Unusual 11 Mid-Day Movers 6/5: TRCA, AERG, SQNM, HOTT Higher; REGN, IDT, WBS, BTH Lower

June 5, 2008 12:29 PM EDT

Tercica, Inc. (Nasdaq: TRCA) 99% HIGHER; announced that Tercica and Ipsen, S.A. have entered into a definitive merger agreement by which an affiliate of Ipsen would acquire all of the shares of Tercica common stock that Ipsen does not currently own at a price of $9.00 per share in cash, which values Tercica at approximately $663 million. Tercica closed at $4.41 per share yesterday.

Applied Energetics, Inc. (Nasdaq: AERG) 25.8% HIGHER; yesterday announced it has received a cost-plus contract for a classified system for the U.S. Marine Corps. Due to the sensitivity of the effort the customer has asked that program details not be publicly disclosed.

Regeneron (Nasdaq: REGN) 20% LOWER; Credit Suisse downgrades the stock from Outperform to Neutral.

Sequenom, Inc. (NASDAQ: SQNM) 17% HIGHER; sees continued momentum after yesterday's ositive results from screening studies using its noninvasive circulating cell-free fetal nucleic acid SEQureDx Technology.

Hot Topic, Inc. (Nasdaq: HOTT) 15.8% HIGHER; announced the sales results for its fiscal month of May (four weeks ended May 31, 2008). Comparable same store sales were down 0.2%. FBR upgraded the stock from Market Perform to Outperform and boosted its price target to $8.

Vanda Pharmaceuticals Inc. (Nasdaq: VNDA) 15% HIGHER; announced that it and Laboratory Corporation of America Holdings (NYSE: LH) entered an exclusive alliance to develop and commercialize a series of diagnostic tests for genetic markers identified by Vanda in the course of its clinical development of Fanapta, a novel atypical antipsychotic drug candidate under FDA review for the treatment of schizophrenia. Financial terms of the agreement were not disclosed.

Webster Financial Corporation (NYSE: WBS) 14% LOWER; announced that it intends to offer 225,000 shares, or $225 million aggregate liquidation preference, of non-cumulative perpetual convertible preferred stock. Webster intends to grant the underwriters a 30-day option to purchase up to $25 million of additional shares of the preferred stock to cover possible over-allotments. The proceeds from this offering will be used for general corporate purposes, including to increase liquidity and to provide for additional capital.

CVB Financial Corp (NASDAQ: CVBF) 13.6% HIGHER; Credit Suisse upgrades the stock from Neutral to Outperform.

IDT Corp. (NYSE: IDT) 12.5% LOWER; reports a Q3 loss from continuing operations of $1.09, which may not compare to the analyst estimate of ($0.28). Revenues for the quarter were $453.2 million, versus the consensus of $470.50 million.

Blyth Industries (NYSE: BTH) 12.3% LOWER; reports Q1 earnings of $0.18 per share, below the consensus of $0.28. Revenues came in at $249.8 million, versus the consensus of $267.7 million. Blyth sees normalized Earnings Per Share are still expected to be in the range of $1.45 to $1.50 for fiscal year 2009. (Consensus is $1.43)

Del Monte Foods Co. (NYSE: DLM) 10.5% LOWER; reports Q4 EPS of $0.25, or $0.29 ex-$0.04 for transformation, above the consensus of $0.26. Revenues came in at $1.044 billion, versus the consensus of $1.01 billion. Sees FY09 EPS of $0.58-$0.62, versus the consensus of $0.74. This reduction in fiscal 2009 EPS expectations when compared to fiscal 2008 results primarily reflects increased costs. Sees FY09 sales growth of 5%-7%.

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