Morning Movers 6/3: TIVO, APPA, CTIC, PMI, SAY, TSRA Higher; VLO, MIND, STLD, CRGN, AET Lower

June 3, 2009 9:33 AM EDT

TiVo Inc. (Nasdaq: TIVO) 46.1% HIGHER; a Judge upheld Tivo patents and said Echostar (Nasdaq: SATS) is infringing on them, according to Bloomberg. Tivo wins ruling on Echostar DVR patent case. Echostar told to stop use of TIVO technology for DVRs. Judge said Echostar in contempt of early ban on DVR use. The Judge said Echostar continues to infringe on TIVO patent.

A.P. Pharma, Inc. (Nasdaq: APPA) 21.2% HIGHER; today announced that on May 29, 2009, it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market granting A.P. Pharma an extension to regain compliance with the minimum $10 million stockholders' equity requirement for continued listing on The Nasdaq Global Market under Nasdaq Marketplace Rule 5450(b)(1)(A).

Valero Energy Corporation (NYSE: VLO) 13.3% LOWER; announced today that the company expects to report a net loss of about $0.50 per share for its Q2, reflecting extended downtime at its Delaware City and McKee refineries and by the continuation of weak sour crude oil discounts and lower diesel margins. The Street is currently expecting a Q2 gain of $0.74. Also announced its intention to offer, subject to market and other conditions, 40 million shares of common stock. The company has also granted the underwriters an option to purchase an additional 6 million shares of common stock.

Cell Therapeutics, Inc. (Nasdaq: CTIC) 12.8% HIGHER; At ASCO, said a study released from Brown University showed that patients with cancer of the lower esophagus had evidence of a high pathological complete response rate when given OPAXIO added to cisplatin and full-course radiotherapy. Click here for the full report.

The PMI Group, Inc. (NYSE: PMI) 12.1% HIGHER; announced that S&P has upgraded the Company by two-notches to B-, removed it from CreditWatch developing with the outlook stable. Here is more color on the upgrade.

Satyam (NYSE: SAY) 11.6% HIGHER; India's SEC has confirmed the approval of Tech Mahindra's offer for Satyam.

Tessera Technologies, Inc. (Nasdaq: TSRA) 11.3% HIGHER; announced Motorola (NYSE: MOT) has signed a pre-negotiated license agreement with Tessera, settling all outstanding litigation between the companies. The company also raised its Q2 sales guidance from $46-$49 million to $59-$61 million, which compares to the Street estimate of $47.83 million.

iPass Inc. (NASDAQ: IPAS) 10.7% HIGHER; today announced that its board of directors has determined to take steps to return up to $40 million to stockholders under certain conditions, which determination has been reflected in a settlement agreement with Foxhill Opportunity Master Fund, L.P. iPass also announced that, as part of the settlement agreement with Foxhill, the iPass board of directors has agreed to immediately appoint a Foxhill nominee, Kenneth H. Traub, to the board of directors. In return, Foxhill will withdraw its previously announced notice to solicit proxies to elect three of its nominees on the iPass board of directors at the 2009 annual meeting of stockholders.

Mitcham (Nasdaq: MIND) 10.4% LOWER; reports Q1 loss of $0.01, versus the analyst estimate of $0.05 and compared to $0.41 in the same quarter last year. Revenue for the quarter was $10.6 million, versus the consensus of $13.25 million.

NPS Pharmaceutical (Nasdaq: NPSP) 10.2% HIGHER; new findings demonstrate potential benefits of GATTEX(TM) in Phase 3 study of patients with short bowel syndrome. Click here for the full report.

Steel Dynamics (Nasdaq: STLD) 10.2% LOWER; announced its intention to offer, subject to market and other conditions, 27 million shares of common stock and $150 million aggregate principal amount of convertible senior notes due 2014. The company also lowered its quarterly dividend by 25% to $0.075/share.

Bob Evans (Nasdaq: BOBE) 10.1% HIGHER; reports Q4 EPS of $0.69, versus the analyst estimate of $0.39 and compared to $0.52 in the same quarter last year. Revenue for the quarter was $431 million, versus the consensus of $430.79 million. Same store sales fell 3.1% during the quarter. Sees FY10 sales up 1.5-2%, with non-GAAP net income in the range of $110-$115 million.

Applied Signal Technology (Nasdaq: APSG) 10% HIGHER; reports Q2 EPS of $0.31, versus the analyst estimate of $0.20 and compared to $0.16 in the same quarter last year. Revenue for the quarter was $53.5 million, versus the consensus of $49.04 million.

CuraGen (Nasdaq: CRGN) 9.6% LOWER; Late last night, Levi & Korsinsky announced that it is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of CuraGen arising out of their attempt to sell the Company to Celldex Therapeutics Inc. (Nasdaq: CLDX). Click here for the full report.

Aetna (NYSE: AET) 9.6% LOWER; revising its 2009 operating EPS guidance from a range of $3.85-$3.95 to a range of $3.55-$3.70. The consensus is $3.80. The primary drivers of the revised guidance are: a continuation of higher projected Commercial medical costs; and lower projected 2009 Medicare revenue, reflecting an updated view of the risk profile of the Medicare book of business.

Talbots (NYSE: TLB) 8.8% HIGHER; Lazard upgrades from Hold to Buy this morning.

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