Morning Movers 9/25: CBK, ALTH, SLE Higher; UCBI, RIMM, METR, LBIX, CRDC, MNKD Lower

September 25, 2009 9:40 AM EDT

United Community Banks, Inc. (NASDAQ: UCBI) 16.3% LOWER; announced today that it has priced a public offering of 38,700,000 shares of common stock at $5.00 per share for gross proceeds of $193.5 million. United expects to close the sale of the shares of common stock on or about September 30, 2009, subject to customary closing conditions.

Research In Motion Ltd. (Nasdaq: RIMM) 15.1% LOWER; reports Q2 EPS of $1.03, ex-items, 3 cents better than the analyst estimate of $1.00. Revenue for the quarter was $3.53 billion, which compares to the estimate of $3.62 billion. Shipped 8.3 million devices in Q2. Sees Q3 sales of $3.6-$3.85 billion, versus the consensus of $3.90 billion, and EPS of $1.00-$1.08, versus the Street estimate of $1.04. The stock was downgraded at Deutsche Bank, Goldman Sachs, Raymond James and Atlantic Equities.

Metro Bancorp, Inc. (NASDAQ: METR) 9.2% LOWER; announced today that it has priced a public offering of 6,250,000 shares of its common stock to the public at $12.00 per share. The Company also granted the underwriters a 30-day option to purchase up to 625,000 shares to cover over-allotments, if any. The sale is expected to settle on September 30, 2009, subject to customary closing conditions. Sandler O'Neill + Partners, L.P. and RBC Capital Markets Corporation are acting as co-book running managers for the offering. The net proceeds of approximately $70.7 million from the offering will be used for general corporate purposes.

Leading Brands, Inc. (Nasdaq: LBIX) 8.7% LOWER; correcting today following yesterday's nearly 40% jump on better-than-expected Q2 results.

Cardica, Inc. (Nasdaq: CRDC) 8.5% LOWER; announced, as required by Nasdaq Marketplace Rule 5250(b)(2), that its previously filed consolidated financial statements for the fiscal year ended June 30, 2009, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 18, 2009, contained a going concern qualification from its independent registered public accounting firm.

MannKind (Nasdaq: MNKD) 8.2% LOWER; Oppenheimer downgrades the stock from Perform to Underperform.

Christopher & Banks Corp. (NYSE: CBK) 8.1% HIGHER; reports Q2 loss from continuing operations of $0.06, versus the analyst estimate of ($0.14). Revenue for the quarter was $101.2 million, which compares to the estimate of $103.57 million. Q2 comp sales fell 22%.

Allos Therapeutics, Inc. (Nasdaq: ALTH) 8% HIGHER; announced that last night the U.S. FDA granted accelerated approval for FOLOTYNTM (pralatrexate injection) for use as a single agent for the treatment of patients with relapsed or refractory peripheral T-cell lymphoma. FOLOTYN is the first and only drug approved by the FDA for this indication and represents a new treatment option for patients with relapsed or refractory PTCL.

EMC Insurance Group Inc. (Nasdaq: EMCI) 7.9% LOWER; Keefe, Bruyette & Woods downgrades the stock from Market Perform to Underperform. Price target $19. Click here for more color.

Sara Lee Corp. (NYSE: SLE) 7.2% HIGHER; received a binding offer of EUR1.275 billion from Unilever to acquire its global body care and European detergents businesses. The proposed transaction, which is subject to customary closing conditions and regulatory clearances, is anticipated to close during calendar year 2010. The company also announced that its board of directors has authorized a $1.0 billion share repurchase program. Click here for the full report.

KB Home (NYSE: KBH) 6.4% LOWER; reports Q3 loss of $0.87, versus the analyst estimate of ($0.58). Revenue for the quarter was $458.5 million, which compares to the estimate of $458.90 million. Delivered 2,240 homes in Q3, down 20%. Q3 cancellation rate 20%.

TIBCO (NASDAQ: TIBX) 6.2% HIGHER; reports Q3 EPS of $0.13, 2 cents better than the analyst estimate of $0.11. Revenue for the quarter was $150.3 million, which compares to the estimate of $144.5 million.

Chelsea Therapeutics (Nasdaq: CHTP) 6% HIGHER; seems to be correcting today following a 61% slide yesterday on news that a trial did not demonstrate significant improvement vs. the placebo.

To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.

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