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stock rose $1.86, or 6.9%, to $28.67 on

increasing speculation



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might raise its $31-a-share offer for the company. Yahoo! is also reportedly signing a deal with


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to outsource its search to Google in return for a share in the revenue.

Discovery Labs


was brushed off by the Food and Drug Administration for a third time. The agency didn't approve its Surflaxin, a treatment for the prevention of respiratory distress syndrome (RDS) in premature infants, but said it could be approvable in the future if certain, undisclosed, conditions are met. Shares sank $1.40, or 48.2%, to $1.50. The company said investors can expect an update from the company early next week.


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gained $2.86, or 14.4%, to $22.70 after it beat anlaysts' expectations for the first quarter and raised its outlook for the current year. An analyst at Oppenheimer upgraded the stock to outperform from perform following the results. Net income for the quarter rose to $2.5 million from $1.5 million a year ago. EPS, excluding items, was 18 cents. Revenue rose 41% to $26.4 million. Analysts had been expecting earnings of 10 cents a share on revenue of $26.1 million.

One of the biggest losers for the day was


( SWIM), which was plunging 31.4% after it disclosed that the Securities and Exchange Commission was looking into some of its business practices. The provider of investor education products said it was cooperating with the inquiry, but the bad news overshadowed the company's first-quarter profit. Shares were trading down $3.92 to $8.56.

Vanda Pharmaceuticals

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shares traded higher, a day after its earnings. Caris began coverage of the company with a buy rating and a $22 price target, expecting a positive FDA decision for schizophrenia treatment Fanapta in July. Shares were up 50 cents, or 13.8%, to $4.12.

Many private lenders had stopped making loans as the credit markets tightened, leaving students and parents with fewer options to finance higher-education costs. The legislation increases limits on how much borrowers can receive in federally subsidized student loans. Lenders like

Sallie Mae

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were jumping 7.1% to $21.39 and

First Marblehead


was climbing 6.3% to $4.04.

Student Loan

( STU) was rising slightly to 2.9% to $136.50.

Blast-protected vehicle maker

Force Protection

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announced a $94 million contract to supply the U.K. military with its Cougar vehicles. Shares of the Lasdon, S.C.-based company jumped 11% to $3.32.

Shares of

Town Sports

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, a fitness club owner based in New York, ripped 30% higher to $9.70. The company announced first-quarter income of $4.8 million, or 18 cents a share, vs. a loss of $3.8 million, or 15 cents a share, a year ago. Analysts polled by Thomson Financial were expecting 15 cents a share. Town Sports also announced plans to buy back up to $25 million in its stock.

This article was written by a staff member of