Movers: Repros Therapeuticsm, Medical Action Industries, Alere Inc, Regeneron Pharmaceuticals, Novo Nordisk Print
Monday, 11 February 2013 14:30
U.S. stocks slipped on Monday on lack of catalysts to move the

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market higher after a six-weeks-long advance that has taken the S&P 500 index near record highs.

The benchmark index is up more than 6 percent so far this year after a steep rally in January that has stalled as the S&P and Dow industrials near multiyear highs. The Federal Reserve's Vice Chair Janet Yellen, seen as a potential successor to Fed Chairman Ben Bernanke next year, said the Fed is still aggressively stimulating an anemic U.S. economic recovery that has failed to bring rapid progress on employment.

Following are notable movers at mid day on Monday:

Repros Therapeutics Inc. (NASDAQ:RPRX)
moves up 3% after saying that it's conducting a 6-month 500 subject open label study as part of an FDA requirement for Androxal, and it's sent a "request for guidance" letter to the agency regarding two other pivotal studies on the drug as well. Additionally, the company also says its requested an end of Phase 2 meeting before the end of April for its vaginal Proellex program for the treatment of uterine fibroids.

Medical Action Industries (NASDAQ:MDCI)
moves higher by 16% after its FQ4 bottom line blows out estimates earlier this morning, overshadowing a miss in top line revenue. The surgical product supplier cites cost savings initiatives as a result of its restructuring into strategic business units begun in June 2012, plus an elimination of unprofitable sales and a reduction in raw material costs for the boost to margins. Gross profit was 17.5% of net sales, as compared to 15.2% in the prior quarter.

Alere Inc. (NYSE:ALR)
slips 6% on a downgrade to Neutral at Wedbush this morning. Wedbush says the stock has had a good run as of late, up 28% over the past three months alone, and the unpredictability of calculating risk/reward based on "messy" prior quarters justifies a move to the sidelines as the company's due to report on Thursday.

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)
shares zoom up 5% and counting after resuming trading following news that Sanofi (SNY) aims to own up to $500M of stock in the company. The French firm says it could increase its stake in Regeneron "within (the) terms" of their partnership but has no plans to buy a controlling stake. Investors don't seem to be buying that line at the moment.

Novo Nordisk A/S (ADR)(NYSE:NVO)
shares plunge 11.85% after the FDA unexpectedly rejected the company's Tresiba long-acting insulin and a related product called Ryzodeg. The FDA requested more data from a dedicated cardiovascular outcomes trial, which Novo doesn't expect to be able to provide this year. Tresiba and Ryzodeg are approved in Europe and Japan, and are forecast to generate billions of dollars of sales - assuming U.S. approval.

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