Friday, July 1, 2011

Focus Stocks: DNDN, OSK, BBBB, RSH, EK

Dendreon Corporation (NASDAQ: DNDN) rallied more than 4% in Friday's pre-market trading, a day after the company announced significant milestones that support broad availability for on-label use of PROVENGE, the first autologous cellular immunotherapy for the treatment of asymptomatic or minimally symptomatic metastatic castrate resistant prostate cancer.The U.S. Food and Drug Administration approved the Los Angeles immunotherapy manufacturing facility on June 29, 2011. The facility includes 36 workstations, and Dendreon will bring these on in a staged approach. In addition, the Centers for Medicare and Medicaid Services issued a final National Coverage Decision for PROVENGE on June 30, 2011, requiring Medicare contractors to cover the use of PROVENGE for treatment of asymptomatic or minimally symptomatic metastatic castrate resistant prostate cancer. The NCD will standardize coverage processes across the country for all Medicare patients with asymptomatic or minimally symptomatic metastatic castrate resistant prostate cancer and provides the local Medicare Administrative Contractors specific criteria, consistent with the label, on how PROVENGE should be covered.

Oshkosh Corporation (NYSE: OSK) soared more than 8% in Friday's pre-market trading after the company acknowledged Carl Icahn/persons acquired 9.5% beneficial ownership
Oshkosh acknowledged that Carl Icahn and related persons have filed a Schedule 13D with the SEC reporting that they have acquired beneficial ownership of 9.5% of the company’s common stock, consisting of a combination of shares and call options. Oshkosh believes Icahn’s investment is evidence of his belief in the value of the Company. Oshkosh noted it is open to dialogue with its shareholders.

Blackboard Inc. (NASDAQ: BBBB) soared more than 12% after the company announced that it has agreed to be acquired by an investor group led by affiliates of Providence Equity Partners in an all-cash transaction valued at approximately $1.64 billion, plus the assumption of approximately $130 million in net debt. Blackboard's stockholders will receive $45.00 in cash for each share of Blackboard common stock. The transaction represents a 21 percent premium over the closing price of $37.16 per share on April 18, 2011, the day before Blackboard publicly announced that it was evaluating strategic alternatives.

RadioShack Corp. (NYSE: RSH) dropped as much as 2% after it was replaced by Marathon Petroleum Corp. in the S&P 500 index.

Eastman Kodak Co. (NYSE: EK) slumped more than 13% after the U.S. International Trade Commission pushed back until Aug. 30 a final ruling in the photography company’s patent-infringement case against Apple Inc. (NASDAQ: AAPL) and Research In Motion Ltd. (NASDAQ: RIMM) so a judge can consider the validity of the patent.

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