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Pharmasset, Inc. (Nasdaq: VRUS) 38.8% HIGHER; Stifel Nicolaus downgrades from Buy to Hold and sets a fair value price target of $21, citing valuation.
Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) 30% HIGHER; Genzyme (Nasdaq: GENZ) and Isis Pharmaceuticals entered a major strategic alliance in which Genzyme will develop and commercialize mipomersen, Isis' lipid-lowering treatment for high risk cardiovascular patients that utilizes novel antisense technology.
Ambac Financial Corp. (NYSE: ABK) 21.4% LOWER; could be dipping on speculation that Countrywide may need to file for bankruptcy sometime in 2008. CFC's drastic decline is now heavily weighing on the entire financial sector.
Centennial Communications Corp. (Nasdaq: CYCL) 18.8% LOWER; reports Q2 EPS of $0.01 vs. consensus of $0.06 (may not be comparable). Revenues were $243.6 million vs. $250.04 million. Also, the Company announced it expects U.S. wireless roaming revenue to decline by approximately $10 million during fiscal 2008. U.S. wireless roaming revenue for fiscal 2007 was $65.5 million. Previous estimates were for a decline of $15-20 million.
E*TRADE Financial Corp. (Nasdaq: ETFC) 18.4% LOWER; is sinking today despite no recent news. Financial-related stocks are getting beaten down today amid CFC bankruptcy rumors and speculation that the U.S. economy is now in a recession.
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Credence Systems Corp. (Nasdaq: CMOS) 18% LOWER; reports Q4 EPS of $0.05, in-line with estimates. Revenues came in at $97.7 million, versus the consensus of $105.3 million. Credence Systems sees Q1 loss of $0.37-$0.39, versus the consensus of a $0.02 profit. Sees Q1 sales of $58-$62 million, versus the consensus of $102.75 million.
Leap Wireless (Nasdaq: LEAP) 16.3% HIGHER; yesterday after the close, pre-announced subscriptions for the fourth quarter were better-than-expected. Additionally, Soleil Securities Group made comments suggesting this could be a signal that the sub-prime wireless segment may be starting to recover from its summer and fall slump.
Countrywide Financial (NYSE: CFC) 15.7% LOWER; has sunk mid-day on rumors that the Company could file for bankruptcy.
MetroPCS Communications (NYSE: PCS) 12% HIGHER; Soleil Securities Group upgrades from Hold to Buy with a $26 price target. See Leap Wireless note above for further details.
DivX, Inc. (NASDAQ: DIVX) 12% HIGHER; and Sony Pictures Television Inc. today announced an agreement that will enable online retailers to offer Sony Pictures titles for secure download in the high-quality DivX format for playback on DivX Certified consumer electronics devices powered by the next-generation chipset solution.
King Pharmaceutical (NYSE: KG) 11.5% HIGHER; today announced that it has ended a patent infringement lawsuit filed against CorePharma LLC in regards to its drug Skelaxin. Probably more importantly, CorePharma also dismissed its counterclaims against King.
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