Morning Movers 5/20: TWB, PRGN, PNX, IRE, WPCS, IGLD Higher; RBC, ONTY, ISIS, HTZ Lower

May 20, 2009 9:31 AM EDT

Regal Beloit Corporation (NYSE: RBC) 66% LOWER; yesterday announced that it priced a public offering of 3,750,000 shares of common stock at a price of $36.25 per share to the public.

Tween Brands (NYSE: TWB) 27.8% HIGHER; reports Q1 EPS of ($0.06), 13 cents better than the analyst estimate of ($0.19). Revenue for the quarter was $205.22 million, versus the consensus of $220.81 million.

Paragon Shipping (Nasdaq: PRGN) 26.6% HIGHER; reports Q1 EPS of $0.54, ex-items, 5 cents better than the analyst estimate of $0.49. Revenue for the quarter was $40.45 million, versus the consensus of $35.97 million.

Oncothyreon Inc. (Nasdaq: ONTY) 26.5% LOWER; announced that it has obtained commitments from several investors to purchase approximately 3.88 million shares of its common stock and warrants to purchase approximately 2.91 million shares of its common stock for gross proceeds of approximately $11.1 million. Click here for the full report.

The Phoenix Companies (NYSE: PNX) 22% HIGHER; continuing to see upside following news last week that the Treasury has approved TARP funds for life insurance companies. Shares of Phoenix have risen by about 40% since the announcement.

Bank of Ireland (NYSE: IRE) 19.2% HIGHER; Deutsche Bank upgrades to Buy. Click here for the full report. Shares of IRE rallied more than 15% yesterday on news that the bank will payback €1.4 billion in debt.

WPCS International Incorporated (Nasdaq: WPCS) 18.3% HIGHER; sees FY10 sales of about $112 million, with EPS in the range of $0.31-$0.34.

Internet Gold Golden Lines Ltd., (NASDAQ: IGLD) 15.5% HIGHER; reports Q1 GAAP EPS of $0.38, versus the analyst estimate of $0.10. Revenue for the quarter was $72 million, versus the consensus of $65.35 million.

Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI) 15.4% HIGHER; announced that its corporate partner, Boston Scientific Corporation (NYSE: BSX) has reported positive outcomes from a substudy of patients with left main coronary disease who were treated with the TAXUS(R) Express(2)(R) Paclitaxel-Eluting Coronary Stent System. SYNTAX-LE MANS is a substudy of the landmark SYNTAX trial, the first randomized, controlled clinical trial to compare percutaneous coronary intervention using the TAXUS Stent to coronary artery bypass graft surgery in patients with left main disease and/or significant narrowing of all three coronary arteries (three-vessel disease). SB) 14.4% HIGHER; continuing higher today following a ADI) 12.5% HIGHER; reports Q2 EPS of $0.21, ex-items, versus the analyst estimate of $0.09. Revenue for the quarter was $474.7 million, versus the consensus of $427.24 million. Sees Q3 EPS from continuing operations of $0.17-$0.19, with gross margin in the range of 54-55%. The Street is currently looking for Q3 EPS of $0.11.

Isis Pharmaceuticals Inc. (NASDAQ: ISIS) 12.3% LOWER; Genzyme Corp. (NASDAQ: GENZ) and Isis announced that the phase 3 study of mipomersen in patients with homozygous familial hypercholesterolemia (hoFH) met its primary endpoint, with a 25 percent reduction in LDL cholesterol after 26 weeks of treatment, vs. 3 percent for placebo (p<0.001). This study also met each of its three secondary endpoints of reduction in apolipoprotein B, total cholesterol and non-HDL cholesterol (all p<0.001).

Hertz Global Holdings, Inc. (NYSE: HTZ) 12.1% LOWER; today announced a public offering of common stock and convertible senior notes. Click here for the full report.

Talbots (NYSE: TLB) 11.7% HIGHER; FBR Capital upgrades the stock from Market Perform to Outperform. Price target increased from $2 to $4.

Tata Motors (NYSE: TTM) 11.7% HIGHER; spiking following news that Indian credit rating firm Crisil has said that the automaker is planning to sell $879 million of debentures to help repay debt.

China Techfaith Wireless Communication Technology Ltd. (Nasdaq: CNTF) 10.6% HIGHER; reports Q1 EPS of $0.05, compared to $0.02 in the same quarter last year. Revenue for the quarter was $48.7 million, versus $51.9 million in Q108. Sees Q2 sales of $45-$49 million.

Star Bulk Carriers (Nasdaq: SBLK) 8.9% HIGHER; see Safe Bulkers.

Bank of America (NYSE: BAC) 6% HIGHER; trading higher amid a 1.25 billion share equity offering last night. The stock traded lower on rumors of the offering, but bounced as investors flocked to gobble up the new shares.

Target Corp. (NYSE: TGT) 4.4% HIGHER; reports Q1 EPS of $0.69, 10 cents better than the analyst estimate of $0.59. Revenue for the quarter was $14.83 billion, versus the consensus of $14.81 billion. Same store sales fell 3.7% during the quarter.

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