Immune Pharmaceuticals (NASDAQ:IMNP) is perhaps not the best name for a drugs company – did they mean Immunity Pharmaceuticals?
Be that as it may, the shares fell 10% this morning, though they have since recovered a bit, purely on the announcement of the appointment of John Neczesny to the board.
You sometimes see an adverse share price reaction to a board appointment but that's usually when the new guy – and it is almost always a guy – is replacing someone else.
The redoubtable Mr Neczesny must be feeling a bit down in the mouth about the whole thing, despite the hearty welcome from Dr Daniel Teper, chief executive of Immune.
"John's experience will bring expertise and discipline to future financial and corporate development transactions as Immune unlocks the value of its pipeline," Dr Teper said, and I have no reason to disbelieve him.
What I do know is that the appointment will place Immune in compliance with the NASDAQ listing rules relating to a majority of independent directors and the composition of the audit committee and compensation committees.
That sounds like a good thing.
Next step, a NASDAQ listing rule that insists chief executives cannot also be the president or chairman. What must their annual appraisal be like? Do they conduct it in a mirror?
Twitter gossiper OpenOutcrier has drawn our attention to a Wall Street Journal (WSJ) article that says that now Amazon has killed off thousands and thousands of main street booksellers, music shops and gew-gaw sellers, Amazon is preparing to build more bricks-and-mortar stores after a trial run with one store last year.
It could open up as many as 400 book stores, the WSJ reports.
I wonder if any of them will open up close to the office of an accountant that has a moral compass?
WHAT'S HOT AND WHAT'S NOT
RISERS
Conatus Pharmaceuticals (NASDAQ:CNAT), up 22.6%. The Food and Drug Administration has granted fast track designation for the company's emricasan development program for the treatment of liver cirrhosis caused by nonalcoholic steatohepatitis.
Vertex Energy (NASDAQ:VTNR), up 17.1%. The industrial waste recycling company has sold its Churchill County, Nevada refinery facility for $35mln to Clean Harbors (NYSE:CLH).
Unilife (NASDAQ:UNIS), up 17.0%. The injectable drug delivery systems company said in its fiscal first quarter results that it has received lots of interest from potential buyers after it effectively hoisted the “for sale” sign back in September of last year.
FALLERS
Navios Maritime Partners (NYSE:NMM), down 35.3%. The dry cargo and container vessels operator plunged after its fourth quarter results that showed underlying earnings (EBITDA) slipped to $35.7mln from $39.3mln the year before.
ArcBest (NASDAQ:ARCB), down 13.%. Quarterly earnings came in below market expectations. Earnings per share of 21 cents were barely half the 41 cents analysts had predicted.
Marathon Petroleum (NYSE:MPC), down 9.5%. The refiner revealed its pipeline unit would be more conservative in increasing its dividend pay-out this year, reflecting tougher conditions in the gas business.