Unusual 11 Mid-Day Movers 7/2: NAVI, AVNR, ESLR, ELN Higher; DSCO, SEPR, TIVO, ILMN Lower

July 2, 2009 12:11 PM EDT

Discovery Laboratories (Nasdaq: DSCO) 47% LOWER; Discovery Labs learned that the FDA will now apply a newly-defined standard to determine whether Discovery Labs has adequately demonstrated comparability of Surfaxin clinical to commercial drug product.

Navisite (Nasdaq: NAVI) 20% HIGHER; bouncing after recent weakness.

Sepracor (Nasdaq: SEPR) 18% LOWER; news came out after the close that SEP-225289 did meet the primary efficacy endpoint and separately the company announced that the FDA put two Lunesta pediatric studies on hold.

Avanir Pharmaceuticals (Nasdaq: AVNR) 15% HIGHER; still seeing strength after being added to the Russell 3000 Index.

Tivo (Nasdaq: TIVO) 15% LOWER; announced that U.S. Court of Appeals for the Federal Circuit granted the request of EchoStar (Nasdaq: SATS) and its related companies to stay the contempt order imposed by the U.S. District Court pending the outcome of EchoStar's appeal.

Elan (NYSE: ELN) 14% HIGHER; johnson & Johnson (NYSE: JNJ) and Elan Corporation plc announced a definitive agreement whereby Johnson & Johnson will acquire substantially all of the assets and rights of Elan related to its Alzheimer's Immunotherapy Program (AIP Program), through a newly formed company. In addition, Johnson & Johnson, through its affiliate, will invest $1 billion in Elan in exchange for newly issued American Depositary Receipts (ADRs) of Elan which will represent 18.4% of Elan's outstanding ordinary shares.

Unify Corp. (NASDAQ: UNFY) 13% LOWER; reported Q4 EPS of $0.07, ex-items, compared to $0.08 in the same quarter last year. Revenue for the quarter was $4.6 million, versus $5.1 million in Q408. Sees FY10 sales in the range of $23.5-$28.5 million. Non-GAAP income for the year is expected to be $2-$4.5 million.

Evergreen Solar (Nasdaq: ESLR) 12% HIGHER; JP Morgan upgrades Evergreen Solar from Underweight to Overweight and raises their price target to $5.

EXFO Electro-Optical Engineering (Nasdaq: EXFO) 12% HIGHER; Thomas Weisel upgrades EXFO Electro-Optical from Marketweight to Overweight.

Illumina Inc. (Nasdaq: ILMN) 11% LOWER; sees second quarter revenue of approximately $161 million compared to guidance of $168 to $173 million. The Wall Street consensus is $172.55 million.

Manhattan Associates (Nasdaq: MANH) 9% LOWER; lowered its Q2 adjusted EPS expectations to a range of $.08 to $.12 per share and GAAP earnings expectations to a range of a loss of $.09 to a loss of $.05. This compares with the Company's previous adjusted EPS guidance range of $.15 to $.30 and GAAP EPS range of a loss of $.02 to a profit of $.13. The consensus is a profit of $.22.

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