There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include SureWest Communications (NASDAQ: SURW), BioLineRx Ltd. (NASDAQ: BLRX), Threshold Pharmaceuticals Inc. (NASDAQ: THLD), Sohu.com Inc. (NASDAQ: SOHU), and Anacor Pharmaceuticals Inc. (NASDAQ: ANAC).

After the first half hour of trading this morning, SureWest is up nearly 43% at $22.27 after posting a new 52-week high of $22.69. Volume is about 3x the daily average of about 46,000 shares traded. The telecom provider has agreed to be acquired by Consolidated Communications Holdings Inc. (NASDAQ: CNSL) for about $341 million, or $23/share.

BioLineRx is up about 38% at $5.69. Volume is about 9x the daily average of 158,000 shares traded. The pharmaceuticals firm has signed a worldwide licensing agreement for its oral hepatitis C drug.

Threshold is up more than 25% at $3.75 after posting a new 52-week high of $3.96 earlier. Volume is nearly 20x the daily average of about 348,000 shares traded. The pharmaceuticals firm has announced a global development deal with Germany’s Merck last week, and the stock continues to soar after more than doubling last Friday.

Sohu.com is down about -15% at $53.58. Volume is more than double the daily average of about 1.25 million shares traded. The Chinese internet company posted solid earnings, but its Q1 forecast was below expectations.

Anacor is down more than -8% at $6.80. Volume is already above the daily average of about 287,000 shares traded. The company manufactures materials used in solar PV modules, and lowered its fourth-quarter guidance this morning.

Intermec is down more than -11% at $7.77. Volume is already more than double the daily average of about 68,000 shares traded. The pharmaceuticals firm’s shares were halted this morning, before news that GlaxoSmithKline plc (NYSE: GSK) had halted a trial of Anacor’s drug to treat urinary tract infection.

Paul Ausick

The unofficial closing bells put the DJIA up nearly 157 points to 12,862.23 (1.23%), the NASDAQ rose nearly 46 points (1.61%) to 2,905.66, and the S&P 500 rose 1.46% or more than 19 points to 1,344.90.

There were several analyst upgrades and downgrades today, including Marathon Oil Corp. (NYSE: MRO) cut to ‘hold’ at Argus; Peet’s Coffee & Tea Inc. (NASDAQ: PEET) raised to ‘outperform’ at Baird; Research in Motion Ltd. (NASDAQ: RIMM) cut to ‘underperform’ at Jefferies; Urban Outfitters Inc. (NASDAQ: URBN) raised to ‘buy’ at Janney Capital; and Chesapeake Energy Corp. (NYSE: CHK) started as ‘neutral’ at Credit Suisse.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Gilead Sciences Inc. (NASDAQ: GILD) is up more than 11% at $54.83 after posting a new 52-week high of $54.90 earlier (see our coverage here); Genworth Financial Inc. (NYSE: GNW) is up more than 13% at $9.12; PC Connection Inc. (NASDAQ: PCCC) is down nearly -20% at $10.22; Novellus Systems Inc. (NASDAQ: NVLS) is down -0.73% at $48.98, but posted a new 52-week high of $49.92 earlier in the day; PerkinElmer Inc. (NYSE: PKI) is up more than 6% at $26.21; Beam Inc. (NYSE: BEAM) is up 2.4% at $54.28; Estee Lauder Cos. Inc. (NYSE: EL) is down -3.64% at $56.71 (more coverage here); and Weyerhaeuser Co. (NYSE: WY) is up more than 5% at $21.19.

Other standouts from today include the following stocks:

Threshold Pharmaceuticals Inc. (NASDAQ: THLD) is up nearly 115% at $2.77. The pharmaceuticals firm has announced a global development deal with Germany’s Merck.

Tudou Holdings Ltd. (NASDAQ: TUDO) is up nearly 19% at $16.66. The Chinese online video company has signed a deal with Sina Corp. (NASDAQ: SINA) to provide a video platform for Sina Weibo, a Twitter-like social site.

Zoltek Cos. Inc. (NASDAQ: ZOLT) is up nearly 39% at $13.14. The specialty fibers maker posted good earnings number and forecast continued growth in the market for wind turbines which use its carbon fibers in blade construction.

STR Holdings Inc. (NASDAQ: STRI) is down nearly -20% at $9.08. The company manufactures materials used in solar PV modules, and lowered its fourth-quarter guidance this morning.

Mannkind Corp. (NASDAQ: MNKD) is down nearly -13% at $2.15 after posting a new 52-week low of $2.14 earlier. The biotech company has priced its public offering of units containing one share of stock and warrant to purchase another 0.6 shares. More coverage here.

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

• 11:30 a.m. – 3- and 6-month Treasury bill auction
• 3:00 p.m. – Treasury STRIPS

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Have a great weekend.

Paul Ausick

Shares of Threshold are up about 81% at $2.33. About 6 million shares have been traded so far today, compared with a 3-month daily average of about 137,000 shares traded. The pharmaceuticals firm has announced a global development deal with Germany’s Merck. We have more coverage here.

Ocean Power is up nearly 19% at $3.45. Nearly 150,000 shares have traded this morning, compared with a 3-month daily average of around 79,000. The company is developing an electricity generation system that uses wave power to drive the turbine, and has today reported a highly successful test for the US Navy.

Zynga is up nearly 14% at $14.07 after posting a new post-IPO high of $14.43 earlier today. More than 30 million shares have traded this morning, compared with a 3-month daily average of about 12 million. The social game maker has become a virtual tracking stock for the Facebook IPO — or at least investor enthusiasm for the IPO. sharespost.com lists Facebook shares at $36 on the secondary market today, up less than 3% since the announcement of the IPO. More coverage here.

MediciNova is down nearly -15% at 2.10. About 50,000 shares have traded by mid-day, compared with a daily average of about 12,000. Shares gained more than 30% yesterday, so today’s action is likely some profit taking.

Mannkind shares are down more than -11% at $2.19 after setting a new 52-week low of $2.15 earlier today. More than 14 million shares have already traded this morning, compared with a 3-month daily average of about about 900,000 shares. The company has priced its public offering of units containing one share of stock and warrant to purchase another 0.6 shares. More coverage here.

At about noon, the DJIA is up 1.38% at about 12,843, the Nasdaq is up 1.39% at around 2,899, and the S&P 500 is up 1.23% at about 1,342. Today’s report on non-farm payrolls and a fall in the headline unemployment rate to 8.3% have put some life into the market today.

Paul Ausick

After the first half hour of trading this morning, Threshold is up nearly 83% at $2.36. Volume is about 20 x the daily average of about 137,000 shares traded. The pharmaceuticals firm has announced a global development deal with Germany’s Merck. See our coverage here.

Zoltek is more than 45% at $13.75. Volume is about 7x the daily average of about 263,000 shares traded. The specialty fibers maker posted good earnings number and forecast continued growth in the market for wind turbines.

Genworth is up nearly 14% at $9.15. Volume is already nearly equal to the daily average of about 9.3 million shares traded. The financial services company reported better-than-expected earnings last night, and growth in its life insurance business.

STR Holdings is down nearly -17% at $9.42. Volume is already above the daily average of about 287,000 shares traded. The company manufactures materials used in solar PV modules, and lowered its fourth-quarter guidance this morning.

Intermec is down more than -11% at $7.77. Volume is already more than half the daily average of about 254,000 shares traded. The RFID products maker missed estimates and has lowered guidance.

The DJIA is up 1.26% at about 12,866, the Nasdaq Composite is up 1.36% at about 2,899, and the S&P 500 is up 1.29% at about 1,343. The unexpectedly buoyant employment report is driving the market this morning.

Paul Ausick

• Allos Therapeutics, Inc. (NASDAQ: ALTH)
• Amgen (NASDAQ: AMGN)
• ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA)
• Array BioPharma, Inc. (NASDAQ: ARRY)
• AstraZeneca’s (NYSE: AZN) Medimmune unit
• Biogen Idec Inc. (NASDAQ: BIIB)
• Celgene Corporation (NASDAQ: CELG)
• Curis, Inc. (NASDAQ: CRIS)
• Immunomedics, Inc. (Nasdaq: IMMU)
• ImmunoGen, Inc. (Nasdaq: IMGN)
• Infinity Pharmaceuticals, Inc. (NASDAQ: INFI)
• Medarex, Inc. (Nasdaq: MEDX)
• Momenta Pharmaceuticals, Inc. (Nasdaq: MNTA)
• Oncolytics Biotech, Inc. (NASDAQ: ONCY)
• Pfizer (NYSE: PFE)
• Pharmacyclics, Inc. (NASDAQ: PCYC)
• SuperGen Inc. (NASDAQ:SUPG)
• Telik, Inc. (Nasdaq: TELK)
• Threshold Pharmaceuticals, Inc. (Nasdaq: THLD)

You can see a full summary of the data being presented at BioHealthInvestor.com site.  There will be others presenting data this weekend, and these were from the press releases of the meeting ahead of time.

JON C. OGG

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