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Updated from 8:25 a.m. EST

Biogen (BIIB) said its general counsel resigned amid an SEC probe into his stock transactions. Thomas Bucknam, one of several company executives to sell shares around the time the company learned of problems that would lead to the withdrawal of multiple sclerosis drug Tysabri, left the company on Wednesday. Biogen refused to comment on the departure. The SEC is conducting an inquiry into Bucknum's sale of about 90,000 Biogen sales on Feb. 18. His lawyer reportedly described the resignation as an effort to remove a distraction. Biogen rose 20 cents to $39.51 Thursday morning. Its Tysarbi partner, Elan (ELN), rose 48 cents to $8.36.

Urban Outfitters (URBN) said fourth-quarter earnings surged 72% from a year ago, beating Wall Street estimates. The specialty retailer earned $31.7 million, or 38 cents a share, in the quarter, compared with $18.4 million, or 22 cents a share, a year earlier. Sales rose 43% from a year ago to $251.6 million. Analysts surveyed by Thomson First Call had been forecasting earnings of 37 cents a share on sales of $251.4 million. The stock, which is up 7% this year and 159% since the start of 2004, recently added 46 cents, or 1%, to $47.98 in Instinet premarket trading. The stock fell $1.15 to $46.37 Thursday.

JetBlue (JBLU) plans to sell $250 million in convertible debt due 2035. The company said the interest rate, conversion rate and offering price have yet to be determined. Morgan Stanley will lead the underwriters. The stock lost 63 cents to $18 Thursday morning.

Homestores (HOMS) said it swung to a fourth-quarter profit of $6 million, or 4 cents a share, compared with a year-ago loss of $12.1 million, or 10 cents a share. Revenues rose to $54.3 million from $51.9 last year. On a continuing operations basis, the company lost a penny a share in the quarter, matching estimates. The Thomson First Call consensus revenue estimate for the most recent quarter was $55.7 million. The stock lost 15 cents to $2.34 Thursday morning.

Coldwater Creek (CWTR) posted fourth-quarter earnings Wednesday of $11.4 million, or a split-adjusted 18 cents a share, on revenue that rose 20.9% to $204.1 million. Before the split, earnings in the latest quarter were 27 cents a share. According to Thomson First Call, analysts were looking for pre-split earnings of 25 cents a share on revenue of $198 million. The stock lost $1.48 to $30.75 Thursday morning.

Staar Surgical (STAA) said its fourth quarter loss widened to $4.38 million, or 21 cents a share, from $3.52 million, or 19 cents a share, last year. Analysts surveyed by Thomson First Call had been expecting a loss of 15 cents a share in the quarter. Sales rose 9% to $14.0 million. The company said sales of domestic intraocular lenses remained challenging in the quarter. The stock fell $1.34 to $4.59 Thursday morning.

Andrx (ADRX) said after the bell on Wednesday that it earned $20.8 million, or 28 cents a share, in the fourth quarter ending Dec. 31, crushing the 12-cent analyst consensus. Total revenues increased 3% to $290 million compared to $281 million last year. Revenue for brand products increased 42.7% to $22.9 million compared to $16 million a year ago. The company attributed the big quarter to its distribution business, which generated a quarterly increase of $23.2 million in revenues. The stock gained 84 cents to $23.26 Thursday morning.

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