Unusual 11 Mid-Day Movers 5/29: KOSN, ULBI, TRMP, RDEN Higher; ACEL, IFX, SGMO, NM Lower

May 29, 2008 12:05 PM EDT

Kosan Biosciences Inc. (NASDAQ: KOSN) 229.7% HIGHER; Bristol-Myers Squibb Company (NYSE: BMY) and Kosan Biosciences announced today that the companies have signed a definitive merger agreement providing for the acquisition of Kosan, a cancer therapeutics company, by Bristol-Myers Squibb, for $5.50 per share in cash.

Alfacell Corporation (Nasdaq: ACEL) 54.4% LOWER; announced that the preliminary statistical analysis of data from its confirmatory Phase IIIb clinical trial of its lead compound, ONCONASE, did not meet statistical significance for the primary endpoint of survival in unresectable malignant mesothelioma (UMM). However, a statistically significant improvement in survival was seen in the treatment of UMM patients who failed one prior chemotherapy regimen. Alfacell plans to submit a New Drug Application (NDA) to the FDA for the treatment of this patient population, which represents a currently unmet medical need.

Ultralife (NASDAQ: ULBI) 26.5% HIGHER; raises its previously issued Q2 revenue guidance from about $60-$70 million to in excess of $75 million. The Street consensus is $60.43 million. For the FY08, Ultralife expects to report revenues of at least $250 million, compared to the consensus of $240.27 million.

Trump Entertainment Resorts, Inc. (NASDAQ: TRMP) 15.9% HIGHER; Coastal Marina, LLC, an affiliate of Coastal Development, LLC, entered into an agreement to purchase the Trump Marina Hotel Casino in Atlantic City, New Jersey from Trump Entertainment Resorts. Coastal Marina has agreed to pay Trump Entertainment Resorts $316 million to complete the transaction. As part of the transaction, the parties have also agreed to end prior, unrelated litigation, with prejudice, upon the closing of the transaction.

Elizabeth Arden (Nasdaq: RDEN) 15% HIGHER; the company and Liz Claiborne Inc. (NYSE: LIZ) announced that they have entered into an exclusive long-term global licensing agreement for the manufacture, distribution and marketing of the Liz Claiborne fragrance brands. Additionally, Wachovia upgraded Elizabeth Arden from Market Perform to Outperform with a $18-$20 valuation range, saying they see meaningful accretion in the Liz Claiborn licensing agreement.

Fieldpoint Petroleum (AMEX: FPP) 14.3% HIGHER; with bullish crude inventories data out this morning, oil and oil companies are all over the map today. Crude Oil Inventories fell 8.883M barrels, versus the consensus of 0; Gasoline fell 3.258M barrels, versus the consensus of 0; Distillate rose 1.641M barrels, versus the consensus of +1M.

Infineon Technologies (NYSE: IFX) 12.8% LOWER; announced that its FY08 sales would be flat versus the previous quarter. Infineon also announced yesterday that its CEO Wolfgang Ziebart will resign from his position at the end of the month. Peter Bauer will succeed Ziebart as CEO.

Sangamo Biosciences Inc. (Nasdaq: SGMO) 11.6% LOWER; Brean Murray initiates coverage on Sangamo with a Sell rating and $5 price target.

Synthesis Energy Systems, Inc. (Nasdaq: SYMX) 11.6% HIGHER; today announced that it has signed a global cooperation agreement with China National Chemical Engineering Corp. to work together on the engineering, design, procurement and construction of U-GAS(R) gasification projects worldwide.

Navios Maritime Holdings Inc. (NYSE: NM) 9.9% LOWER; reports Q1 EPS of $0.13, versus the analyst estimate of $0.25 and compared to $0.13 in Q107. Revenues for the quarter were $338.3 million, versus the consensus of $113.33 million and compared to $101.1 million in the same quarter last year.

Men's Wearhouse (NYSE: MW) 8.7% LOWER; reports Q1 EPS of $0.20, 2 cent lower than the analyst estimate of $0.22. Revenues for the quarter were $491.1 million, versus the consensus of $476.98 million. Sees Q2 EPS of $0.75-$0.79, versus the consensus of $0.82. Sees FY08 EPS of $1.75-$1.85, versus $2.01.

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