Morning Movers 01/31: DEPO, NPSP, OREX, MEE, PLL, MASI, ASIA, PPD, BBX Higher; BGP Lower

January 31, 2011 10:14 AM EST
Depomed, Inc. (Nasdaq: DEPO) 31.7% HIGHER; the US FDA has approved GRALISE Tablets for once-daily treatment of post-herpetic neuralgia, or pain following healing of the rash associated with shingles.

NPS Pharmaceuticals, Inc. (NASDAQ: NPSP) 22.1% HIGHER; announced that its Phase 3 pivotal study of GATTEX met the primary efficacy endpoint of reducing parenteral nutrition dependence in patients with adult short bowel syndrome.

Orexigen Therapeutics (Nasdaq: OREX) 11.9% HIGHER; traders buying today as the company is expected to announce a PFUDA date today.

Massey Energy (NYSE: MEE) 11.6% HIGHER; Alpha Natural Resources (NYSE: ANR) announced an agreement to acquire Massey in a deal worth $8.5 billion. Under the terms of the deal, Massey stockholders will receive 1.025 shares of Alpha common stock and $10.00 in cash for each share they own.

Pall Corp (NYSE: PLL) 11% HIGHER; Credit Suisse upgraded the stock from Neutral to Outperform.

Masimo (Nasdaq: MASI) 10.9% HIGHER; Covidien (NYSE: COV) and Masimo announced that they have amended the existing settlement agreement initially reached in January 2006. Under the terms of the amendment, Covidien will pay Masimo a royalty of 7.75% for its current pulse oximetry products sold in the United States for three years, beginning March 15, 2011.

AsiaInfo-Linkage,Inc. (NASDAQ: ASIA) 10.5% HIGHER; reported Q4 EPS of $0.37, $0.02 worse than the analyst estimate of $0.39. Revenue for the quarter came in at $114.4 million versus the consensus estimate of $110.7 million. AsiaInfo-Linkage,Inc. sees Q1 2011 non-GAAP EPS of $0.37-$0.39, versus the consensus of $0.85. AsiaInfo-Linkage,Inc. sees Q1 2011 revenue of $108-$112 million, versus the consensus of $89.68 million. Also announced a $60 million buyback program.

Borders Group, Inc. (NYSE: BGP) 9.6% LOWER; said it will delay payments to vendors, landlords and others to maintain liquidity as it seeks to complete a refinancing or restructuring of its existing credit facilities and other obligations. Borders has received a conditional commitment from GE Capital, Restructuring Finance for a $550 million senior secured credit facility.

Pre-Paid Legal Services, Inc. (NYSE: PPD) 9.1% HIGHER; announced that they have entered into a definitive agreement to be acquired by MidOcean PPL Holdings Corp. and PPL Acquisition Corp., both newly created entities formed by MidOcean Partners, for $66.50 per outstanding share, or a total consideration of $650 million.

BankAtlantic Bancorp, Inc. (NYSE: BBX) 8.8% HIGHER; today announced BankAtlantic has entered into an agreement for the sale of its Tampa – St. Petersburg franchise to PNC Bank, N.A., part of The PNC Financial Services Group Inc. (NYSE: PNC). Under the agreement, BankAtlantic has agreed to sell its 19 branches and 2 related facilities in the Tampa – St. Petersburg area and the associated deposits (approximately $350 million), to PNC. PNC has agreed to pay a premium for the deposits assumed by PNC in the transaction plus the net book value of the acquired real estate and fixed assets associated with the branches and facilities.

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