0.23 to $1.33…

Ironwood Pharmaceuticals, Inc. (NASDAQ: IRWD) is trading higher on positive results from its irritable bowel syndrom treatment.  To think that this is not an E.D. treatment company is amazing considering the name.  Shares closed at $9.75 and are up almost 21% at $11.75 on over 20,000 shares.

Level 3 Communications Inc. (NASDAQ: LVLT) is getting hit by almost 11% at $1.03 after the company plans to raise up to $175 million.

Microsoft Corporation (NASDAQ: MSFT) is one to watch after yesterday’s late-day surge to $25.11 on word that it will fund a large debt offering for a share buyback or a dividend.  Shares are down 0.5% at $24.97 in the pre-market trading but shares were up around $24.50 before that report came out at the end of trading yesterday.

SPDR Gold Shares (NYSE: GLD) is up over 1.15 at $123.01 on nearly 1 million shares already and the market has not even opened.  The gold bugs are at it again….

THQ Inc. (NASDAQ: THQI) reduced its guidance, a surprise considering the news flow, and it said its Red Faction game will be out in May-2011.  Shares are down 3.75% at $3.59 pre-market.  This guidance is still not a huge issue if you consider its cash and where the company has been.

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JON C. OGG

JON C. OGG

Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) is down over 5.5% at $9.79 after the FDA said it needed more time to review its Supplemental New Drug Application for its Acthar decision for infantile spasms.

Dendreon Corporation (NASDAQ: DNDN) is playing a 2% game of giveback today and shares are down at $40.99.  There has been some steady hope of a deal here on and off coming down the pipe, but the Medicare review period over reimbursements (a possible price shakedown) is a steady thorn in the side of PROVENGE in the fight against prostate cancer.

Sinovac Biotech Ltd. (NASDAQ: SVA) is trading up 7.5% at $4.30 on above average volume.  The company disclosed that there were THREE upcoming presentations:

• Morgan Stanley Global Healthcare Unplugged Conference, New York, scheduled for September 14 at 2:10 pm ET.
• Morgan Stanley China Global Healthcare Day, Boston, September 15 in one-on-meetings with investors.
• UBS Global Life Sciences Conference, New York, scheduled for Monday, September 20 at 10:00 AM ET.

Stem cells are back in vogue…. Geron Corporation (NASDAQ: GERN), StemCells Inc. (NASDAQ: STEM), Aastrom Biosciences, Inc. (NASDAQ: ASTM), Cytori Therapeutics, Inc. (NASDAQ: CYTX), Neostem, Inc. (AMEX: NBS), BioTime, Inc. (NASDAQ: BTIM) and Pluristem Therapeutics, Inc. (NASDAQ: PSTI) are all trading higher on word that US District Court has lifted that ban on federal funding for embryonic stem cells.

VIVUS Inc. (NASDAQ: VVUS) is down 3.5% at $6.11 but it is on light trading volume.  Orexigen Therapeutics, Inc. (NASDAQ: OREX) is down 3.4% at $5.14 on thin volume, and this is the one that Takeda got on the map for a potential $1 billion obesity pill pact announced in recent weeks.  Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) is also down 4% at $7.13 on fairly active trading volume.

Santarus Inc. (NASDAQ: SNTS) is up after it secured a license for a Type II diabetes drug for the exclusive manufacturing and commercial rights to Cycloset in the U.S. with S2 Therapeutics and VeroScience.  The company will pay an upfront $5 million fee and will then pay royalties to its partners from the Cycloset sales.  Santarus shares are trading up over 14% at $2.54 on about 10-times normal trading volume.

Genzyme Corporation (NASDAQ: GENZ) is up today on hopes of a higher Sanofi-Aventis (NYSE: SNY) bid, although this appears to be  on a false rumor.

There was a massive push for drug and biotech research calls today.  Stocks given new coverage, upgrades, and downgrades were Teva Pharmaceutical Industries Limited (NASDAQ: TEVA), Amgen Inc. (NASDAQ: AMGN), Acorda Therapeutics, Inc. (NASDAQ: ACOR), Celgene Corporation (NASDAQ: CELG), Human Genome Sciences Inc. (NASDAQ: HGSI), Biogen Idec Inc. (NASDAQ: BIIB), Gilead Sciences Inc. (NASDAQ: GILD), EXACT Sciences Corp. (NASDAQ: EXAS), ZymoGenetics Inc. (NASDAQ: ZGEN), Dyax Corp. (NASDAQ: DYAX), IDEXX Laboratories, Inc. (NASDAQ: IDXX), and ViroPharma Inc. (NASDAQ: VPHM) all have major research calls with a FULL RESEARCH SUMMARY WITH INDIVIDUAL CALLS HERE.

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JON C. OGG