On the upside
The Food and Drug Adminstration accepted Questcor Pharmaceuticals' (Nasdaq: QCOR) filing to market it infantile spasm treatment Acthar and will make a decision by June 11, 2010.
Leerink Swann analyst Jason Gurda upgraded Tenet Healthcare (NYSE: THC) and lifted his price target for the hospital operator saying that passage of the Senate health care bill will boost revenue and margins.
PMI Group (NYSE: PMI) will receive a $51 million benefit after restructuring certain modified pool policies.
On the downside
General Steel Holdings (NYSE: GSI) will sell nearly 5.6 million common shares and warrants to purchase more than 2.7 million common shares to raise approximately $25 million.
Shares of Jackson Hewitt Tax Service (NYSE: JTX) dropped over Pacific Capital Bancorp's (Nasdaq: PCBC) announcement that it will sell its tax unit to a private equity fund. Pacific Capital's tax unit was going to offer nearly 75% of Jackson Hewitt's financial products.
Investors locked in profits on Compugen (Nasdaq: CGEN). Shares of the biotech firm nearly doubled after announcing a development deal with Pfizer (NYSE: PFE) yesterday.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 633.
