Pre-Open Movers 6/16: XM/Sirius (XMSR, SIRI) Up on Expected FCC Merger Approval; ACADIA (ACAD) Sinks As Drug Fails

June 16, 2008 9:29 AM EDT

StreetInsider.com Pre-Open Movers:

ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD) 53% LOWER; announced results from its Phase IIb trial with ACP-104 for the treatment of schizophrenia. The study did not meet its primary endpoint of antipsychotic efficacy or any of the secondary endpoints. Neither dose of ACP-104 demonstrated improved efficacy as compared to placebo. The most common adverse events in the treatment arms relative to placebo were increased salivation, tachycardia, and dyspepsia, which were noted to be dose-related. There was no clinically significant decrease in neutrophil counts in the study drug arms.

Landry's Restaurants, Inc. (NYSE: LNY) 20% HIGHER; entered into a definitive agreement with Fertitta Holdings, Inc. pursuant to which Fertitta has agreed to acquire all of the Company's outstanding common stock for $21.00 per share in cash.

Greenfield Online, Inc. (Nasdaq: SRVY) 15% HIGHER; entered into a merger agreement to be acquired by an entity affiliated with Quadrangle Group LLC, a private investment firm focused on the media and communications industries. Under the terms of the merger agreement, Quadrangle will acquire all of the outstanding common stock of Greenfield Online, Inc. for $15.50 per share in cash, or a total equity value of approximately $426 million.

Sirius Satellite Radio Inc. (Nasdaq: SIRI) 8% HIGHER; According to reports from the Wall Street Journal, the FCC has proposed that the agency approve the merger of XM Satellite Radio and Sirius Satellite Radio, with a final vote in as little as three weeks if several conditions are met.

Titan Machinery, Inc. (Nasdaq: TITN) 7.4% HIGHER; reports Q1 EPS of $0.24, 11 cents better than the analyst estimate of $0.13. Revenues for the quarter were $152.6 million, versus the consensus of $119.63 million. Titan raised its FY09 revenues guidance from $550-$600 million to $575-$625 million, versus the consensus of $588.55 million. EPS guidance moves from $0.77-$0.82 to $0.86-$0.91, versus $0.79.

RAM Energy Resources, Inc. (Nasdaq: RAME) 7% HIGHER; Jim Cramer postive on Mad Money

XM Satellite Radio Holdings Inc. (Nasdaq: XMSR) 7% HIGHER; According to reports from the Wall Street Journal, the FCC has proposed that the agency approve the merger of XM Satellite Radio and Sirius Satellite Radio, with a final vote in as little as three weeks if several conditions are met.

Barclays plc (NYSE: BCS) 5% HIGHER; Reports the company will raise additional capital through an an equity offering to boost its balance sheet. According to reports from FT.com, the company confirmed that it has an equity issue "under active consideration", but said that all options to improve its capital ratio were still being looked at.

Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) 5% HIGHER; announced today the successful completion of ADAGIO, the phase III study designed to demonstrate that AZILECT 1 mg tablets can slow down the progression of Parkinson's disease. In the trial, the currently marketed AZILECT 1 mg tablets met all three primary end points, as well as the secondary and additional end points, all with statistical significance. The study also confirmed the safety and tolerability of AZILECT.

SunPower Corporation (NASDAQ:SPWR) 4% HIGHER; Credit Suisse upgrades to Outperform

Textron Inc. (NYSE: TXT) 4% LOWER; now expects 2008 second quarter earnings per share from continuing operations to be in the range of $0.93 to $0.98, compared to its previous forecast of $0.90 to $1.00. The company continues to forecast full-year earnings per share from continuing operations in the range of $3.80 to $4.00 and free cash flow of $700 - $750 million. (Q2 EPS consensus is $0.98 and FY08 EPS consensus is $3.98)

AT&T (NYSE: T) 1.9% LOWER; UBS downgrades to Neutral

Verizon Communications Inc. (NYSE: VZ) 1.5% LOWER; UBS downgrades to Neutral

General Electric Co. (NYSE: GE) 1.3% LOWER; JP Morgan downgrades to Neutral

Agilysys, Inc. (Nasdaq: AGYS) INDICATED HIGHER; announced that its Board of Directors has authorized the company's management and financial advisors to explore a range of strategic and financial alternatives to enhance shareholder value. These alternatives include, but are not limited to, continued implementation of Agilysys current strategic growth plan, a sale of certain assets or the entire company, formation of joint ventures, and a change to the company's capital structure. The company has retained JPMorgan as financial advisor in the evaluation process.

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