Morning Movers 9/14: SLXP, S, KERX, ARIA, HDY Higher; ALXA, EE, SAH, CWTR Lower

September 14, 2009 9:33 AM EDT

Salix Pharmaceuticals, Ltd. (NASDAQ: SLXP) 54.4% HIGHER; announced the successful outcome of two Phase 3, randomized, double-blind, placebo-controlled, multicenter trials, TARGET 1 and TARGET 2, designed to evaluate the efficacy and safety of rifaximin 550 mg TID in the treatment of patients with non-constipation irritable bowel syndrome (non-C IBS). Click here for the full report.

Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) 30% LOWER; announced preliminary results from its 366 patient Phase 2b clinical trial of AZ-104 in patients with migraine headache. Both AZ-104 dose groups trended towards statistical significance, but the study did not meet its primary endpoint, which was defined as pain-relief at the 2-hour time point, compared to placebo. There were no serious adverse events in the clinical trial, and AZ-104 was generally safe and well tolerated in this patient population.

El Paso Electric (NYSE: EE) 27.6% LOWER; Goldman Sachs downgrades the stock from Buy to Neutral, citing recent share performance and near-term and long-term valuation.

Sprint Netxel (NYSE: S) 21.2% HIGHER; Sprint shares are higher in early trading on reports from the the Sunday Telegraph that Deutsche Telekom (NYSE: DT) is considering a bid for the U.S. wireless company. The paper reported that Deutsche Telekom could submit a bid for Sprint within the next few weeks.

Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) 17.3% HIGHER; announced that Phase 2 data of KRX-0401 (perifosine), the Company's PI3K/Akt pathway inhibitor for cancer, as a single agent in the treatment of advanced metastatic renal cell cancer, has been selected for oral presentation at the Eighth International Kidney Cancer Symposium, to be held in Chicago from September 25-26, 2009.

ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) 17.2% HIGHER; announced that the independent Data Monitoring Committee of the Phase 3 SUCCEED trial has completed the first interim efficacy analysis as specified by the study protocol and has recommended that the randomized, placebo-controlled trial of oral ridaforolimus in patients with metastatic sarcomas continue to full patient enrollment and completion. The DMC made this recommendation after reviewing the pre-specified statistical analyses and available data on the safety and efficacy of oral ridaforolimus.

Hyperdynamics Corporation (Amex: HDY) 15% HIGHER; today announced that following a week of negotiations, Ray Leonard, Chief Executive Officer, and Minister of Mines, Energy and Hydraulics of the Republic of Guinea, Mahmoud Thiam, have signed a Memorandum of Understanding. The MOU is a binding agreement reaffirming the validity of Hyperdynamics' concession. Click here for the full report.

Sonic Automotive, Inc. (NYSE: SAH) 9% LOWER; today announced a public offering of Class A common stock and convertible senior notes. Sonic Automotive intends to offer approximately 9,000,000 shares of its Class A common stock in an underwritten registered public offering. In connection with this offering, Sonic Automotive intends to grant the underwriters a 30-day option to purchase an additional 1,350,000 shares of common stock to cover over allotments. In conjunction with the common stock offering, Sonic Automotive intends to offer approximately $125,000,000 aggregate principal amount of convertible senior notes due 2029 in an underwritten registered public offering.

Orckit Communications Ltd. (Nasdaq: ORCT) 8.5% HIGHER; today announced that its CM-4000 product was selected by a leading telecommunication service provider in India through an OEM channel. Orckit-Corrigent's solution will be deployed as part of a next generation triple play network based on GPON technologies. The total expected revenues to Orckit-Corrigent from the first phase of deployment through this OEM channel are approximately $4.0 million.

E*TRADE Financial (Nasdaq: ETFC) 8.4% HIGHER; Citigroup upgrades from Hold to Buy and raised their price target from $1.50 to $2.30. The firm said the chance of a takeover of E*Trade increases as loan loss trends have improved.

Bottomline Technologies (NASDAQ: EPAY) 8.2% HIGHER; today at Sibos 2009 announced a strategic partnership agreement with SWIFT to drive the adoption of SWIFT Alliance Lite by corporates and financial institutions. Click here for the full report.

Coldwater Creek Inc. (Nasdaq: CWTR) 7.7% LOWER; announced that co-founder and Chairman Dennis Pence has assumed the duties of President and Chief Executive Officer, effective immediately, replacing Daniel Griesemer.

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