Shares Highlights (MBI, BYD, ISIS, OREX)

New York, NY -- (SBWIRE) -- 03/05/2013 -- MBIA Inc. (NYSE:MBI - 12.64), which rocketed to a new annual high of $12.93 on the heels of a courtroom victory. At last check, the bond insurer has seen roughly 23,000 calls cross the tape -- more than five times its average intraday volume, and about three times the number of MBI puts exchanged.

In order to profit on the play, the buyers need MBI to muscle north of the $13.60 level (strike plus VWAP) by the close on Friday, March 15, when the options expire. Currently, delta on the calls stands at 0.46, suggesting options traders give the contracts a 46% chance of moving into the money. For comparison, the calls' delta stood at just 0.13, or 13%, on Friday. However, even if MBI doesn't extend today's quest for new highs, the most the buyers can lose is the premium paid at initiation.

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Boyd Gaming Corp. (NYSE: BYD) reported fourth-quarter and full-year 2012 results before markets opened this morning.For the quarter the casino operator reported an adjusted earnings per share (EPS) loss of $0.31 and $625.8 million in revenues. In the same period a year ago, the company reported an EPS loss of $0.03 on revenue of $606.7 million. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for an EPS loss of $0.13 and $635.37 million in revenue.

For the full year the company reported an adjusted EPS loss of $0.28 on revenues of $2.489 billion. The consensus estimates called for a full-year EPS loss of $0.11 on revenues of $2.5 billion.

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Shares of ISIS Pharmaceuticals (NASDAQ:ISIS) traded up 5.09% during mid-day trading on Monday, hitting $16.09. ISIS Pharmaceuticals has a 52 week low of $7.02 and a 52 week high of $15.61. The stock’s 50-day moving average is currently $14.22. The company’s market cap is $1.629 billion.

ISIS Pharmaceuticals last announced its earnings results on Thursday, February 28th. The company reported ($0.03) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.23) by $0.20. The company had revenue of $19.90 million for the quarter, compared to the consensus estimate of $15.78 million. During the same quarter last year, the company posted ($0.20) earnings per share. ISIS Pharmaceuticals’s revenue was down 38.6% compared to the same quarter last year. On average, analysts predict that ISIS Pharmaceuticals will post $-1.00 earnings per share for the current fiscal year.

How Should Investors React To ISIS Now? Check here

Orexigen Therapeutics, Inc. (NASDAQ:OREX) shares climbed 1.51% and closed at $6.04. On February 15, 2013, Orexigen Therapeutics entered into a Second Amendment to Lease with Mullrock 3 Torrey Pines, LLC (the "Landlord") pursuant to which the Company extended the term of its lease of the office space at 3344 North Torrey Pines Court, La Jolla, California 92037, its corporate headquarters, for an additional 4 years to August 31, 2017.

Additionally, the company announced that management will present a company overview at the Cowen & Co. Annual Health Care Conference in Boston. The presentation is scheduled for Monday, March 4, 2013 at 3:30 p.m. Eastern Time.

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