athenahealth Drummed in After-Hours Trading (ATHN)

athenahealth, Inc. (NASDAQ: ATHN) is getting drilled and shelled in after hours trading.  The Internet-based business services for physician practices was supposed to be a winner in the healthcare cost containment and healthcare cost savings plans that have been fought over endlessly in Washington D.C. under the new administration.  But maybe its CEO being a cousin of the former President Bush is working against the company.

The company that it will postpone the release of its financial results for the fourth quarter of 2009 and the year ended December 31, 2009, and its previously announced conference call to discuss these results originally scheduled for February 26, 2010, in order to allow additional time to complete the year-end audit and conduct an internal accounting policy review related to the timing of amortization for deferred implementation revenue.  But the company also said it expects to file a late filing notification with the SEC on Tuesday, March 2, 2010 notifying the SEC that its Annual Report could not be filed without unreasonable expense or effort within the prescribed time period.

athenahealth also said it will announce the revised date for reporting Q4 and fiscal year 2009 earnings in a subsequent release.  Due to some accounting changes, it looks like restatements are coming as well.  Shares closed up 1.1% at $43.51 and the 52-week trading range is $23.15 to $47.82.

Unfortunately, this one is getting drummed in the after-hours session.  At 4:37 PM EST we have seen over 780,000 shares trade in the after-hours session alone and the last print was $37.35.  There was a print as low as $35.60.  athenahealth looks like it is going to be athenasick come Friday morning.

JON C. OGG

Top Day Trader Alerts (PALM, BBI, CRM, ESRX, IPXL, FSLR, FITB)

These are this Thursday’s top day trader and active trader alerts seen in the pre-market session:

Palm Inc. (NASDAQ: PALM) was halted earlier this morning after it lowered guidance.  The company forecast that Q3 revenues will be $285 to $310 million and non-GAAP revenue $300 to $320 million.  The company sees 2010 revenue ‘well below’ the $1.6 to $1.8 billion forecast.  The 52-week range is $5.85 to $18.09 and shares closed at $8.09 Wednesday.

• UPDATE ON PALM: At 9:41 AM EST shares are down 17% at $6.68 on 16.5 million shares. We have already passed the 12 million shares on average per day mark and it is only 9:42.  You could see 75 million to 100 million shares trade hands today.

Blockbuster Inc. (NYSE: BBI) is far from being a blockbuster.   The movie rental leader posted a loss of $435 million in the fourth quarter.  Can’t you just feel the love.  There has also been a downgrade to SELL from Janney Montgomery Scott.  Shares are down 9.4% at $0.33 at 8:55 AM EST.

salesforce.com (NYSE: CRM) is up despite some cautious headlines.  After looking at the estimates, the company did beat earnings and lift guidance.  As always, excessive stock valuations are always a concern here.  At 8:57 AM EST we have seen only 23,000 shares trade hands and the stock is up 1.2% at $70.27.  The 52-week trading range is $26.10 to $75.53 and the average volume is $1.8 million shares.

Express Scripts, Inc. (NASDAQ: ESRX) shares are rising this morning after beating its earnings estimates.  The stock is up 9% at $95.70 on 152,916 shares as of 8:57 AM ESt.

Impax Laboratories Inc. (NASDAQ: IPXL) is trading up this morning as earnings were significantly above estimates.  The stock closed at $14.90 on Wednesday and shares are up 8.4% at $16.15 on 170,439  shares as of 8:57 AM EST.

First Solar, Inc.  (NASDAQ: FSLR) is feeling the heat all over again.  Shares closed at $105.13 yesterday and shares are down 3.8% at $101.12 on 58,475 shares as of 8:57 AM ESt.  The 52-week low is $100.90, so the stock is in danger of hitting new 52-week lows if it does not immediately recovery.  More importantly, the stock could trade in double-digit territory again.

Fifth Third Bancorp (NASDAQ: FITB) is lower this morning after Citigroup downgraded the stock to HOLD in a research note.  Shares closed at $12.69 and down 2.8% at $12.33 on 59,750 as of 8:57 AM EST.

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JON C. OGG