Morning Movers 5/28: FREE, EXEL, ANPI, GBE, PARD Higher; SPRD, NZ, PHHM, DSW, REV Lower

May 28, 2009 9:41 AM EDT

FreeSeas Inc. (Nasdaq: FREE) 39.3% HIGHER; reports Q1 EPS of $0.29, 4 cents better than the analyst estimate of $0.25 and compared to $0.01 in the same quarter last year. Revenue for the quarter was $17.6 million, versus the consensus of $17.93 million.

Exelixis, Inc. (Nasdaq: EXEL) 29.1% HIGHER; Sanofi-aventis (NYSE: SNY) and Exelixis announced a global license agreement for XL147 and XL765 and a broad collaboration for the discovery of inhibitors of phosphoinositide-3 kinase for the treatment of cancer. Click here for the full report.

Angiotech Pharmaceuticals Inc. (Nasdaq: ANPI) 22.1% HIGHER; is seeing continued upside momentum this morning following yesterday's 45% run-up after FDA approval for a new TAXUS stent.

Grubb & Ellis Company (NYSE: GBE) 16.5% HIGHER; reports Q1 loss from continuing operations of $0.60, versus the analyst estimate of ($0.12) and compared to ($0.08) reported in the same quarter last year. Revenue for the quarter was $118.3 million, versus the consensus of $156.44 million.

Spreadtrum Communications (Nasdaq: SPRD) 15.4% LOWER; reports Q4 loss of $1.19, versus the analyst estimate of ($0.19). Revenue for the quarter was $10.2 million, versus the consensus of $10.09 million. Also reported results for Q109: a loss of $0.19 per share on sales of $8.2 million. Sees Q2 sales of $10-$14 million.

Netezza (NYSE: NZ) 13.9% LOWER; reports Q1 EPS of $0.03, ex-items, 1 cent better than the analyst estimate of $0.02 and compared to a $0.06 profit in the same quarter last year. Revenue for the quarter was $45.4 million, versus the consensus of $46.75 million. Also downgraded to Hold at Roth.

Poniard Pharmaceuticals, Inc. (Nasdaq: PARD) 12.3% HIGHER; today announced updated clinical data from its randomized, controlled Phase 2 trial of picoplatin in patients with metastatic colorectal cancer. Click here for the full report.

Theragenics Corporation (NYSE: TGX) 12.2% HIGHER; today announced that it has entered into a new unsecured credit agreement with Wachovia Bank, National Association. Wachovia is a Wells Fargo company. Click here for the full report.

Satcon (NASDAQ: SATC) 11.9% HIGHER; announced today that their industry leading PowerGate(R) Plus Spectrum micro grid solution has been selected to power La Ola Hawaii's largest solar photovoltaic farm and Micro-Grid on the island of Lana'i. The 1.2 MW installation sits on a 10 acre site in south Lana'i on the Palawai Basin and is the first solar photovoltaic power plant to be controlled remotely by a utility, Maui Electric Company, Ltd. Also started for coverage at Buy at Wunderlich.

Palm Harbor Homes (Nasdaq: PHHM) 11.9% LOWER; reports Q4 loss of $0.37, compared to a loss of $0.55 in the same quarter last year. Revenue for the quarter was $78.9 million, versus $126.5 million in Q408.

DSW Inc. (NYSE: DSW) 11.4% LOWER; reports Q1 EPS of $0.16, in-line with the analyst estimate of $0.16. Revenue for the quarter was $385.8 million, versus the consensus of $382.75 million. Sees FY10 EPS of $0.30-$0.35, versus the consensus of $0.46.

Revlon, Inc. (NYSE: REV) 10.9% LOWER; today announced a worldwide organizational restructuring, rightsizing the organization to reflect the more efficient workflows and processes that the Company has implemented over the last two years. Includes the elimination of 400 positions. The CEO said Q209 sales, EPS will be significantly below Q208 levels. Click here for the full report.

CarMax (NYSE: KMX) 10.1% HIGHER; Deutsche Bank upgrades the stock from Hold to Buy. Here is more color on the upgrade.

Sanderson Farms (Nasdaq: SAFM) 9.7% HIGHER; reports Q1 EPS of $1.27 versus the analyst estimate of $0.55. Revenue for the quarter was $426.8 million, versus the consensus of $408.66 million.

Blue Coat Systems, Inc. (Nasdaq: BCSI) 9.4% LOWER; today announced that its earnings announcement for the fourth quarter ended April 30, 2009, originally scheduled for today, May 27, 2009, will be postponed in order to enable the company to complete its financial statements for the period. The company said that it is conducting additional procedures as a result of a recently identified irregularity with a single shipment in its European operations.

Longtop Financial Technologies (NYSE: LFT) 8.8% HIGHER; reports Q4 EPS of $0.21, 3 cents better than the analyst estimate of $0.18. Revenue for the quarter was $25.9 million, versus the consensus of $23.98 million. Sees Q1 sales of about $27 million, with adj-EPS of $0.20. For FY10, sees sales of about $142 million with adj-EPS of $1.20.

Diamond Foods, Inc. (Nasdaq: DMND) 8% HIGHER; reports Q3 EPS of $0.16, 2 cents better than the analyst estimate of $0.14. Revenue for the quarter was $111 million, versus the consensus of $104.25 million. Raises FY09 EPS guidance to $1.31-$1.36, veruss the consensus of $1.35. Also upgraded to Buy at BB&T.

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