After-Hours Movers 6/10: MBRX, PALM, PLXS Higher; ATPG, ATU, VMC, LUB Lower

June 10, 2009 5:29 PM EDT

Metabasis Therapeutics, Inc. (Nasdaq: MBRX) 26.4% HIGHER; announced that its four year research collaboration with Merck & Co., Inc. (NYSE: MRK), focused on the discovery and development of AMP protein kinase activators, has yielded a lead candidate that Merck has selected to advance into late preclinical development. In addition, under an amended agreement, Merck has agreed to pay Metabasis a one-time fee of $6 million that satisfies all future obligations for milestones and royalty payments. Metabasis warned that even with the $6 million payment described above, if the Company is unsuccessful in the near-term in raising additional capital, the Company may be forced to cease its operations entirely.

ATP Oil & Gas Corporation (NASDAQ: ATPG) 8.8% LOWER; has commenced an underwritten public offering of 7.25 million shares of its common stock. The underwriters for the offering will also have the option to purchase up to 1.0875 million additional shares of common stock to cover any over-allotments. ATP intends to use the net proceeds from the offering to support capital expenditures related to its drilling and development activities, including development of wells at its Telemark Hub in the deepwater Gulf of Mexico, to reduce indebtedness and for general corporate purposes.

Actuant Corporation (NYSE: ATU) 7.8% LOWER; today announced that it has amended its credit agreement. The amendment, among other things, provides additional flexibility with respect to financial covenants, while maintaining the size and maturity of the facility. As the result of a related charge, Actuant sees sales and EPS for Q3 below its previously issued guidance of $300-$320 million and $0.12-$0.20 per share, respectively. Click here to see the full report.

Vulcan Materials Company (NYSE: VMC) 7.5% LOWER; today announced that it intends to offer 11.5 million shares of common stock in an underwritten public equity offering. In addition, the Company plans to reduce its quarterly dividend by 49%, effective for Q309, to $0.25 from $0.49 per share, which will increase cash available to the Company by approximately $100 million annually. VMC also updated its Q2 and FY09 outlook. Click here for the full report.

Luby's, Inc. (NYSE: LUB) 6% LOWER; reports Q3 loss of $0.04, 2 cents lower than the analyst estimate of ($0.02) and compared to a gain of $0.03 in the same quarter last year. Revenue for the quarter was $69 million, versus the consensus of $74 million. Same store sales for the quarter came in at down 8.9%, or 9.4% on an adjusted basis.

Palm, Inc. (Nasdaq: PALM) 2.8% HIGHER; today announced that its board of directors has appointed Jon Rubinstein to lead the company as Chairman and CEO upon the departure of Ed Colligan, who is stepping down after sixteen years of leadership at the company.

Plexus Corp. (Nasdaq: PLXS) 2.4% HIGHER; is partnering with The Coca-Cola Company (NYSE: KO) to manufacture Coca-Cola Freestyle(TM), a new proprietary fountain dispenser that utilizes innovative technology to dispense more than 100 different branded sparkling and still beverages from a single freestanding unit. Click here for the full report.

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