The list of gainers on Monday was led by a small movie production company after it announced a partnership for one of its movies.
Seven Arts Pictures (OTCQB:SAPX) more than doubled, rising 235%, after it announced an agreement for one of its movies. The company announced an agreement with Prodigy Picture to jointly produce and distribute the highly-anticipated motion picture "Neuromancer," based on the best-selling science fiction novel by William Gibson. Prodigy hopes to arrange substantial financing for the film, which is expected to have a production budget of approximately $60 million. Prodigy's Founder and CEO, Jay Firestone, will be the lead producer on "Neuromancer," and will supervise all elements of production for the film. Principal photography on the film is expected to begin in the first quarter of 2012.
Altair Nanotechnologies (NASDAQ:ALTI) jumped 15% after it finally closed its long-awaited Canon (NYSE:CAJ) investment transaction. The company announced that it had closed on a Share Subscription Agreement with Canon, through its affiliate, Energy Storage Technology (China) (EST). Under the terms of the agreement, Altairnano issued 37,036,807 common shares to EST at $1.5528 per share, providing $57.5 million in proceeds to Altairnano. Following the closing of this transaction, there are 69,452,487 Altairnano common shares outstanding. The transaction was originally announced back on September 20, 2010.
Westinghouse Solar (OTCPK:WEST) jumped 23% after the company was selected to supply a big homebuilder with solar systems. The company and Lennar (NYSE:LEN) announced a supply agreement to deliver solar power systems to new home buyers. Under the terms of this multi-year agreement, Westinghouse Solar will supply its award winning Westinghouse Solar AC systems to Lennar for certain new home communities as part of their "Everything's Included" program, which includes in the price of a home the most desirable features homebuyers want. Lennar has begun implementation of this relationship in certain communities in Texas.
Neoprobe (NEOP) rose 10% after the FDA approved the use of sulfur colloid for breast cancer. The company said that on Friday, it was disclosed in a private company press release that the FDA had approved use of sulfur colloid (Kit for the Preparation of Technetium Tc99m Sulfur Colloid) to locate lymph nodes in breast cancer patients. This approval was stated to be based on a literature review of past clinical trials. Importantly, in gaining approval, this statement indicates that the performance of sulfur colloid was compared only with vital blue dye alone.
The use of the vital blue dye as a comparator to support regulatory approval strategy is the same with which Neoprobe seeks FDA approval for Lymphoseek. Neoprobe believes that such an approval of sulfur colloid on this basis validates Neoprobe’s regulatory approach. Further, as opposed to a literature-based trial review conducted by others, Neoprobe will seek approval on the basis of comparison to vital blue dye in carefully designed, controlled and well executed clinical trials meeting current regulatory standards.
The approval of sulfur colloid has not changed Neoprobe’s previously stated plan to submit the new drug application for Lymphoseek during the third quarter.
CNH Global (NYSE:CNH) rallied 12% after reporting strong Q2 results. For the quarter, net sales increased 24% (18% on a constant currency basis) to $4.9 billion as a result of favorable trading conditions for agricultural equipment, as well as higher comparative construction equipment demand in every region. Equipment Operations posted an Operating Profit of $521 million as a result of higher revenue, increased industrial utilization and improved product pricing. Net income before restructuring and exceptional items for the quarter was $320 million as a result of improved top line and industrial operating performance, improved results from the Group's unconsolidated subsidiaries, and a lower tax rate. This resulted in the Group generating a significant increase in diluted earnings per share to $1.33 (before restructuring and exceptional items) compared with $0.59 per share in the comparable period of 2010.
Demand in the agricultural and construction equipment markets is expected to remain firm for the balance of 2011, on the back of a positive environment in agricultural commodity prices and the consequent increase in planting and farming income estimates. Further, the environment for construction equipment continues to improve. On the back of the year to date operating performance, and in view of the outlook for its markets for the balance of 2011, the CNH Group is upgrading its full year financial targets as follows: full year revenue growth of 15%-20% and an operating margin at the upper end of its previously disclosed range of 7.1% to 7.9%.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.