Morning Movers 6/25: JAZZ, CAEI, CYTR, TWB, XRTX, CAR Higher; INSM, ACXM, GRO, TCK, RHT Lower

June 25, 2009 9:30 AM EDT

Insmed Inc. (Nasdaq: INSM) 50% LOWER; announced results from its exploratory U.S. Phase II clinical trial evaluating IPLEX(TM) (mecasermin rinfabate) in patients with myotonic muscular dystrophy. Click here for the full report.

Jazz Pharmaceuticals, Inc. (Nasdaq: JAZZ) 48% HIGHER; Jazz and UCB announced today positive preliminary top-line results from the second of two Phase III clinical trials of sodium oxybate (JZP-6) for the treatment of fibromyalgia. Confirming the positive results from the first Phase III study, this international, placebo-controlled trial of sodium oxybate to treat fibromyalgia achieved its key endpoints. As in the first randomized, double-blind fibromyalgia study, sodium oxybate significantly decreased pain and fatigue and improved daily function and patient global impression of change. Sodium oxybate has not been evaluated by regulators for the treatment of fibromyalgia and is not approved for this use. Click here for the full report.

China Architectural Engineering, Inc. (NASDAQ: CAEI) 32.8% HIGHER; announced that it has entered into a new agreement with Shanghai Nine Dragon Co., Ltd. to undertake the major projects located in the Nine Dragon Resort, Zhejiang, including a seven star hotel, a marine park and luxurious villas. The total project value is expected to exceed $500 million. The projects are expected to commence in the second half of 2009 and be completed within three years.

CytRx Corporation (NASDAQ: CYTR) 27.8% HIGHER; announced that an experimental animal trial produced statistically significant evidence that the company's chaperone amplifying drug candidate arimoclomol provided protection from the detrimental cognitive and sensorimotor effects of low atmospheric oxygen (hypoxia) that occurs at high altitudes.

Tween Brands, Inc. (NYSE: TWB) 19.3% HIGHER; Dress Barn, Inc. (NASDAQ: DBRN) and Tween today jointly announced that they have entered into a definitive agreement pursuant to which a subsidiary of Dress Barn, Inc. will merge with Tween Brands, Inc. in a stock-for-stock transaction. Under the terms of the merger agreement, each share of Tween Brands, Inc. common stock will be exchanged for 0.47 shares of Dress Barn, Inc. common stock. Based on Dress Barn Inc.’s stock price of $13.24 as of June 24, 2009, this consideration would be equivalent to $6.22 per Tween Brands, Inc. share, representing an aggregate equity value of approximately $157 million.

Acxiom(R) Corporation (Nasdaq: ACXM) 18.5% LOWER; sees Q1 sales of $245-$255 million and EPS of about $0.03-$0.07. The Street is currently looking for Q1 sales and EPS of $282.87 million and $0.21, respectively.

Xyratex Ltd (Nasdaq: XRTX) 11.4% HIGHER; reports Q2 non-GAAP loss of $0.23, 5 cents better than the analyst estimate of ($0.28). Revenue for the quarter was $194.7 million, versus the consensus of $180.89 million.

Agria Corporation (NYSE: GRO) 11.2% LOWER; today announced it would file a Form 12b-25 with the U.S. SEC regarding the late filing of the Company's annual report on Form 20-F for the fiscal year ended December 31, 2008. Click here for the full report.

Avis Budget Group (NYSE: CAR) 9.2% HIGHER; Ronald Nelson, Chairman and CEO today issued comments in opposition to an excise tax on car rental transactions that has been included in New Jersey Senate Bill 2299/Assembly 4048. Click here for the full report.

Hertz Global Holdings, Inc. (NYSE: HTZ) 9.1% HIGHER; sees Q2 revenue of $1.70 to $1.75 billion and EPS of $0.09-$0.10, versus the consensus of $1.89 billion and $0.01, respectively. For the full year 2009, Hertz sees revenues of $6.7-$7 billion and EPS of $0.12-$0.15, versus the consensus of $7.45 billion and a loss of $0.23, respectively. Click here for the full report.

Teck Resources Limited (NYSE: TCK) 8.2% LOWER; today announced that, based on preliminary assessments, measures required to address recently identified geotechnical issues are expected to reduce Highland Valley Copper production by approximately 35 million pounds in the second half of 2009, and by approximately 115 million pounds in 2010. Teck has engaged third party geotechnical consultants to further assess the extent of the issues. That work is expected to be completed by the end of the fourth quarter of 2009. Click here to see the full report.

Red Hat, Inc. (NYSE: RHT) 6.1% LOWER; reports Q1 EPS of $0.15, 1 cent better than the analyst estimate of $0.14. Revenue for the quarter was $174 million, versus the consensus of $171.79 million.

Dynegy (NYSE: DYN) 5.9% LOWER; Jefferies & Co downgrades the stock from Hold to Underperform. Price target lowered from $2 to $1.70.

Paychex Inc. (Nasdaq: PAYX) 5.4% LOWER; reports Q4 EPS of $0.32, 2 cents lower than the analyst estimate of $0.34. Revenue for the quarter was $495.93 million, versus the consensus of $510.46 million. Sees FY10 revs down 1-4%, with net income down 10-12%.

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