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Los Angelas, CA -- (SBWIRE) -- 11/01/2012 -- Pain Therapeutics, Inc. (NASDAQ:PTIE), a small cap biopharmaceutical company has returned over 22% since the start of the year, but experienced quite the selloff on November 1st. Shares of the stock fell over 35% to below $3 a share on the news that Remoxy partner Pfizer has had "troubles" with an FDA refiling. The drug was originally rejected last summer. Pain Therapeutics has a lot riding on Remoxy, as evident by the selloff it is experiencing. On the company's website the drug was described as "a strong painkiller with a unique formulation designed to reduce potential risks of unintended use," but the FDA has found that the abuse-resistant drug does not deter all types of unauthorized usage. Valuation metrics indicate a mixed bag with Pain Therapeutics, but the stock will continue to be a gamble until more details about Remoxy's re-app are made public. In the double-digit selloff, Owsley's lost over $3 million in his fourth largest holding.
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Teradata Corp. (TDC), which helps companies store and analyze data, plunged 5% in heavy turnover as it sank further below its 200-day moving average. The company reported early Thursday that Q3 profit rose 17%, beating expectations. But revenue rose just 7%, trailing Wall Street forecasts. The stock pierced its 200-day line on Oct. 24, falling 8% below a 73.84 buy point from a double-bottom base. That triggered a sell rule. Teradata had been down as much as 12% Thursday before recovering some of the lost ground.
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Bill Barrett Corporation(NYSE:BBG) said that it has agreed to sell certain of its non-core natural gas assets including all Wind River Basin natural gas producing properties, the Powder River Basin coal bed methane assets and a working interest in its Gibson Gulch-Piceance Basin development property, to an affiliate of Vanguard Natural Resources, LLC for $335 million. The deal is expected to close by the end of the year.
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Ocwen Financial Corporation (NYSE:OCN) today reported net income of $51.4 million, or $0.37 per share, for the third quarter of 2012. This compares with net income of $20.2 million, or $0.19 per share, for the third quarter of 2011. Revenue for the third quarter of 2012 is a record-setting $232.7 million, up 90% from the third quarter of 2011. Income from operations is also a record of $139.9 million for the third quarter of 2012 as compared to $56.8 million for the third quarter of 2011, an increase of 146%. There were no normalizing items in the third quarter of 2012, so Ocwen's normalized pre-tax earnings are $80.7 million which represents a 69% increase over normalized pre-tax earnings in the third quarter of 2011.
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