NEW YORK, NY – October 8, 2012 - - VIVUS, Inc.(NASDAQ:VVUS) shares soared 11% to $20.58 after Bloomberg Industries claims the prescription insurer payment rate for the company's Qsymia obesity drug rose 500 bps to 36% in its second week of availability. Vivus had previously suggested the initial coverage rate would be minimal. Also, Vivus has added Express Scripts to Qsymia's home delivery pharmacy network. Qsymia, the first FDA-approved once daily combination therapy and the first new medication available in 13 years for the treatment of obesity, was made available September 17.
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Vringo, Inc.(AMEX:VRNG) shares soared another 19% after soaring 58% past week. The company has decided to sue another company for patent infringement as on Monday the company said it was suing the UK subsidiary of ZTE Corporation for infringement. It further said “The filing of this action in the United Kingdom is an initial step in Vringo’s global licensing and enforcement program in the telecommunications sector.”
Last week it was a win situation for VRNG as A federal judge provided good results for the company and signaled Google to conduct settlement talks with Vringo this week ahead of an Oct. 16 trial date.
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Progress Software Corporation(NASDAQ:PRGS) stock dropped 13.55% to $18.57 after the company announced that Jay Bhatt plans to step down as President and Chief Executive Officer (CEO) and as a Director to pursue another leadership opportunity. Mr. Bhatt will continue in his roles at the Company until December 7, 2012.
The Progress Board of Directors has initiated a search process and retained an executive search firm to identify a new President and CEO, and Mr. Bhatt will assist the Board in its search process to ensure a smooth transition. Phil Pead, Non-Executive Chairman of the Board of Directors, has been appointed Executive Chairman of the Board, effective immediately.
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CarMax, Inc(NYSE:KMX) shares climbed 9.52% to $31.97 in the early hour. Zacks restated their neutral rating on shares of CarMax on Sept. 25. The firm currently has a $31.00 target price on the stock. Separately, analysts at Robert W. Baird reiterated an outperform rating on shares of CarMax in a research note to investors last week. They now have a $35.00 price target on the stock.
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Stakool Inc(OTC:STKO) is the biggest percentage gainer and soared 126% to $0.0034 on very high volume of 17 million shares, 5X its average volume.
Stakool, Inc., incorporated in 1993, is a development-stage company. The Company conducts its business operations through ECRV Hanover LeaseCo, LLC (Hanover), ECRV Clinton LeaseCo, LLC (Clinton), and ECRV FM LeaseCo, LCC (Absecon).
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