Mid-day Movers (THLD, CORT, GURE, GTXI, WFT)

Just before noon ET today, all three major US stock indexes remain in positive territory, with the DJIA up nearly 45 points at about 12,995, the Nasdaq up 10 points at 2,962, and the S&P 500 up more than 5 points to 1,367. After opening higher this morning, markets slipped briefly before regaining the upward trend. The Greek bailout deal drove morning trading, while rising energy stocks have kept propelling the market higher. The dollar is weaker today, with the dollar index down -0.27% at 78.925. The weaker greenback is giving commodities other than oil a lift as well. The DJIA briefly touched the 13,000 level this morning.

Among the major movers at around noon today are Threshold Pharmaceuticals Inc. (NASDAQ: THLD), Corcept Therapeutics Inc. (NASDAQ: CORT), Gulf Resources Inc. (NASDAQ: GURE), GTXi Inc. (NASDAQ: GTXI), and Weatherford International Ltd. (NYSE: WFT).

Threshold is nearly 70% at $6.00 after posting a new 52-week high of $6.65 earlier this morning. Volume is more than 13x the daily average of about 1 million shares traded. The pharmaceutical maker announced positive results for its pancreatic cancer treatment.

Corcept is up nearly 49% at $4.50. Volume is nearly 24x the daily average of 330,000 shares traded. The drug maker has received FDA approval for its Cushing Syndrome treatment.

Gulf Resources is up more than 19% at $3.13. Volume is nearly 4x the daily average of around 250,000 shares traded. The Chinese mining company has been notified of a possible buyout by its Chairman.

GTX is down more than -34% at $3.80. Volume is more than 5x the daily average of around 423,000 shares traded. The drug maker reported that the FDA issued a clinical hold on further trials of its prostate cancer treatment.

Weatherford is down nearly -12% at $15.70. Volume is more than triple the daily average of 10.6 million shares traded. The oil field services company will restate prior earnings due to what the company calls “material weakness in internal controls over financial reporting for income taxes relating to current taxes payable, certain deferred tax assets and liabilities, reserves for uncertain tax positions, and current and deferred income tax expense.” Weatherford expects to take a charge for $225-$250 million for the years before 2010.

Paul Ausick