Spherix ( SPEX) jumped nearly 50% after the company said its test results so far have been positive on Naturlose, a potential treatment for type-2 diabetes. The company completed a dosing study, allowing it to continue with its Phase III clinical trial.

Separately, Spherix agreed to a $6 million settlement to end its longstanding legal dispute with the Agriculture Department. Shares of Spherix were up 75 cents to $2.26.

Phase Forward ( PFWD) was higher after it forecast fourth-quarter revenue of $29.2 million to $30 million. The company expects earnings, before items, of 11 cents to 12 cents a share. For the full year, the company expects bookings of $120 million to $130 million and revenue of $105.6 million to $106.4 million. Earnings, excluding items, will likely be 37 cents to 38 cents a share.

The outlook came as Phase Forward posted third-quarter earnings of $2.9 million, or 8 cents a share, up from $2.2 million and 6 cents a share a year earlier. Shares of Phase Forward rose nearly 14% to $14.43.

Zygo ( ZIGO) was stronger a day after it reported net sales of $41.1 million and earnings of $3.7 million, or 20 cents a share, for the fiscal first quarter. Analysts expected a profit of 15 cents.

"The strong order momentum we experienced in the last quarter of fiscal 2006 has continued into the early part of fiscal 2007, supporting our expectation that sales will grow to over $180 million in this fiscal year," the company said. Zygo was up 21.5% to $15.95.

Shares of Aetrium ( ATRM) slumped after the chip supplier warned of a fourth-quarter order slowdown. The company made $1.3 million, or 12 cents a share, for the third quarter ended Sept. 30, reversing the year-ago loss of $1 million, or a dime a share. Revenue rose 149% from a year ago and 6% sequentially to $9.2 million.

However, the company said orders from its two largest customers slowed significantly during the quarter and indicated that the weak bookings activity has continued into the fourth quarter. Accordingly, Aetrium expects a decline in sequential revenue. Shares plunged $1.85, or 34%, to $3.56.

Luminex ( LMNX) tumbled more than 20% a day after the Austin-based company delivered break-even earnings. The company, which manufactures biological-testing technologies, posted net income of $111,000, or break-even on a per-share basis, in the third quarter, compared to a loss of $657,000, or 2 cents a share, in the same period last year.

Revenue was $12.5 million, up from the $10.8 million it posted a year before. Shares were lower by $4.18, or 20.7%, at $16 in recent trading.