At 8:02 AM EST shares are up 4% at $0.65 on 120,000 shares.  With the millions of shares it trades each day, well be watching this penny stock.

JON OGG

JON OGG

American Superconductor Corporation (NASDAQ: AMSC) is launching after the company was raised to Buy at Jefferies.  At 8:40 there have only been about 26,000 shares traded, but the stock is up 6.6% at $27.88.  The 52-week range is $15.80 to $43.95 and the average volume is almost 1.2 million shares.

Baidu, Inc. (NASDAQ: BIDU) is rising yet again, this time on a very late upgrade from Kaufman Bros to Buy from Hold.  Shares closed at $579.72 and are up 2.5% at $594.53 on about 100,000 shares as of 8:40 AM EST.  We have the 52-week now at $628.50.

Cell Therapeutics, Inc. (NASDAQ: CTIC) is seeinga  surprise bounce this morning after yesterday’s news that an FDA Panel at the planned meeting rejected its Pixantrone to fight non-Hodgkin’s Lymphoma.  There seemed to be a major sentiment change yesterday, but this morning at 8:41 AM EST we have seen already over 4 million shares trade hands and the stock is up 34% at $0.63.  Keep in mind that this was at $0.91 on Friday, and that was after a late day sell-off.  Shares closed at $0.471 yesterday.

Integrated Silicon Solution, Inc. (NASDAQ: ISSI) closed at $7.49 and at 8:40 AM EST we have shares up about 15% at $8.65 on almost 25,000 shares.  This is after the company raised guidance and noted that it has experienced better than expected end market demand and pricing, primarily for its DRAM products.

Jones Soda Co. (NASDAQ: JSDA) is indicated higher this morning after it ended the exclusivity provision of its potential merger deal with Reed’s (REED) .  The company will now explore an unsolicited bid by a third party to avoid the silly take-under.  No volume has been seen but the stock is indicated at $0.60 after a $0.52 close Monday.

Massey Energy Company (NYSE: MEE) filed last night to sell 8.5 million shares of common stock in a public secondary offering to fund a portion of the cash consideration related to its recently announced $960 million combined cash and stock acquisition of Cumberland Resources Corporation and affiliated companies. At 8:42 AM EST we have seen only about 12,000 shares trade but the stock is down 3% at $49.29. The 52-week range is $9.80 to $54.09 and the average volume is 4.6 million shares.

Oncothyreon Inc. (NASDAQ: ONTY) is getting whacked.  The company announced the temporary suspension of Stimuvax clinical trials by Merck Serono for Stimuvax as a result of a suspected unexpected serious adverse reaction in a patient with multiple myeloma participating in an exploratory clinical trial.  Shares had been halted and they had been down over 40% after the resumption of trading.  At 8:42 AM EST shares are down 37% at $3.00 on 62,000 shares.  The average volume here is only about 160,00 shares and the 52-week range is $1.18 to $7.77.

Sequenom Inc. (NASDAQ: SQNM) is soaring after the stock was raised to Buy from Hold at Lazard.  At 8:43 AM EST we have seen some 500,000 shares trade hands and the stock is up 11% at $6.15.

Somaxon Pharmaceuticals, Inc. (NASDAQ: SOMX) has been very active and is taking advantage of strength to raise capital, which is no surprise at all.   After the close it announced that it would sell up to 4,000,000 shares of its common stock a public secondary offering.  Traders seem to be endorsing this sale because the stock is up 3% at $8.55 on over 200,000 shares as of 8:44 AM EST.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Some of the key stocks which showed gains in the ten-bagger category are Air Transport Services Group, Inc. (NASDAQ: ATSG), American Axle & Manufacturing Holdings Inc. (NYSE: AXL), ArvinMeritor Inc. (NYSE: ARM), Boise, Inc. (NYSE: BZ), Carmike Cinemas Inc. (NASDAQ: CKEC), Cell Therapeutics, Inc. (NASDAQ: CTIC), Conseco Inc. (NYSE: CNO), Green Plains Renewable Energy, Inc. (NASDAQ: GPRE), Human Genome Sciences Inc. (NASDAQ: HGSI), La-Z-Boy Inc. (NYSE: LZB), Pier 1 Imports Inc. (NYSE: PIR), Power-One Inc. (NASDAQ: PWER), PMI Group Inc. (NYSE: PMI), Unisys Corporation (NYSE: UIS), and Vanda Pharmaceuticals, Inc. (NASDAQ: VNDA).

And those are just some….. Check out the gains off the table below from the Russell 2,000:

There were many others which could have been included.

JON C. OGG

American International Group, Inc. (NYSE: AIG) is trading up 2% after its $15.5 billion Alico sale to MetLife (MET).  The deal is similar to last week’s Asian sale in that it is divided between cash and stock.  At 8:23 AM EST we have seen 375,000 shares trade hands and the stock is up 2.4% at $28.75.  UPDATE 9:16 +4.5% at $29.35 on 1.2 million shares.

Cell Therapeutics, Inc. (NASDAQ: CTIC) rose on Friday and shares are up again on Monday after the FDA approved NerPharMa to manufacture Cell Therapeutics’ drug Pixantrone.  At 8:31 AM EST shares are up 15% more at $1.03 on almost 3 million shares. UPDATE 9:16 up 15% at $1.03 on 3.95 million shares.

Medivation, Inc. (NASDAQ: MDVN) is trading lower…. The beating will continue until morale improves.  There is trader speculation that the company should have known its recent drug failure was coming. Shares closed at $12.13 Friday and we have shared down another 3% at $11.75 on about 16,074 shares. UPDATE 9:16 down 1.5% at $11.95 on 70,000 shares.

Origin Agritech Limited (NASDAQ: SEED) is up after it announced it has developed a strategic pesticide business unit for premium branded chemical products and it expects a premium branded glyphosate product to be marketed immediately into the domestic agricultural market for the 2010 selling season.  At 8:24 AM EST we have shares up 12.1% at $11.58 on 125,000 shares in the pre-market. UPDATE 9:17 up 11.5% at $11.52 on 330,000 shares.

Silicon Storage Technology, Inc. (NASDAQ: SSTI) is trading lower after Microchip Technology Incorporated (NASDAQ: MCHP) entered into a second amendment to its February 2, 2010 definitive agreement to acquire SST and shareholders would be entitled to receive $3.05 per share in cash compared to $3.00 per share prior to the second amendment. This second amendment was in response to an offer made by another party to SST’s Strategic Committee on March 2, 2010.  SST shares are down almost 6% at $3.06 on 21,000 shares after closing at $3.25 on Friday.  There had been hopes of a higher buyout here.  SSTI UPDATE 9:18 AM -5.8% at $3.06 on 65,000 shares.

Xyratex Ltd. (NASDAQ: XRTX) is trading higher on raised guidance: $313 to $318 million in revenue versus prior guidance of $245 to $285 million; GAAP earnings of $0.77 to $0.87 EPS versus prior $0.24 to $0.52 EPS guidance.  At 8:23 AM EST we have seen a 17.4% gain to $18.00 pre-market on about 24,000 shares of stock. UPDATE 9:18 up 17% at $18.00 on 176,000 shares.

Zanett Inc. (NASDAQ: ZANE) was indicated lower this morning after Thursday and Friday’s exponential gains before the stock came way back down  This stock was up almost tenfold at one point but at 8:30 AM EST we have seen 20,000 shares trade hands and the stock is down 1.5% at $1.90.  This is not huge volume compared to the 8M shares each day last Thursday and Friday but the action will be elevated all week here.  Update 9:19 AM down over 4% at $1.85 on 28,000 shares.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Amgen Inc. (NASDAQ: AMGN) is trading up this morning by 2.25% at $58.75 on almost 200,000 shares on its report that its Phase III head-to-head trial evaluating Denosumab met its primary and secondary endpoints versus Zometa in a 1900+ study in the treatment of advanced prostate cancer that has progressed to bone metastases.

American Commercial Lines Inc. (NASDAQ: ACLI) is soaring as the top gainer on NASDAQ but on this volume.  The headline earnings were $1.09 EPS vs. $0.06 as revenue fell 16% to $226.9 million versus estimates of $222.5 million.  The revenue drop was blamed on commodities shipped by transportation customers and lower tow revenues as tons/mile volume declined was down 1.4%.  A large short interest exists here at 1.077 million shares or 11.5% of the float.  Shares are up 26% at $20.48 but on 13,000 shares.

Cell Therapeutics, Inc. (NASDAQ: CTIC) is up after a huge sell-off yesterday after the FDA postponed its Oncologic Drugs Advisory Committee Meeting to review Pixantrone due to severe snow conditions around the nation’s capital. Shares closed at $0.64 and are indicated up around $0.78 on 1.9+ million shares.  Shares were as high as $0.84 in earlier trading.

Cerus Corporation (NASDAQ: CERS) is trading up 16%, even above earlier indications, at $2.35 on 81,000 shares after the company reported positive results of its Phase 1 clinical trial of INTERCEPT red blood cells and on its report that it will collaborate with the French National Transfusion Service on INTERCEPT red blood cell development.

Electronic Arts Inc. (NASDAQ: ERTS) down 7.8% at $16.12 on 700,000 shares; very actively traded to downside last night; this after earnings were mostly in line with estimates but the company lowered guidance all the way out to Fiscal March-2011.

LCA-Vision Inc. (NASDAQ: LCAV) beat earnings this morning but just with a more narrow loss (-$0.19 EPS).  We have not paid attention to the rest of the data from the call but shares are down 9.5% at $5.35 on only about 12,000 shares.  This is rarely a stock that trades in the pre-market.

National Bank of Greece SA (NYSE: NBG) is seeing a major pop up this morning despite a Goldman Sachs downgrade that is way too late.  This is on the major overhaul proposed.  Shares are up 10% at $3.77 on about 40,000 shares.

Sequenom, Inc. (NASDAQ: SQNM) is trading up over 5% at $4.35 this morning on 60,000 shares after the company reported that it licensed the worldwide rights to develop age-related macular degeneration diagnostic test to Optherion and is expected to launch in 2011.

You are invited to join our free daily email distribution list to hear about top analyst upgrades and downgrades, IPOs and secondary offerings, ongoing day trader and options trader alerts, stock and market rumors, Buffett and guru investor news, M&A and more.

Price snapshots as of 8:40 to 8:50 AM EST

JON C. OGG
FEBRUARY 9, 2010

Jon C. Ogg

The company has requested a priority review. If it’s granted it could lead to an FDA approval decision in the fourth quarter.

Pixantrone is currently available in Europe.

Non-Hodgkin’s lymphoma affects 1.5 million people worldwide. — Mike Tarsala

52-WEEK TRADING RANGE: $0.05 – $6.90
AVG. VOLUME:  19,666,700

JON C. OGG