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Tuesday, October 2, 2012

Premarket watch for Oct 2nd: CELG, CTIC, ARQL, EXPR, GEL, SFL

Premarket Gainers

Celgene Corp. CELG +0.50%  said Abraxane, its breast cancer treatment, achieved the primary endpoint in a late-stage investigational study involving patients with metastatic melanoma. Celgene shares rose 12% ahead of the opening bell.
Cell Therapeutics Inc. CTIC -7.85%  shares rallied 18%. The company said its Opaxio has been granted orphan-drug designation by the Food and Drug Administration for the treatment of a malignant brain cancer.

Premarket Decliners

Pharmaceutical firm ArQule Inc.’s ARQL -63.53%  shares plunged 63%. The company and Daiichi Sankyo Co. JP:4568 -1.10%  said they will discontinue a Phase III clinical trial on a drug intended to treat non-small cell lung cancer, after an independent committee concluded that the study wouldn’t result in improved overall survival.
Express Inc. EXPR +1.28%  shares fell 17%, sinking as the retailer said it’s business became more challenging in September. As a result, the company cut its sales and earnings estimates for the third quarter.
Genesis Energy LP GEL +2.77%  shares fell 6.4%. The company said it plans a 6-million-unit offering on behalf of Quintana Capital Group II LP and certain of its affiliates as well as other unitholders. The midstream energy service company has 81.2 million units outstanding.

Ship Finance International Ltd. SFL +1.78% shares fell 5.7%. The company is putting up for sale 6 million shares. Ship Finance owns and charters large vessels that transport crude oil.