Amrep ( AXR) was higher after it said second-quarter net income more than tripled year over year. The company earned $16.1 million, or $2.42 a share, for its latest second quarter, up from $5.1 million and 76 cents a share a year ago. Revenue climbed to $56.1 million from $34.8 million last year. Shares of Amrep rose 13.7% to $100. Micromet ( MITI) advanced after it amended its agreement with Serono ( SRA) to develop adecatumumab. Micromet will continue to have operational responsibility for the current Phase 1b trial to evaluate the combination of adecatumumab and docetaxel in patients with metastatic breast cancer, and a new Phase 1 monotherapy study for the treatment of patients with solid tumors planned to begin in 2007. Serono will reimburse Micromet for its costs incurred in connection with the development program. Shares of Micromet were climbing nearly 12% to $3.35. Wireless Telecom Group ( WTT) was gaining on word one of its units unveiled TD-SCDMA call-mode capability on its flagship 4400 Mobile-Phone Tester Series in support of China's planned 3G deployment. The development makes the Willtek 4400 the industry's first mobile-phone tester that integrates all of the standard 3G technologies, including UMTS/WCDMA, CDMA2000/1xEVDO, and TD-SCDMA. The product also supports the standard 2G technologies of both GSM/GPRS/EDGE and cdmaOne. Shares of Wireless Telecom were up 11% to $2.93.
NeuroMetrix ( NURO) slumped after it was downgraded by Sun Trust Robinson Humphrey. The firm cut its rating on the stock to neutral from buy, pushing the stock down 8.3% to $15.90. Immunicon ( IMMC) fell after it agreed to sell $30 million of unsecured subordinated convertible promissory notes. The stock was down 7.9% to $3.16. Ameriana Bancorp ( ASBI) was weaker after its board slashed its quarterly cash dividend to 4 cents a share. The dividend is payable on Jan. 5 to shareholders of record Dec. 15. The company last paid a quarterly dividend of 16 cents. Ameriana was off 7.6% to $12.61.