Monday, October 8, 2012

Marathon Petroleum Jumps Sharply (NOG, QCOR, CGI, PRGS, MPC)

Northern Oil & Gas, Inc.(NYSEAMEX:NOG) shares gained 1.90% to $16.61 in the morning hour. The company, last week, announced that Ryan R. Gilbertson, Northern Oil's President, has resigned to devote more time to other interests, including charitable activities and various business opportunities. In connection with his resignation, which is effective October 1, 2012, Mr. Gilbertson entered into a consulting agreement pursuant to which he is expected to serve as an advisor to the Company's Board of Directors through October 2014. Northern Oil does not currently expect to fill the position of President at the Company.

Questcor Pharmaceuticals, Inc.(NASDAQ:QCOR) stock increased 6.29% to $20.62 after, bouncing back from it’s last month losses when it fell rapidly in a single day after the U.S. government is investigating its promotional practices, a disclosure that comes just days after the company warned health insurer Aetna Inc. tightened its reimbursement criteria for Questcor's primary drug.

Celadon Group, Inc.(NYSE:CGI) stock gained 9.25% to $16.65 after the company announced that it expects first quarter results to exceed the published analysts' average consensus estimates. The company expect consolidated results of operations in a range of $0.34 to $0.36 earnings per share for the first quarter ending September 30, 2012. Analysts expect the company to report earnings of $0.32 per share for the first quarter.

Progress Software Corporation(NASDAQ:PRGS) stock dropped 13.55% to $18.57 after the company announced that Jay Bhatt plans to step down as President and Chief Executive Officer (CEO) and as a Director to pursue another leadership opportunity. Mr. Bhatt will continue in his roles at the Company until December 7, 2012.

The Progress Board of Directors has initiated a search process and retained an executive search firm to identify a new President and CEO, and Mr. Bhatt will assist the Board in its search process to ensure a smooth transition. Phil Pead, Non-Executive Chairman of the Board of Directors, has been appointed Executive Chairman of the Board, effective immediately.

Marathon Petroleum Corp(NYSE:MPC) shares climbed 5.25% to $57.75 after the company announced that it has signed a definitive agreement to purchase BP's Texas City refinery, three intrastate NGL pipelines, an allocation of BP's Colonial Pipeline Company shipper history, four terminals, retail marketing contract assignments for approximately 1,200 branded sites and a 1,040 megawatt cogeneration facility for $598 million.

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