After-Hours Movers 6/23: ARWR, TTGT, PETM, MGM, AVAV, JBL, SONC Higher; PQ, DRI, COOP Lower

June 23, 2009 5:38 PM EDT

Arrowhead Research Corporation (NASDAQ: ARWR) 86% HIGHER; announced that its Calando Pharmaceuticals, Inc. subsidiary has entered into a worldwide license agreement with Cerulean Pharma Inc. for Calando's drug delivery platform, Cyclosert(TM), and associated clinical stage anti-cancer drug, IT-101. The agreement is part of Calando's strategy to minimize its burn rate while retaining upside exposure via partnerships with high quality companies that will continue the development of Calando's platforms and drug candidates. Importantly, this agreement does not include rights to develop and commercialize RNAi products or the clinical-stage RNAi candidate, CALAA-01, both of which Calando intends to partner separately. Under the terms of the agreement, Cerulean made an upfront payment of $2.4 million to Calando and will make development milestone payments of up to $2.75 million if IT-101 progresses through clinical trials and receives marketing approval. If approved, Calando is also entitled to receive up to an additional $30 million in sales milestone payments, plus royalties on net sales.

TechTarget, Inc. (NASDAQ: TTGT) 26% HIGHER; said preliminary revenues for Q1 are expected to be in the upper end of the revenue guidance previously provided by the Company. TechTarget also said preliminary adjusted EBITDA for Q1 is expected to exceed the upper end of the guidance range. For Q2, the Company expects total revenues to increase sequentially over the first quarter by approximately 20%. Furthermore, the Company expects the adjusted EBITDA margin for the second quarter to be in the range of 15%-20% of total revenues.

PetroQuest Energy, Inc. (NYSE: PQ) 11.3% LOWER; has commenced an underwritten public offering of 10,000,000 shares of its common stock. The Company intends to use the net proceeds from the offering for general corporate purposes, including to fund capital expenditures related to its exploration and development drilling program.

PetSmart, Inc. (NASDAQ: PETM) 7.6% HIGHER; announced the Board of Directors' approval to increase its quarterly dividend by 233% from $0.03 to $0.10 per share beginning in the second quarter of fiscal 2009. The Board of Directors also authorized a $350 million stock purchase plan that expires in January 2012. Click here for the full report.

MGM MIRAGE (NYSE: MGM) 7.2% HIGHER; disclosed that its auditor has concluded that there is no longer substantial doubt about its ability to continue as a going concern. Click here for the full report.

AeroVironment, Inc. (Nasdaq: AVAV) 5.6% HIGHER; reports Q4 EPS of $0.27, 1 cent better than the analyst estimate of $0.26. Revenue for the quarter was $76 million, versus the consensus of $71.22 million. Sees FY09 revs growth of 18-22%.

Jabil Circuit, Inc. (NYSE: JBL) 3.8% HIGHER; reports Q1 EPS of $0.04, 1 cent better than the analyst estimate of $0.03. Revenue for the quarter was $2.6 billion, versus the consensus of $2.62 billion. Sees Q4 EPS 2c to 12c versus 9 cents. Sees Q4 revenues $2.5B to $2.7B versus $2.72 billion.

Sonic Corp. (Nasdaq: SONC) 3.5% HIGHER; reports Q3 EPS of $0.27, 7 cents better than the analyst estimate of $0.20. Revenue for the quarter was $191.9 million, versus the consensus of $181.73 million. Q3 comps were down 5.4%.

Oracle (Nasdaq: ORCL) 3% HIGHER; reports Q4 EPS of $0.46, 2 cents better than the analyst estimate of $0.44. Revenue for the quarter was $6.9 billion, versus the consensus of $6.47 billion.

Darden Restaurants Inc. (NYSE: DRI) 3% LOWER; reports Q4 EPS of $0.90, 4 cents better than the analyst estimate of $0.86. Revenue for the quarter was $1.98 billion, versus the consensus of $1.98 billion. Raised the quarterly dividend by 25% to $0.25 per common share.

Cooperative Bankshares, Inc. (NASDAQ: COOP) INDICATED LOWER; received a NASDAQ Staff Determination indicating that the Company's common stock is subject to delisting from the NASDAQ Global Market pursuant to NASDAQ Marketplace Rules 5100 and 5110(b). The NASDAQ Staff Determination was a result of the fact that Cooperative Bank, the Company's wholly owned subsidiary, was closed by the North Carolina Commissioner of Banks on June 19, 2009 and the FDIC was appointed as the Bank's receiver. On that same date, First Bank, Troy, North Carolina, acquired substantially all banking operations, including substantially all of the deposits, of the Bank and purchased most of the Bank's assets in a transaction facilitated by the FDIC. As a result of the Bank's receivership, the Company has ceased operations and expects to liquidate or seek bankruptcy protection.

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