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NASDAQ/NYSE Delisting Notices Galore (BFNB, DEAR, DCGN, DNE, EUBK, HRZB, IAO, IPII, INHX, RPC, RGCI, RHIE, TONE, VIAP, XBKS)

247wallst — Thu, 31 Dec 2009 13:52:59 +0000

It is year-end. That means that NASDAQ and the NYSE have been sending out more and more letters of non-compliance to public companies over their subsequent listing requirements. Some are due to capitalization minimums not being met, while many are due to share prices as so many stocks are still under the minimum share price. Enter the land of penny stocks. These are some of the companies which have been under this notice:

Beach First National Bancshares Inc. (NASDAQ: BFNB)
Dearborn Bancorp, Inc. (NASDAQ: DEAR)
deCODE genetics, Inc. (NASDAQ: DCGN)
Dune Energy, Inc. (NYSE AMEX: DNE)
EuroBancshares, Inc. (NASDAQ: EUBK)
Horizon Financial Corp. (NASDAQ: HRZB)
IA Global, Inc. (NYSE AMEX: IAO)
Imperial Industries, Inc. (NASDAQ: IPII)
Inhibitex, Inc. (NASDAQ: INHX)
Radient Pharmaceuticals Corporation (NYSE Amex: RPC)
Regent Communications Inc. (NASDAQ: RGCI)
RHI Entertainment Inc. (NASDAQ: RHIE)
TierOne Corp. (NASDAQ: TONE)
VIA Pharmaceuticals, Inc. (NASDAQ: VIAP)
Xenith Bankshares, Inc. (NASDAQ: XBKS)

These are just the most recent delisting candidates. There are many many more companies which fall in the delisting category. Companies which receive delisting notifications rarely get delisted from NASDAQ or NYSE immediately. There is a plan for re-listing process. There are requests for exceptions and requests for extensions to these deadlines which are frequently granted.

These won’t be the last of the companies in the coming days which disclose delisting notifications.

JON C. OGG

Posted in Economy, Exchange News, Micro Cap, OTC, Regulation, Shareholder Issues Tagged: BFNB, DCGN, DEAR, DNE, EUBK, HRZB, IAO, INHX, IPII, RGCI, RHIE, RPC, TONE, VIAP, XBKS

More ‘Going Concern’ Notes Hitting Companies (AWBC, AHR, BWTR, CHCI, DCGN, GST, MLP, OXGN, TMI, XCR)

247wallst — Wed, 01 Apr 2009 15:07:38 +0000

This might be a record year for auditor “going concern” notes being included in annual report filings with the SEC. If it isn’t a record, it sure feels like it. This note in an annual report is either from the company or its auditor(s) that there is a risk that the company will not be able to operate without bringing in new capital or be operated in the same manner financially.

American West Bancorp. (NASDAQ: AWBC) said that its auditor raised substantial doubt about its ability to continue as a going concern. The holding company has apparently engaged a financial adviser to explore strategic alternatives to resolve the liquidity deficiencies and capital issues.

Anthracite Capital Inc. (NYSE: AHR) disclosed that its auditor has raised substantial doubt about its ability to continue as a going concern. It did at least note that it has obtained waivers from its lenders to avoid a credit covenant default action.

Basin Water Inc. (NASDAQ: BWTR) said that its auditor raised substantial doubt about its ability to operate as a going concern. There was even a note that bankruptcy is likely. More and more evidence that water is not as easy of an investment as you would guess.

Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI) disclosed that an unqualified opinion from its audit firm of PricewaterhouseCoopers indicated its belief that declining market conditions create substantial doubt that the company would continue operating throughout 2009 as a going concern. It also has until October to regain compliance of the old $1.00 bid rule, although NASDAQ is not keeping this requirement active as it used to.

deCODE genetics Inc. (NASDAQ: DCGN) still looks down and out. The Iceland-based genetics company looks inverted and its annual report includes the doubt of being able to operate as a going concern. Its troubles go above and beyond the issues of Iceland.

Globalstar Inc. (NASDAQ: GSAT) said that its auditor expressed substantial doubt about its ability to continue as a going concern. It noted that it is pursuing options such as issuing debt and equity to obtain funding, and it is possible that last week’s developments might make this note irrelevant. Unfortunately, it posted a quarterly net loss of $27.9 million after revenue fell to $18.4 million.

Maui Land & Pineapple Co. (NYSE: MLP) said that there is uncertainty about its ability to continue as a going concern. This is after its borrowings are $100 million and $70 million of its credit matures next year. A failure to satisfy debt covenants might make the outstanding borrowings due upon demand.

OXiGENE, Inc. (NASDAQ: OXGN) said this week that its annual report for 2008 contains a going concern qualification from its independent registered public accounting firm, Ernst & Young LLP. It also noted this represents no change or amendment to its financial statement.

TM Entertainment and Media Inc. (AMEX: TMI) has a substantial doubt note from its auditor about its ability to continue as going concern as its liabilities exceed cash available. This acquisition company faces a mandatory
liquidation if it does not have a business combination within 24 months of its initial public offering (so NOV-2009 is cut-off month).

Xcorporeal, Inc. (AMEX: XCR) also recently received the doubt to continue operations as a going concern note from its auditors. This is after it laid off much of its staff to save capital. The high hopes of a portable or wearable kidney dialysis system might be farther and farther away from reality.

Obviously the largest one this week in “going concern” notes was in a unit of DryShips, although that did not create any immediate liquidity issues.

We will not know for another month or so whether or not the 2009 “annual report season” for all of the 2008 annual reports was a true record for “going concern” notes. But it sure feels like it will be. As a reminder, receiving a “going concern” is not the end of a company. Many companies operate with these notes year after year. But the one thing to always consider is that it is far from any great endorsement regarding a company’s finances.

Jon C. Ogg
April 1, 2009

Posted in Accounting, Annual Report, SEC Tagged: AHR, AWBC, BWTR, CHCI, DCGN, GST, MLP, OXGN, TMI, XCR

Can deCODE Genetics Escape Icelandic Woes? (DCGN)

247wallst — Thu, 09 Oct 2008 07:54:45 +0000

If you think things are bad here in the U.S., Iceland is experiencing something far worse. The country is on the verge of teetering, it is nationalizing its banks, and it is on the verge of hyper inflation. It is nearly impossible for U.S. investors to invest in anything liquid in the country via closed end funds or by ADR shares. But there is one stock: deCODE genetics Inc. (NASDAQ: DCGN).

deCODE is based in Reykjavik and the company is a genetics and genomicscompany. The company mapped the human genome there and Iceland offereda stable pool as the population is small and there has been littleoutside changes in its demographics in the last few hundred years.

It is in pre-clinical studies for many diseases and has a Phase IIstudy for heart attacks and another Phase II for asthma. It also haspartnerships with Illumina, Hoffmann-La Roche, Merck & Co, andBayer HealthCare AG.

deCODE stock is actually well under $1.00 as its shares closed at $0.48yesterday. Shares briefly traded through $0.20 on Monday and its52-week high is $4.41. At the start of 2006 this was a $10.00 stockand is shares were north of $20.00 when it came public earlier thisdecade.

Its market cap based on yesterday’s close is a mere $29.7 million. Asof its June 30 balance sheet the company also has some $238.1 millionin long-term debt and its total cash, cash equivalents, and long-terminvestments are listed as being just under $45 million.

Unfortunately, this one is still in the very speculative stage and the markets aren’t rewarding such companies right now.

Jon C. Ogg
October 9, 2008

Posted in ADR, Biotech Tagged: DCGN

Top 10 Pre-Market Analyst Calls (ADBE, BIIB, DAI, DCGN, EBAY, HOG, JPM, WFC, MFE, MPEL, TIBX)

247wallst — Thu, 17 Jan 2008 07:09:07 +0000

These are not at all the only key impact analyst calls, but these are the early bird calls that 247WallSt.com is focusing on:

Adobe (NASDAQ: ADBE) downgraded to Neutral from Buy at UBS.
Biogen Idec (NASDAQ: BIIB) raised to Buy from Neutral at Banc of America.
Daimler (NYSE: DAI) downgraded to Market Perform at Bernstein.
deCODE Genetics (NASDAQ: DCGN) downgraded to Underweight at Lehman.
eBay (NASDAQ: EBAY) raised to Outperform from Peer Perform at Bear Stearns.
Harley Davidson (NYSE: HOG) downgraded to SELL from Hold at Citigroup.
JPMorgan Chase (NYSE: JPM) & Wells Fargo (NYSE: WFC) were both downgraded to Peer Perform at Oppenheimer.
McAfee (NYSE: MFE) downgraded to Neutral from Buy at UBS.
Melco PBL Entertainment (NASDAQ: MPEL) raised to Buy from Neutral at UBS.
TIBCO Software (NASDAQ: TIBX) raised to Buy from Hold at Citigroup.

Jon C. Ogg
January 17, 2008

Pre-Market Stock News (June 25, 2007)

247wallst — Mon, 25 Jun 2007 07:18:31 +0000

(AAPL) Apple’s iTunes passed Amazon.com in music sales to become #3 music seller behind Best Buy and Wal-Mart.
(AFOP) Alliance Fiber Optics raised Q2 sales guidance.
(AGN) Allergan trades ex-split to reflect a 2-1 stock split today.
(BNT) Bentley Pharmaceuticals reported positive results with Nasulin intranasal insulin spray at the American Diabetes Association sessions.
(BX) Blackstone was the cover story for Barron’s, noted somewhat cautiously.
(DCGN) deCODE genetics announces positive clinical results for DG041 lead product candidate.
(EBAY) eBay has reportedly sent back some of the ad business to Google that it recently pulled.
(ESRX) Express Scripts trades ex-split today to reflect a 2-1 stock split.
(FRH) Freedom Acquisition Holdings is becoming a public hedge fund and alternative investment vehicle as GLG Partners a $3.4 Billion total compensation deal.
(GILD) Gilead trades ex-split today to reflect a 2-1 stock split.
(GIVN) Given Imaging could revolutionize colonoscopies according to Cramer.
(GPCB) GPC Biotech announced a partnership for Satraplatin in Japan with Yakult Honsha Co. Ltd. And will receive close to a $10 million payment plus royalties.
(HNSN) Hansen Medical has initiated legal action against Luna Innovations over trade secrets, unfair competition and breach of contract on fiber optic technologies for use in robotic catheter products and related intellectual property.
(KVHI) KVH Industries received a $1.1 million fiber optic gyro order for military simulators.
(LRY) Liberty Property established a $50 million buyback program as part of a total $100 million buyback plan.
(MRK) Merck announced that JANUVIA in combination with metaformin provided significant glycemic improvement and was well tolerated and showed significantly improved blood sugar control in patients with type II diabetes.
(NBL) Noble Energy announced new oil and gas discovery in Equatorial Guinea.
(NGI) NEON Communications being acquired for $5.25 per share by RCN Communications.
(NRGN) Neurogen announces positive results for proprietary insomnia drug in two chronic insomnia clinical trials.
(NTDOY) Nintendo passed up Sony in market value in Japan today.
(OMTR) Omniture could be acquired in online ad measuring according to Cramer; stock up 8%.
(OREX) Orexigen Therapeutics announced positive obesity data this weekend American Diabetes Association 67th Scientific Sessions in Chicago.
(USEY) US Energy is seeking third party financial advisors to assist board in its evaluation of potential refinancing or restructuring transactions
(YHOO) Yahoo!’s head executive of US ad sales left for Martha Stewart Ominimedia; Yahoo! is merging ad departments.

Jon C. Ogg
June 25, 2007

JOn Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Biotechs & Pharmas Bracing For ASCO Annual Meeting

247wallst — Wed, 30 May 2007 18:30:12 +0000

This weekend we have the mother of all future cancer treatment conferences: ASCO, or The American Society of Clinical Oncology. Cancer stocks in the last few weeks have been seeing a muted response ahead of the event that biotech investors have traditionally braced for. At various points on the website you can find a full list of contributing and presenting companies. This is only a sample of the companies presenting data and it is very possible that the dates and even the companies may have changed. Also, you’ll probably start seeing news here at this ASCO News Site either late Thursday evening or Friday. Some of these dates and presentation schedules have been compiled over a multi-week period, so it is very likely that some of these will have changed.

SATURDAY, JUNE 2

Genentech (DNA) will show data with Roche on Avastin plus a chemotherapy dual-mix cocktail for first line treatment in non-small cell lung cancer patients. Later on at ASCO, a failed Avastin study for the treatment of pancreatic cancer will be shown. Some Phase III Avastin data in kidney cancer will also be presented next week. Genentech will also be showing data with partners OSI Pharmaceuticals (OSIP) and Imclone (IMCL) in later days.

Pfizer (PFE) will present data on Sutent’s safety and efficacy in Phase II liver cancer studies.

If you forgot about Dendreon (DNDN), this will be the company’s last known data presentation on Provenge after getting the FDA delay. Investors will be looking closely at any ‘New Data’ presented because much of the ongoing study data is being treated as old data.

Arqule (ARQL) and Exelixis (EXEL) are presenting data as well on molecules that are deemed cancer targets

Others to watch are Onyx Pharmaceuticals (ONXX) and partner Bayer (BAY), because their liver cancer studies are under concern over toxicity. Its Nexavar data will be presented later for liver cancer Phase III.

Amgen (AMGN) will have study posters up discussing safety of its anemia treatment Aranesp that many patients have to use. It is no secret that the reimbursement rates, effectiveness and safety, and the dosage have been under fire and worse for some time now. Most of the damage has been done and many feel that more cautionary and worrisome days are ahead.

Immunogen (IMGN) will be releasing some preliminary data on Herceptin-DM1 in its Genentech pact for the treatment of breast cancer.

SUNDAY, JUNE 3

Telik (TELK) will post some data in the studies of Tecyta in overian cancer, which failed to meet endpoints.

Celgene (CELG) will be presenting data on a Revlimid-plus study in multiple myeloma patients.

Regeneron (REGN) will show Phase II data on VEGF-TRAP for advancedtreatment-resistant ovarian cancer and another phase II study innon-small cell lung cancer.

Bristol-Myers Squibb (BMY) will present preliminary Phase III datadesigned to be a fight against advanced and chemo-refractory metastaticbreast cancer.

GlaxoSmithkline (GSK) will also present Phase III Tykerb studies for the treatment of metastatic breast cancer.

Abbott Laboratories (ABT) will present data on targeting pathways to kill tumor cells.

NEXT WEEK

GPC Biotech (GPCB) will post some new data in its Phase III prostate cancer studies.

Imclone (IMCL) will release details of a failed study of Erbitux for pancreatic cancer.

Merck (MRK) will discuss future molecular targets for pediatric cancer.

Pfizer (PFE) will be posting further Phase II data on monoclonal antibodies for the possible treatment of melanoma.

Medarex (MEDX) will post Phase II data on melanoma studies.

Introgen (INGN) will post Advexin data for the marking of head and neck cancers.

deCODE Genetics (DCGN) will present on the ethical and financial needs in cancer genetics.

A sample of other stocks to watch in the sector are Cytogen (CYTO),Monogram Bio (MGRM), Telik (TELK), Threshold Pharmaceuticals (THLD),NeoPharm (NEOL), and Invitrogen (IVGN). There are many many morecompanies that will be presenting. Last year when we were in theprocess of rolling up our companies into one, I did a very full list of companies and the subsequent presentations.Here you can see that to see a much wider list of companies becausethese companies become "ASCO-ADDICTS" and most go back year after year.

Jon C. Ogg
May 30, 2007