Pre-Open Movers 6/2: Acorda (ACOR) Up on Positive Drug Data; Harris (HRS) Lower After Saying No Sale

June 2, 2008 9:32 AM EDT

StreetInsider.com Pre-Open Movers:

Acorda Therapeutics, Inc. (NASDAQ: ACOR) 22% HIGHER; announced positive results from its second Phase 3 clinical trial of Fampridine-SR (MS-F204) on walking ability in people with multiple sclerosis (MS). A significantly greater proportion of people taking Fampridine-SR in the trial had a consistent improvement in walking speed compared to people taking placebo (42.9% vs. 9.3%), as measured by the Timed 25-Foot Walk (p < 0.001). Consistent improvement in walking speed was the primary endpoint of the study as outlined in the Special Protocol Assessment with the FDA.

Harris Corporation (NYSE: HRS) 12% LOWER; has issued a statement in response to recent market rumors and media reports. Harris acknowledged that from time to time it is approached by other companies with expressions of interest in various types of transactions, including a potential sale of the company. Harris stated today that it is not pursuing a merger or a sale.

ReneSola Ltd (NYSE: SOL) 9% LOWER; filed a registration statement on Form F-1 with the SEC relating to a follow-on public offering of 9,000,000 American Depositary Shares in the United States. Each ADS represents two shares of the Company.

Conexant Systems, Inc. (NASDAQ: CNXT) 8.7% HIGHER; sees Q3 to be at the high end of the guidance range established entering the quarter: revs of $167-$171 million, core gross margins of 44.5%-45.5%, core operating expenses of $72-$74 million and a net loss of $0.17-$0.06. The Street is currently expecting revs of $169.15 million and a loss of $0.01 for Q3. Conexant sees Q4 revs of $115-$120 million, core gross margins of 49.5%-50.5%, core operating expenses of $45-$47 million and EPS in the range of $0.08-$0.12. The Street consensuses are currently $146.20 million for sales and $0.01 for EPS. The company announced today that it plans to execute a reverse stock split at a split ratio of 1-for-10.

ImClone Systems, Inc. (NASDAQ: IMCL) 7% LOWER; reported data on Erbitux for non-small cell lung cancer and colorectal cancer.

Capstone Turbine Corp. (NASDAQ: CPST) 6% HIGHER; Announces First Order for New C1000

Marriott International, Inc. (NYSE: MAR) 5% LOWER; the company is likely to report second quarter North American RevPAR growth of approximately 2% , compared to prior company guidance of 3-5%.

LDK Solar Co.Ltd. (NYSE: LDK) 3.6% LOWER; MS downgrades to Equal Weight

Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) 3% HIGHER; Citi upgrades

Hovnanian Enterprises Inc. (NYSE: HOV) 3% HIGHER; Jim cramer makes positive comments

General Motors (NYSE: GM) 3% HIGHER; Positive Barron's article.

Sovereign Bancorp Inc. (NYSE: SOV) 3% HIGHER; KBW upgrades to Outperform

Lehman Brothers (NYSE: LEH) 2% LOWER; Merrill downgrades to Underperform

Synta Pharmaceuticals Corp. (NASDAQ: SNTA) 2% HIGHER; SUSQ starts at Positive

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