The unofficial closing bells put the DJIA up about 16 points to 13,194.10(0.12%), the NASDAQ rose less than 1 point (0.03%) to 3,040.73, and the S&P 500 fell -0.12% or about 2 points to 1,394.28.

There were several analyst upgrades and downgrades today, including General Electric Co. (NYSE: GE) maintained as ‘outperform’ at Credit Suisse; Juniper Networks Inc. (NYSE: JNPR) cut to ‘market perform’ at BMO; Vodafone Group plc (NASDAQ: VOD) cut to ‘underperform’ at BNP Paribus; Chevron Corp. (NYSE: CVX) maintained as ‘outperform’ but estimates lowered at Credit Suisse; and Anadarko Petroleum Corp. (NYSE: APC) raised to ‘buy’ at Stifel Nicolaus.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Energy Solutions Inc. (NYSE: ES) is up 2% at $4.54; FXCM Inc. (NYSE: FXCM) is up 10% at $11.55; Global Ship Lease Inc. (NYSE: GSL) is down -7.3% at $3.18; Marcus Corp. (NYSE: MCS) is down -1.5% at $12.31; and Anacor Pharmaceuticals Inc. (NASDAQ: ANAC) is up 2.5% at $5.73.

Other standouts from today include the following stocks:

Helios & Matheson Information Technology Inc. (NASDAQ: HMNY) is up more than 87% at $5.33 after posting a new 52-week high of $7.00 earlier today. The business software company posted a surprise profit for fiscal 2011.

Endocyte Inc. (NASDAQ: ECYT) is up nearly 58% at $5.87. The drug maker posted better-than-expected quarterly and annual results last night.

SciClone Pharmaceuticals Inc. (NASDAQ: SCLN) is up about 22% at $6.39 after posting a new 52-week high of $6.97 earlier. The biopharmaceutical company beat estimates and provided a strong outlook for 2012.

Pacific Sunwear of California Inc. (NASDAQ: PSUN) is down nearly -18% at $2.06. The apparel maker posted a larger than expected loss last night. More coverage here.

Guidewire Software Inc. (NYSE: GWRE) is up more than 17% at $30.09 after posting a new 52-week high of $32.79 earlier today. The business software company announced a new contract this morning.

NuPathe Inc. (NASDAQ: PATH) is up nearly 20% at $3.91. The biotechnology company’s transdermal patch for migraine sufferers got a strong review from a financial web site today.

Federal Signal Corp. (NYSE: FSS) is up more than 22% at $5.61. The specialty truck maker posted better-than-expected revenues this morning.

Sterling Construction Co. Inc. (NASDAQ: STRL) is down more than -16% at $8.58 after posting a new 52-week low of $8.57 earlier today. The construction firm posted an unexpectedly weak earnings report this morning.

Stay tuned for Thursday. We have noted the following events on the schedule (all times Eastern):

• 8:30 a.m. – New US unemployment benefits claims
• 8:30 a.m. – Producer price index
• 8:30 a.m. – Empire State manufacturing index
• 9:00 a.m. – Treasury International Capital (TIC) report
• 10:00 a.m. – Philadelphia Fed survey
• 10:30 a.m. – EIA weekly natural gas storage report
• 4:30 p.m. – Federal Reserve balance sheet and money supply

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Paul Ausick

Among the major movers at around noon today are Guidewire Software Inc. (NYSE: GWRE), NuPathe Inc. (NASDAQ: PATH), Federal Signal Corp. (NYSE: FSS), American Apparel Inc. (AMEX: APP), and Sterling Construction Co. Inc. (NASDAQ: STRL).

Guidewire Software is up nearly 17% at $29.97 after posting a new 52-week high of $32.79 earlier today. Volume is already above the daily average of about 400,000 shares traded. The business software company announced a new contract this morning.

NuPathe is up more than 15% at $3.77. Volume is already nearly double the daily average of about 36,000 shares traded. The biotechnology company’s transdermal patch for migraine sufferers got a strong review from a financial web site today.

Federal Signal is up nearly 15% at $5.26. Volume is already more than double the daily average of around 335,000 shares traded. The specialty truck maker posted better-than-expected revenues this morning.

American Apparel is down nearly -14% at $0.88. Volume is already more than 11x the daily average of around 52,000 shares traded. The clothing maker reported weak earnings and revenues this morning.

Sterling Construction is down more than -13% at $8.92 after posting a new 52-week low of $8.88 earlier today. Volume is already nearly 20x the daily average of around 73,000 shares traded. The construction firm posted an unexpectedly weak earnings report this morning.

Paul Ausick

Activision Blizzard, Inc. (NASDAQ: ATVI) said Q1 profit basically doubled with strong deferred revenues, along with “Call of Duty” and “World of Warcraft” sales.  It also raised its 2010 earnings guidance.  Shares were up over 2% last night and the stock is up 4.3% at $10.94 on almost 50,000 shares.

American International Group Inc. (NYSE: AIG) managed a surprise profit on lower write-downs and on lower restructuring expenses.  AIG also said that earnings grew at most of its core insurance operations. Shares are up 4% at $38.25 on over 150,000 shares.

Crocs Inc. (NASDAQ: CROX) reported a Q1 profit on stronger sales.  Margins grew as well and we have seen at least one positive research call on ity this morning.  Shares were up more than this earlier, but the stock is up 5% at $10.10 on thin trading volume.

Federal Signal Corp. (NYSE: FSS) priced a 10.5 million share secondary offering at $6.25 per share after a $6.46 close.  This $61.7 million raised is less than some $75 million expected.  Shares are down 4.6% at $6.16 on over 50,000 shares.

Genoptix, Inc. (NASDAQ: GXDX) is down 14.5% at $31.00 after a $36.26 close, but volume is thin around 20,000 shares.  Lower than expected earnings are to blame here.

Hansen Natural Corporation (NASDAQ: HANS) is not looking so natural after Q1 profits fell over 20% and under Thomson Reuters estimates after it saw price declines.  Shares are trading down 14% at $36.57 but on very thin trading volume.

Las Vegas Sands Corp. (NYSE: LVS) is after reporting its first real profit in two years, and on very strong revenue to beat Thomson Reuters estimates.  Shares are up 2.5% to $22.20 this morning on over 100,000 shares.

Radian Group Inc. (NYSE: RDN) is up along with PMI Group Inc. (NYSE: PMI) after KBW upgraded both stocks this morning.  Radian is up 2.6% at $10.10 and PMI is up 4.7% at $4.45 this morning.

Sequenom Inc. (NASDAQ: SQNM) is down after earnings with an in-line loss despite higher revenues.  Margins fell over 10% on increased costs.  Auriga remained cautious on this one. Shares are down 8% at $5.15 on relatively thin volume.

Trico Marine Services Inc. (NASDAQ: TRMA) has an appropriate acronym for its ticker.. Trauma… Its Q1 loss was worse than expected and it also said it is looking for ways to improve its financial liquidity and may need the 30-day grace period on an interest payment. Shares are down a whopping 31.5% at $1.67 on about 100,000 shares.

Also, we compiled a huge list of stocks that rose yesterday during the bloodbath.  These are not funds nor ETFs, are not inverse ETFs, most are not in mergers, and the hurdle here was active trading and a 2% gain.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) has filed a shelf registration statement to raise up to $150 million in any combination of Common Stock, Preferred Stock, Debt Securities, Warrants, and/or Units.  The company plans to use the proceeds “for the clinical and preclinical development of drug candidates, for discovery research for new drug candidates, for general corporate purposes, including working capital, capital expenditures and debt repayment, and potentially for the commercialization of any approved drugs.”  Arena’s market cap is listed as $325 million after a 2.7% drop down to $3.22; the 52-week range is $2.49 to $5.93.

Beazer Homes USA, Inc. (NYSE: BZH) is down after earnings came out showing the report was helped out on a note exchange gain; but it said orders were up 49% and its cancellations fell.  The offering is a 12.5 million share secondary offering along with 3.5 million tangible equity units and $300 million aggregate principal in unsecured notes due in 2018.  Shares were down 13.5% at $5.95 on already about double normal volume.  The market cap there is listed as $370 million.

Federal Signal Corporation (NYSE: FSS) announced a sale approximately $75 million in common stock to repay credit facility indebtedness associated with the recent acquisitions of Sirit and VESystems.  Shares are down 7.2% at $7.46 this morning.

Greenhill & Co., Inc. (NYSE: GHL) is down after saying it will sell 3 million shares of common stock via Goldman Sachs.  All shares are being sold by selling shareholders, so none of the proceeds will go into the Greenhill vault.  Shares are down 6.2% at $83.37 and the market cap is $2.36 billion.

Kinder Morgan Energy Partners LP (NYSE: KMP) is so large that the offering may go unnoticed.  The public offering price was $66.25 per common unit, with joint book-runners being Citi, Barclays, Goldman Sachs, J.P.Morgan, and Morgan Stanley.  Shares (units) are down 2.8% at $65.71.

KKR Financial Holdings LLC (NYSE: KFN) announced a new credit facility of $210 million versus the prior $150 million credit facility.  More importantly, it filed to sell 25 million common units and will use the sale proceeds for asset acquisitions and general corporate purposes.  Shares are down 5.9% at $8.65 and the market cap is $1.35 billion.

Pennsylvania Real Estate Investment Trust (NYSE: PEI) is lower after it priced a 9 million share secondary offering of common stock at $16.25 per share.  The market cap is listed as $730 million, and the stock is down 5.2% at $16.45 on already about 7-times normal volume.

Radian Group Inc. (NYSE: RDN) may have posted a loss $310 million on revenues of only $127.8 million (great business model there) but today’s drop is being added to after the company hired KBW and Morgan Stanley to lead a $550 million stock offering under an existing shelf registration from July-2009.  Shares are down 10.7% at $13.06.

Republic Services, Inc. (NYSE: RSG) filed late Monday before the close its automatic shelf registration statement for an undisclosed amount of Debt, Common Stock, Preferred Stock, Warrants, Stock Purchase Contracts, Stock Purchase Units, and/or Subscription Rights.  This filing was for it, Allied, and literally dozens and dozens of subsidiaries in landfills, recycling centers, compost sites, and more all over the U.S.  Shares closed up over 1.5% yesterday, but the stock is down 3.7% at $30.40 and the market cap is roughly $11.6 billion.

Not all secondary offerings take a toll on the underlying stocks (or units), although that generally seems to be the case.  And that is the case today.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Beazer Homes USA, Inc. (NYSE: BZH) is playing give-back in the after-hours session.  Shares closed up 4.7% at $6.88 ahead of earnings, but the earnings came out showing the report was helped out on a note exchange gain.  The good news is that orders were up 49% and its cancellations fell.  The real kicker is a 12.5 million share secondary offering along with 3.5 million tangible equity units and $300 million aggregate principal in unsecured notes due in 2018.  Shares are trading in the after-hours session down 5.5% at $6.50 on over 240,000 shares since the 4:00 PM close.

BP plc (NYSE: BP) saw its ADRs a tad lower in the after-hours session despite a late day recovery after word came out that BP has slowed the oil escape rate at its offshore disaster in the Gulf of Mexico.  The problem is that this appears to have been take out of context as a MarketWatch headline said the oil leak has not been reduced.  Shares closed down 3.76% at $50.19 today, and the after-hours session shows shares down 0.3% at $50.05 but on almost 2 million shares since the 4:00 PM closing bell.

Federal Signal Corporation (NYSE: FSS) is trading lower after it announced a $75 million public offering of common stock.  Shares closed marginally lower at $8.04, but the stock is now shown to be down almost 6% at $7.57 on almost 25,000 shares since the 4:00 PM close.

Intevac Inc. (NASDAQ: IVAC) rose over 5% to $14.70 today ahead of earnings, and the company reported a $0.06 EPS positive earnings rather than a -$0.03 EPS estimate from Thomson Reuters.  Shares are trading in the after-hours session up 5.4% at $15.50 on over 20,000 shares.

Leapfrog Enterprises Inc. (NYSE: LF) closed up 4.1% at $7.12 ahead of earnings.  Despite a sales gain of more than 40%, it lost $23 million in its latest quarter.  In the after-hours session the stock is down 18% at $5.80 on only about 34,000 shares traded since the closing bell.

McKesson Corporation (NYSE: MCK) was quiet as a church mouse with a 0.1% gain at $64.87 on the day, but then came its earnings report after the closing bell.  Shares are trading up 4.5% at $67.77 on 148,000 shares since the closing bell.

Micron Technology, Inc. (NASDAQ: MU) may be a confusion… Shares closed up 5.8% at $9.89 on very active trading today as chip news helped and the note came that Apple already had sold 1 million iPads.  At 5:24 PM EST we see shares down at $9.35, a drop of about 5.5% on over 4.5 million shares after the closing bell.  Be advised that this conflicts with price data seen at 5:10 elsewhere; now it appears to be back to only -0.2% at $9.87 in after-hours.  Much of that appears to have been clean-up trades that were not counted and went through in the after-hours session so the prints would not alter trading.

NutriSystem Inc. (NASDAQ: NTRI) closed down over 4% as investors feared another poor quarter of earnings.  The bears were the ones who got the disappointment tonight. Earnings were $0.15 EPS vs. $0.12 estimates from Thomson Reuters, although revenues were down about 2% to $158.8 million vs. $155.5 million expected.  As this is a battleground stock still often with a high short interest, the shares are trading up 9.9% at $20.34 and shares had been up over 10% initially.

Pitney Bowes Inc. (NYSE: PBI) reported $0.55 EPS vs. $0.54 estimates; revenue fell 2% To $1.35 billion rather than $1.377 billion expected from Thomson Reuters.  For 2010 it reaffirmed a range of $2.30 to $2.50 EPS vs. the $2.40 estimate but revenues are expected only to be flat to up 3% for the year.  Shares closed up almost 2% at $25.88 in normal trading, but the stock is down over 7% at $24.00 on almost 50,000 shares in the after-hours trading session since the 4:00 PM close.

Powerwave Technologies Inc. (NASDAQ: PWAV) reported -$0.05 EPS vs. $0.00 estimates from Thomson Reuters and revenues were down over 20% to $114.5 million versus estimates of $130+ million.  Shares closed up 0.5% at $1.79 but the stock was indicated down over 10% a few minutes ago in the after-hours session with a $1.45 low.  It appears there were items in report because there have been 740,000 shares since the closing bell at 4:00 PM  and the last trade shows shares down at $1.71.

Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) was viewed as a disappointment after a day of profit taking ahead of the coming FDA meeting.  Shares closed down 5% at $9.28 and the after-hours session has shares down 3% at $9.00.  The stock is down 3% at $9.00 on only about 22,000 shares since the 4:00 PM closing bell.

Simon Property Group Inc. (NYSE: SPG) rose despite it having submitted a new and publicly undisclosed buyout offer to General Growth Properties Inc. (NYSE: GGP).  Simon shares were up 4.2% at $92.78 today and General Growth shares were helped by a very late day run on the news to close up almost 7% at $16.78.  Both shares are effectively flat in the after-hours session, but we’d expect a move in the morning as more details of any revised offer are made public.

JON C. OGG

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• American Capital (ACAS) Cut To Underweight from Neutral By JP Morgan.
• Boston Scientific (BSX) Cut to Underperform at Merrill Lynch.
• Comverse Tech (CMVT) Cut to Sell at Canaccord.
• Federal Signal Corp. (FSS) Cut to Sell at Goldman Sachs.
• Heartland Payment Systems (HPY) Cut to Underweight at JPMorgan.
• Morton’s Restaurant (MRT) Cut to Market Perform at Wachovia.
• Network Engines (NENG) Cut Hold at Cantor Fitzgerald.
• Open Text (OTEX) Cut to Hold at Canaccord.
• Reliant Energy (RRI) Cut to Neutral at Credit Suisse.
• Ruth’s Hospitality (RUTH) Cut to Market Perform at Wachovia.

Jon C. Ogg
October 1, 2008