These are six of the biggest movers this morning in pre-market trading:
China Sunergy Co. Ltd. (NASDAQ: CSUN) is up as it didn’t get the memo about slower growth in solar. Earnings were $0.18 EPS vs. $0.10 estimates and revenues rose 180 to $104.3 million versus $91.6 million expected (Thomson Reuters estimates). Shares are up over 10% at $4.99 on 120,000 shares.
Dendreon Corp. (NASDAQ: DNDN) is seeing a day-two run after traded up to over $50 yesterday on the PROVENGE FDA approval for advanced prostate cancer. Shares are indicated up this morning as well by 7% at $53.70 on 1.4 million shares. The new 52-week high from yesterday varied from sources last night, but the figure we are using is $54.58.
Goldman Sachs Group Inc. (NYSE: GS) is in the soup on two bits of news. One is new, one is a continuation you could have assumed was on its way. Goldman is one of about 40 large financial and banking firms that will have to defend against claims that they all conspired to rig bids for municipal investment contracts in California. The continuation news is along the lines of the SEC charges as federal prosecutors have also reportedly opened a criminal probe into whether or not Goldman Sachs or its employees committed mortgage-related securities fraud. Shares are down 5.4% at $151.62 on over 1 million shares. The intra-day lows since the SEC issue first hit was $150.15 on April 27.
McAfee, Inc. (NYSE: MFE) was down after earnings and noting that many orders were pushed out into Q2 or Q3. Analysts downgraded it as well: Cut to Market Perform at Wells Fargo; FBR Cut its target to $44. Shares are down 11% at $35.20 on about 35,000 shares.
Power-One, Inc. (NASDAQ: PWER) is soaring after earnings: Revenue rose 56% to $152 million; net income was $3.8 million and $0.04 EPS. More importantly, bookings rose almost 500% year-over-year to $453 million. Shares are up 21% at $6.99 on only about 50,000 shares. Mark that as a 52-week high, with the prior trading range of $1.08 to $5.90.
Repros Therapeutics Inc. (NASDAQ: RPRX) is up big on FDA news. Repros received FDA advice on its Proellex trial design, an indication that the FDA may lift its clinical hold. Shares are up 23% at $1.07 on over 900,000 shares. The 52-week range is $0.61 to $8.30, so this could be a problem reversal trade for traders.
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JON C. OGG
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