On Monday, Genta Incorporated (OTC:BB: GNTA, Stock Forum) saw its share price soar 71.8% to 55 cents after the company announced that the FDA has accepted its amendment to its New Drug Application for the Genasense Injection as a "complete response.” The NDA proposed the use of Genasense plus chemotherapy for patients with relapsed or refractory chronic lymphocytic leukemia. Genta says the recent submission was based on new information from its completed, randomized Phase 3 trial that showed, among other findings, “a significant increase in overall survival for patients who achieved a complete or partial response when treated with Genasense plus chemotherapy compared with patients treated with chemotherapy alone.”
Also. shares of China-based Qiao Xing Universal Telephone, Inc. (NASDAQ: XING, Stock Forum) climbed 29.6% to $5.12 Monday on the morning’s release of 2007 financial results. Highlights include a 20% rise in net sales over 2006 to $531.1 million, a 71% gain in gross profit to $133.7 million, and earnings per share of $3.42. Shares of subsidiary Qiao Xing Mobile Communication Co. (NYSE: QXM, Stock Forum) jumped 13.6% Monday afternoon to $5.17 on the news. "2007 was an extremely exciting and fruitful year. Through its IPO, the value we had built up over the years in our major subsidiary Qiao Xing Mobile Communication Co., Ltd. (NYSE: QXM) was partially recognized in XING's income statement as a gain on the sale of stocks by a subsidiary of Rmb 384.0 million (US$ 52.6 million),” Wu Rui Lin CEO and Chairman of Qiao Xing Universal Telephone said.
In Tuesday trading, shares of The X-Change Corporation (OTC:BB: XCHC, Stock Forum) were up 80% to 9 cents as the company, through its wholly owned subsidiary, AirGATE Technologies, Inc., announced that it has closed on the second $1.8 million tranche of the $3.6 million financing commitment. In exchange for this $1.8 million, the company issued promissory notes, convertible into its common stock at 7 cents a share, and common stock warrants. The closing of the second $1.8 million financing tranche is for the development and production of surface acoustic wave technology for tagging above and below ground oil and gas assets and general corporate use.
Also, shares of New York-based Avenue Group (OTC:BB: AVNU, Stock Forum) were up 50% Tuesday to 3 cents with nearly 300,000 shares traded as the company and its wholly owned subsidiary Avenue Energy Israel announced that it has produced over 1,300 barrels of oil from its 50% owned Heletz-Kokhav License, part of the Heletz Field in southern Israel. The company says that since restarting production on June 12, three wells have been returned to production with total daily production exceeding 60 barrels of oil per day. Avenue Group says three additional wells are being prepared to return to production over the next few weeks.
Wednesday’s market action saw shares of BlueLinx Holdings Inc.(NYSE:BXC, Stock Forum) soar 48.3% to $4.79. The Atlanta-based building products distributor said Wednesday that it expects to report second-quarter earnings per diluted share in the range of 18 cents to 24 cents on revenue of approximately $835 million based on a preliminary review of its unaudited results for the second quarter. The company expects gross profit margin for the quarter to be approximately 12.9%, compared with 11% for the same period last year. Bluelinx also announced that its board of directors has approved a plan to exit its custom milling operations in California.
Shares of Dallas-based telecom company Intervoice Inc. (NASDAQ: INTV, Stock Forum) were up 22% Wednesday to $8.14 after the company and Convergys Corporation (NYSE: CVG, Stock Forum) announced a definitive merger agreement under which Convergys will acquire Intervoice for $335 million in cash or $8.25 per share. Convergys intends to initially fund the transaction through existing and new credit facilities and cash on hand. The company expects the transaction to close in the third quarter of 2008.
On Thursday, ON Semiconductor Corporation (NASDAQ: ONNN, Stock Forum) and Catalyst Semiconductor (NASDAQ: CATS, Stock Forum) announced that they signed a definitive merger agreement, providing for the acquisition of Catalyst by ON, sending shares of Catalyst soaring 58.9% to $6.45. Under the terms of the agreement, an all-stock transaction, Catalyst shareholders will receive 0.706 shares of ON Semiconductor common stock for each share of Catalyst common stock they own.
Shares of BlastGard International, Inc. (OTCBB:BLGA, Stock Forum) jumped 62.5% to 13 cents Thursday after the company announced receipt of a formal purchase agreement for 156 BlastGard MTR blast mitigated receptacles valued at more than $700,000 for a major United States airport. The company, which creates blast mitigation products and services, also announced that the final testing of its new BlastGard(R) MBR Gard Cart which houses BlastGard's MBR 300 has been completed and it is in the process of ramping up production.
And, in Friday trading, shares of Memphis-based Pinnacle Airlines Corp. (NASDAQ: PNCL, Stock Forum) jumped 35.3% to $4.90, after the company reported after market close Thursday that its Pinnacle Airlines, Inc. subsidiary will continue to fly for Delta Air Lines as a Delta Connection carrier under its existing contract, which expires in 2017. Delta previously served notice that it intended to terminate the contract, effective July 31.
Also, shares of Florida-based CareGuide, Inc. (OTCBB:CGDE, Stock Forum), soared 96.7% to 11.8 cents Friday after the health management company announced its intent to cease its public company status as well as a realignment of its executive management team. The company’s board of directors has approved plans to cease the registration of its common stock. In order to deregister its shares, CareGuide will reduce its number of stockholders of record to below 300. To accomplish this, the company says the board of directors approved an amendment to the company's certificate of incorporation to effect a 1-for-100,000 reverse stock split of its common stock.
