In this report: Orexign Therapeutics (NASDAQ:OREX), Northern Oil and Gas (NYSE:NOG) and AMR Corp.(NYSE:AMR).
Orexign Therapeutics (NASDAQ:OREX) jumped more than 50 percent on Wednesday after it was announced that it would go to the Food and Drug Administration to get approval for its diet-drug Contrave after getting positive feedback from regulators. The drug had been originally declined by the FDA in January due to the lack of clinical data on the drugs cardiovascular risks. The company said that it hopes to have the drug on the market by 2014. The company currently trades at $2.15 a share after gaining 46.33 percent on the day.
Northern Oil and Gas (NYSE:NOG) hit a high of $24.10 today before dropping to its current price of $22.41, marking a 5.76 percent gain so far today. The rally came after the energy company’s price target was upped by Chad Mabry of Rodman & Renshaw to $29 a share from $27 a share. The analyst cited that the company’s proven reserve of 34.8 million barrels of oil equivalents as of June 31st is more than double that of the end of 2010 and stated “”We had been forecasting the company to grow its reserves by about 80 percent by year-end 2011, so this really topped expectations,”. He maintained his ‘Market Outperform’ rating on Northern Oil and Gas.
American Airlines parent company AMR Corp. (NYSE:AMR) dropped more than 3.4 percent today despite the company announcing an upbeat revenue outlook for it third quarter. The company said that revenue is rising but fuel prices are continuing to push costs up. The company said that third-quarter revenue per mil will rise by 7.8 percent to 8.8 percent compared with last year. Considering the company lost around $25 million due to flights cancelled because of Hurricane Irene last month those number did impress Wall Street. But celebrations where held back as the company also reported that costs per mile will also rise by 9.2 percent to 10.2 percent. Many analyst are calling for the company to shake up its management team in order to get the company back to profitable ways.
DO NOT TRADE ANY STOCK WITHOUT LEVEL 2 STOCK QUOTES! QuoteDaddy.com delivers it's user with the most in-depth Level 2 Quotation System available on the Planet! NO Downloads, NO Widgets, NO Plugins required! Stay on TOP of your trades with QuoteDaddy.com! CLICK HERE TO START YOUR FREE 30-DAY TRIAL