Volume Spike Investor

Genzyme Corp. (NASDAQ: GENZ) won a recommendation from the FDA advisory committee unanimously recommending approval of Genzyme’s Synvisc-one for osteoarthritis in the knee. Shares are indicated up almost 3% at $65.00. Just keep in mind that its market cap is now $17 billion.

Alexza Pharmaceuticals Inc. (NASDAQ: ALXA) announced that its AZ-004, an inhalation product candidate for the acute treatment of agitation in patients with schizophrenia or bipolar disorder, met the primary endpoint of treating acute agitation in patients with bipolar disorder in Phase III Trial. Shares closed down 2.5% at $1.45 yesterday, but shares were up 9% at $1.58 last night. There has been no trading yet, but this sounded like important news for a small cap with a $47 million market cap.

Genworth Financial Inc. (NYSE: GNW) entered purchase agreement of InterBank FSB under CPP and TARP plan. The troubled financial stock is indicated up 19% at $2.88 after closing up 8% at $2.41 in regular trading yesterday.

Yahoo! Inc. (NASDAQ: YHOO) is being pressured by holders now to sell its search business to Microsoft. The belief is that this could generate something to the tune of $15 billion, although Microsoft as last bidder may not want to pay that much. Shares are up almost 4% pre-market at $12.65.

Electronic Arts Inc. (NASDAQ: ERTS) is down again after the company gave its second implied earnings warning in lass than six weeks. The stock looks down another 10% to $17.25 or so in trading indications and that is on top of an 11.5% drop in the regular trading day on Tuesday.

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) ended the development of its insomnia drug after it failed to meet Phase IIb primary endpoints. Shares closed down over 5% at $3.62 yesterday, yet are down another 14% to $3.11 in pre-market trading. Sounds like management didn’t get much sleep either……

American Express Company (NYSE: AXP) is in a pickle…. It is rare to see analysts start a company with a SELL rating, but this morning we had both Citigroup and Banc of America issue new SELL ratings in new coverage of the credit card issuer. Shares are down 4% at $22.30 in early trading.

JON OGG

December 10, 2008 (8:37 AM EST)