Morning Movers 12/02: Tessera (TSRA) Sinks on Patent Ruling, GE (GE) Higher on Capital Unit Update

December 2, 2008 9:39 AM EST

StreetInsider.com Morning Movers:

Tessera Technologies, Inc. (NASDAQ: TSRA) 45% LOWER; announced today the Administrative Law Judge overseeing the International Trade Commission action brought by Tessera against certain wireless manufacturers, Investigation No. 337-TA-605 (Wireless ITC action), issued an Initial Determination finding Tessera’s asserted patents are valid but not infringed by the respondents.

XenoPort, Inc. (Nasdaq: XNPT) 35% LOWER; announced today top-line results from a Phase 2 clinical trial that examined the ability of XP19986 (arbaclofen placarbil) extended-release tablets to reduce symptoms experienced by subjects with gastroesophageal reflux disease, or GERD. The primary analysis comparing XP19986 to placebo did not reach statistical significance. However, pre-defined subgroup analyses showed statistically significant benefits of XP19986 on a number of important parameters. XP19986 was generally well tolerated at all dose levels.

Palm, Inc. (NASDAQ: PALM) 30% LOWER; expects to record revenues for Q2 fiscal year 2009 in the range of $190 million to $195 million, well below the consensus of $330.8 million.

Wavecom S.A. (NASDAQ: WVCM) 17% HIGHER; Sierra Wireless, Inc., (NASDAQ: SWIR) and Wavecom S.A. have reached a Memorandum of Understanding providing for a business combination. Pursuant to and subject to the terms of the MOU, Sierra Wireless will make a cash offer of (euro)8.50 per ordinary share of Wavecom, and (euro)31.93 per OCEANE convertible bond, amounting to an aggregate purchase price of approximately (euro)218 million.

Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF) 14% LOWER; reports Q3 loss of RMB 0.56, or $0.08, which may not compare to the analyst estimate of RMB 1.07. Revenue for the quarter was RMB 1.275 billion, or $187.8 million, versus the consensus of RMB 1.34 billion. Sees Q4 shipments at or slightly below the low end of its previously issued guidance of 175-190 MW. Sees average selling prices declining by less than 5% from Q3. For FY09, Solarfun sees average selling prices declining 5-10% in constant Euro terms from Q408.

Mosaic Company (NYSE: MOS) 9% LOWER; said due to soft market conditions, phosphate sales volumes for the second quarter were approximately 1.3 million tonnes, or about 800,000 tonnes lower than the volume sold during the Company's first quarter in fiscal 2009.

Shanda Interactive Entertainment Ltd. (Nasdaq: SNDA) 6% HIGHER; reports Q3 non-GAAP EPS of $0.70, 15 cents better than the analyst estimate of $0.55. Revenue for the quarter was $137.3 million, versus the consensus of $131.93 million.

Potash Corp. of Saskatchewan, Inc. (NYSE: POT) 6% LOWER; Lower sales guidance from Mosaic (MOS)

Skyworks Solutions, Inc. (NASDAQ: SWKS) 6.4% LOWER; announced that the company expects revenue for the first fiscal quarter of 2009 to be in the range of $210 to $215 million with non-GAAP diluted earnings per share of $0.15 to $0.17. (Consensus is $239.75 million and $0.23)

General Motors (NYSE: GM) 5.9% HIGHER; automakers submiting plans to Congress today

Goldman Sachs (NYSE: GS) 4% LOWER; According to reports from the Wall Street Journal, Goldman Sachs may report a loss of as much as $2 billion for its quarter ended Nov. 28, according to industry insiders.

3M Co. (NYSE: MMM) 3.6% LOWER; Citi downgrades to Sell

GE (NYSE: GE) 3.5% HIGHER; is today providing investors with a detailed update on GE Capital’s strategic framework and outlook: sees Q4 EPS trending toward $0.50-$0.52, which is at the low end of its previously guided $0.50-$0.65. The Street estimate is for $0.51. GE also reaffirmed its plan to maintain its $1.24 per share dividend in 2009.

CF Industries (NYSE: CF) 3% LOWER; Lower sales guidance from Mosaic (MOS).

Ford Motor Co. (NYSE: F) 2.7% HIGHER; automakers submiting plans to Congress today

Terra Industries Inc. (NYSE: TRA) 2% LOWER; Lower sales guidance from Mosaic (MOS).

Agrium Inc. (NYSE: AGU) 1% LOWER; Lower sales guidance from Mosaic (MOS).

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