More Early Stocks in Motion

Updated from 8:25 a.m. EST

Biogen(BIIB Quote) 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 Quote), rose 48 cents to $8.36.

Urban Outfitters(URBN Quote) 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 Quote) 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. ...