Monday, September 10, 2012

Peregrine Pharmaceuticals Jumps Again (PPHM, LULU, RIG, ASGB, BK)

Peregrine Pharmaceuticals(NASDAQ:PPHM) shares climbed 4.44% to $4.70 in the pre-market hour after soaring 47% in Friday’s session. On Friday, the company announced that interim results from its Phase IIb trial in patients with refractory non-small cell lung cancer showed a statistically significant improvement in overall survival and a doubling of median overall survival in the bavituximab-containing arms, compared to the control arm.

Additionally, Roth Capital restated their buy rating on shares of PPHM and the firm currently has a $5.00 price target on the stock.

Will PPHM Continue To Move Higher? Find Out Here

Lululemon Athletica inc.(NASDAQ:LULU) shares fell 0.18% to $77 in the pre-market hour. The company posted second quarter net income of $57.22 million or $0.39 per share from prior-year's $38.38 million or $0.26 per share. Net revenue jumped 33% to $282.63 million from $212.32 million in the same quarter last year. Analysts expected earnings of $0.31 per share on revenues of $282.34 million.

Transocean LTD(NYSE:RIG) shares gained 1.47% to $48.30 in the pre-market hour after the company announced that it has reached definitive agreements to sell 38 shallow water drilling rigs to Shelf Drilling International Holdings, Ltd. (Shelf Drilling) for approximately $1.05 billion. The list of rigs to be acquired by Shelf Drilling in the transactions is provided as Appendix A. Shelf Drilling is a newly formed company sponsored equally by Castle Harlan, Inc., CHAMP Private Equity and Lime Rock Partners.

Get Free Trend Analysis On RIG Here

On Assignment, Inc.(NYSE:ASGN) announced the public offering of 4,781,857 shares of its common stock by certain selling stockholders. The selling stockholders will receive all of the net proceeds from this offering, and On Assignment will not receive any proceeds from the sale of shares in this offering.

The Bank of New York Mellon Corporation(NYSE:BK) stock declined 0.79% to $22.74 in the pre-market hour. BK has been appointed by UBM plc as the sponsored depositary bank for its American Depositary Receipt (ADR) program.  Each UBM ADR represents one ordinary share and trades on the OTC markets under the symbol “UBMPY.”

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