Morning Movers 9/9: ENCO, VVUS, CLZR, WAVX, HITK, ISTA Higher; HNAB, ENWV, UWBK, AVAV, PBY Lower

September 9, 2009 9:34 AM EDT

Encorium Group, Inc. (Nasdaq: ENCO) 290.5% HIGHER; the company announced the signing of approximately $8.7 million of new business contracts, including selection by a major pharmaceutical company for participation in a swine flu vaccine program.

VIVUS, Inc. (Nasdaq: VVUS) 59.9% HIGHER; announced positive results from two final, phase 3 pivotal 56-week studies, EQUIP (OB-302) and CONQUER (OB-303), evaluating the safety and efficacy of Qnexa, an investigational drug, in more than 3,750 patients across 93 sites. Click here for the full report.

Candela Corporation (NASDAQ: CLZR) 38.3% HIGHER; Syneron Medical Ltd. (NASDAQ: ELOS) and Candela entered into a definitive agreement to combine the companies in an all stock transaction, creating a global leader in medical aesthetic devices. Under the terms of the merger agreement, Candela shareholders will receive 0.2911 ordinary shares of Syneron for each share of Candela common stock they own. Based upon the closing stock price of Syneron common stock on September 8, 2009, this represents $2.84 per share of consideration to be received by Candela shareholders, or a total consideration of approximately $65 million.

Hana Biosciences (Nasdaq: HNAB) 23.7% LOWER; today announced that the Company received a letter from the Staff of The NASDAQ Stock Market indicating that the Company has failed to regain compliance with NASDAQ Marketplace Rule 4310(c)(3), which requires the Company to have a minimum of $2,500,000 in stockholders' equity, or $35,000,000 market value of listed securities, or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years, for continued listing on The NASDAQ Capital Market.

Wave Systems Corp. (NASDAQ: WAVX) 23.5% HIGHER; announced that its support of the first open identity pilot program aimed at enabling members of the public and businesses to register and participate in government websites without creating new user names and passwords. Wave joins Yahoo!, PayPal, Google, Equifax, AOL, VeriSign, Acxiom, Citi and Privo in supporting this new pilot program as digital identity providers offering solutions based on OpenID and Information Card technologies.

Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK) 17% HIGHER; reported that first quarter sales rose 175% to $43.48 million and EPS rose to $0.73 from $0.13.

ISTA Pharmaceuticals, Inc. (Nasdaq: ISTA) 14.4% HIGHER; nnounced the FDA has approved Bepreve 1.5% as a twice-daily prescription eye drop treatment for ocular itching associated with allergic conjunctivitis in patients two years of age and older. MORE Seperatly, ISTA announced preliminary results from two recently completed studies on its investigational ophthalmic product, T-Pred. The Company is developing T-Pred as a treatment for inflammatory ocular conditions for which a corticosteroid is indicated and where bacterial ocular infection exists, or there is a risk of bacterial infection. MORE

Rural/Metro Corporation (NASDAQ: RURL) 13.8% HIGHER; reports Q4 EPS of $0.10, compared to $0.07 in the same quarter last year. Revenue for the quarter was $129.1 million, versus $124.5 million in Q408. Sees FY10 EBITDA from continuing operations of $60-$63 million.

The Talbots Inc. (NYSE: TLB) 12.1% HIGHER; reports Q2 loss of $0.33, versus the analyst estimate of ($0.52). Revenue for the quarter was $304.6 million, versus the consensus of $309.34 million. Same store sales fell 24.9% during the quarter. Sees a Q3 loss, ex-items, of $0.24-$0.30, versus the consensus of ($0.31). Sees Q3 sales down 14-17%.

Endwave Corporation (Nasdaq: ENWV) 11.9% LOWER; sees Q3 revenues for Q3 between $2.5 million to $3.0 million in contrast with the $4.0 million projected during their second quarter conference call on July 28, 2009.

United Western Bancorp, Inc. (Nasdaq: UWBK) 11.6% LOWER; has commenced a public offering of $80 million of its common stock in an underwritten public offering.

Titan Machinery Inc. (Nasdaq: TITN) 11.2% HIGHER; reports Q2 EPS of $0.27, 9 cents better than the analyst estimate of $0.18. Revenue for the quarter was $193.2 million, versus the consensus of $166.34 million. Affirms its FY10 EPS guidance.

Fortress Investment Group (NYSE: FIG) 8.3% HIGHER; Barclays upgrades the stock from Equalweight to Overweight. Click here for more color on the upgrade.

AeroVironment, Inc. (Nasdaq: AVAV) 7.8% LOWER; reports Q1 loss of $0.17, versus the analyst estimate of $0.13 and compared to a gain of $0.22 in the same quarter last year. Revenue for the quarter was $37.9 million, versus the consensus of $51.90 million. The stock was also downgraded at JMS.

Pep Boys (NYSE: PBY) 6.9% LOWER; reports Q2 EPS of $0.15, 1 cent better than the analyst estimate of $0.14. Revenue for the quarter was $488.9 million, versus the consensus of $502.51 million.

MedAssets (Nasdaq: MDAS) 6.2% LOWER; downgraded to Neutral at Piper Jaffray.

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