Morning Movers 4/20: JAVA, PAS, ABTL, PBG, NVGN Higher; DSCO, DISK, VSNT, NTLS, MMR Lower

April 20, 2009 10:01 AM EDT

Discovery Laboratories, Inc. (Nasdaq: DSCO) 56.7% LOWER; announced that, on April 17, 2009, it received a Complete Response letter from the U.S. FDA for Surfaxin for the prevention of Respiratory Distress Syndrome in premature infants. In its letter, the FDA focuses primarily on certain aspects of a Surfaxin biological activity test (BAT, a quality control stability and release test) that must be addressed before the Surfaxin application can be approved. Click here for the full report.

Sun Microsystems (Nasdaq: JAVA) 36% HIGHER; Oracle Corporation and JAVA have entered into a definitive agreement under which Oracle will acquire Sun common stock for $9.50 per share in cash. The transaction is valued at approximately $7.4 billion, or $5.6 billion net of Sun's cash and debt. Click here to see the full report.

Image Entertainment, Inc. (NASDAQ: DISK) 29.6% LOWER; announced that it has notified Nyx Acquisitions, Inc., an affiliate of Q-Black, LLC, that due to Nyx's failure to pay an additional $1.0 million to Image as required by the merger agreement, Image Entertainment has terminated the merger agreement.

Versant Corporation (Nasdaq: VSNT) 25% LOWER; said for fiscal year 2009 it expects revenues of between $17 million and $19 million, versus previous guidance of between $22 million to $24 million. The company sees diluted earnings per share of between $1.00 and $1.30, versus previous fiscal 2009 guidance of diluted earnings per share of between $2.00 and $2.40. The Company currently expects revenues of between $3.5 million and $3.7 million with modest net income for its second fiscal quarter ending April 30, 2009.

PepsiAmericas (NYSE: PAS) 22% HIGHER; PepsiCo has proposed to acquire all of the outstanding shares of common stock it does not already own in its two largest anchor bottlers, The Pepsi Bottling Group and PepsiAmericas, at a value of $29.50 per share for The Pepsi Bottling Group and $23.27 per share for PepsiAmericas. This represents a premium of 17.1 percent over the closing price of the common stock of each company on April 17, 2009.

NTELOS Holdings Corp. (NASDAQ: NTLS) 21% LOWER; today announced revised 2009 financial guidance and selected Q1 results. Click here for details.

Autobytel Inc. (NASDAQ: ABTL) 20% HIGHER; Trilogy Enterprises, Inc. announced that its wholly-owned subsidiary, Infield Acquisition, Inc., has commenced a tender offer to acquire all of the outstanding shares of Autobytel common stock of for $0.35 net per share in cash.

Pepsi Bottling Group (NYSE: PBG) 18.8% HIGHER; see PepsiAmericas.

Novogen, Limited (NASDAQ: NVGN) 16.3% HIGHER; Data presented yesterday at the Annual Meeting of the American Association for Cancer Research in Denver has demonstrated that NV-128, asynthetic isoflavonoid compound, not only induces cell death in Ovarian Cancer Stem Cells, but also blocks their differentiation into structures which are required to support tumor growth.

McMoRan Exploration Co. (NYSE: MMR) 15% LOWER; reports Q1 loss of $0.90, versus the analyst estimate of ($0.43) compared to net income of $0.46 in the same quarter last year. Revenue for the quarter was $97.38 million, versus the consensus of $111.32 million.

Dendreon Corporation (Nasdaq: DNDN) 8.8% HIGHER; presented today data from its PROTECT (PROvenge Treatment and Early Cancer Treatment) or P-11 Phase 3 study suggesting that PROVENGE induces long-term memory immune responses that are durable and can be maintained following boosting. The results of the study also indicate that CD54 upregulation on Antigen Presenting Cells, a measure of potency, is a correlate of immune activation. ETN) 8.6% LOWER; reports Q1 loss of $0.22, ex-items, versus the consensus of a $0.25 loss. Revenues came in at $2.8 billion, versus the consensus of $3.06 billion. Eaton also issued guidance. Click here to see the full report.

Impax Laboratories, Inc. (NASDAQ: IPXL) 8.3% HIGHER; Impax Pharmaceuticals, the brand products division of Impax Labs, announced it has commenced a Phase III trial of IPX066 in Parkinson's Disease patients based on encouraging interim data collected from the Phase II study in PD patients. It also clarified the U.S. FDA requirement for pediatric studies of its investigational medication IPX056.

Threshold Pharmaceuticals, Inc. (Nasdaq: THLD) 8.3% LOWER; announced multiple preclinical presentations on its clinical stage hypoxia-activated prodrug, TH-302, at the American Association for Cancer Research Annual Meeting, being held April 18 to 22, 2009, at the Colorado Convention Center in Denver, CO. Click here for the full report.

Bank of America Corporation (NYSE: BAC) 7.7% LOWER; reports Q1 net income of US$4.2 billion. After preferred dividends, including US$402 million paid to the U.S. government, diluted earnings per share were US$0.44. Click here to see the full report.

Colonial Properties Trust (NYSE: CLP) 7.5% LOWER; and its operating partnership, Colonial Realty Limited Partnership announced the results to date of an ongoing cash tender offer of certain series of Colonial Realty's outstanding notes and an increase in the size of the Offer, as described below. The Offer is being made pursuant to an Offer to Purchase and the related Letter of Transmittal, each dated April 6, 2009, as amended by this press release.

Sonic (Nasdaq: SONC) 7.3% LOWER; Morgan Stanley downgrades SONC from Equalweight to Underweight.

Coca-Cola Enterprises Inc. (NYSE: CCE) 7.2% HIGHER; is up 7% this AM following news Pepsico is looking to acquire their two largest bottlers, Pepsi Bottling Group and PepsiAmericas.

City National (NYSE: CYN) 7.2% LOWER; Goldman Sachws downgradesfrom Neutral to Sell and lowers its price target from $35 to $30.

Online Resources Corporation (Nasdaq: ORCC) 6.9% LOWER; provided the following additional information regarding its preliminary financial results for the three months ended March 31, 2009. Click here to see details.

Oracle (Nasdaq: ORCL) 6.8% LOWER; Oracle to buy Sun Micro (Nasdaq: JAVA) for $9.50 per share.

AutoNation (NYSE: AN) 6.4% LOWER; Thomas Weisel downgrades the stock from Marketweight to Underweight. Price target $11.

Array BioPharma Inc. (NASDAQ: ARRY) 6.3% LOWER; announced the presentation of an abstract detailing positive data for its novel, small-molecule p38 / Tie2 inhibitor, ARRY-614. In this study, ARRY-614 demonstrated the potential for potent inhibition of cytokine synthesis, including IL-6 and TNF, and anti-tumor activity in hematological cancers.

China Sky One Medical, Inc. (NASDAQ: CSKI) 6.1% LOWER; surged more than 40% on Thursday and Friday last week. Today an analyst at Asensio, a notable short-selling fund, issued a note on CSKI. Click here to see full color on the report.

Blue Nile (Nasdaq: NILE) 6% LOWER; Deutsche Bank downgrades NILE from Hold to Sell. Click here for more color on the downgrade.

Covanta (NYSE: CVA) 5.5% LOWER; Bank of America resumes coverage on with an Underperform. Price target $15.

Las Vegas Sands (NYSE: LVS) 5.4% HIGHER; JP Morgan upgrades LVS from Neutral to Overweight.

TCF Financial Corporation (NYSE: TCB) 5.4% LOWER; announced today that it has received approval from the U.S. Department of the Treasury to repurchase all of its 361,172 outstanding shares of 5% Fixed Rate Cumulative Perpetual Preferred Stock, Series A, $.01 Par Value, at a total redemption price of $361.2 million plus a final pro rata accrued dividend. As part of the repurchase of the preferred stock, TCF has the right to repurchase the common stock warrant issued to the U.S. Treasury under its Capital Purchase Program. If TCF does not repurchase the warrant, the U.S. Treasury is required by law to liquidate it. In accordance with recently published banking industry guidance from the Federal Reserve Board, TCF also announced today that its Board of Directors reduced the company's regular quarterly cash dividend on common stock from $0.25 to $0.05 per share.

Palm (NASDAQ: PALM) 5.2% HIGHER; Bank of America upgrades Palm from Neutral to Buy and raises their price target from $8.70 to $14.

Revlon, Inc. (NYSE: REV) 5.1% LOWER; today announced that the independent members of its Board of Directors have received a proposal from MacAndrews & Forbes Holdings Inc., the holder of approximately 75% of the combined voting power of Revlon. MacAndrews & Forbes has proposed a transaction pursuant to which all of the outstanding shares of Revlon's Class A common stock not currently held by MacAndrews & Forbes and its affiliates would be converted into shares of a newly-issued series of voting preferred stock of Revlon having an aggregate liquidation preference of $75 million

PACCAR (Nasdaq: PCAR) 5% LOWER; Bank of America downgrades the stock from Neutral to Underperform.

Halliburton Company (NYSE: HAL) 4.2% LOWER; reports Q1 EPS of $0.44, ex-items, above the consensus of $0.42. Revenues came in at $3.9 billion, versus the consensus of $3.99 billion.

Saks Inc (NYSE: SKS) 4.1% HIGHER; J.P. Morgan upgrades SKS from Neutral to Overweight.

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