Morning Movers 11/02: CIT, HGSI, EAC, VRTX, CTB, BC, F Higher; YRCW, GTXI, FSNM, LDK Lower

November 2, 2009 10:26 AM EST

CIT (NYSE: CIT) 61% LOWER; As expected, over the weekend, CIT announced that, with the overwhelming support of its debtholders, the Board of Directors voted to proceed with the prepackaged bankruptcy plan. Click here for the full report.

YRC Worldwide Inc. (Nasdaq: YRCW) 45.8% LOWER; today announced that it intends to launch an exchange offer this week based upon terms discussed with representatives of a committee of the holders of its contingent convertible notes and a committee of the holders of its USF 8 1/2% notes. The successful completion of this exchange would allow the company open access to the existing $106 million revolver reserve and to begin deferring payment of lender interest and fees of approximately $25 million per quarter under its recently amended credit agreement and asset-backed securitization facility. The company currently has access to $50 million of the revolver reserve for certain operational purposes and the remaining reserve with a two-thirds approval from its lenders. Click here for the full report.

GTx, Inc. (NASDAQ: GTXI) 37.3% LOWER; received a Complete Response Letter issued by the FDA regarding its New Drug Application for toremifene 80 mg to reduce fractures in men with prostate cancer receiving androgen deprivation therapy. Click here for the full report.

Human Genome Sciences, Inc. (Nasdaq: HGSI) 33.7% HIGHER; HGSI and GlaxoSmithKline PLC (NYSE: GSK) announced that BENLYSTA met the primary endpoint in BLISS-76, the second of two pivotal Phase 3 trials in seropositive patients with systemic lupus erythematosus. Click here for the full report.

First State Bancorporation (NASDAQ: FSNM) 23.5% LOWER; reports Q3 loss of $2.49, versus the analyst estimate of ($1.27). Revenue for the quarter was $30.2 million, which compares to the estimate of $28.97 million.

Encore Acquisition Company (NYSE: EAC) 23% HIGHER; Denbury Resources Inc. (NYSE: DNR) announced plans to acquire EAC in a transaction valued at approximately $4.5 billion, including the assumption of debt and the value of the minority interest in Encore Energy Partners LP (NYSE: ENP). Click here for the full report.

LDK Solar (NYSE: LDK) 15.1% LOWER; Q-Cells ends supply agreement with LDK.

Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) 12.3% HIGHER; announced that more than 80 percent of hepatitis C patients in each arm of the Phase 2 Study C208 achieved a sustained viral response with a telaprevir-based regimen according to results of an intent-to-treat analysis. More from the release.

Cooper Tire & Rubber Co. (NYSE: CTB) 11.9% HIGHER; reports Q3 EPS of $0.77, 11 cents better than the analyst estimate of $0.66. Revenue for the quarter was $793.75 million, which compares to the estimate of $714.90 million.

Brunswick (NYSE: BC) 10.1% HIGHER; upgraded to Outperform at Wells Fargo.

Ford Motor Company (NYSE: F) 9.7% HIGHER; reports Q3 EPS of $0.26 ex-items, cents better than the analyst estimate of ($0.13). Revenue for the quarter was $30.90 billion, which compares to the estimate of $28.31 billion.

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