Morning Movers 04/23: (RDEA) (KERX) (CEDC) (AMLN) Higher; (OTT) (NABI) (ACHN) Lower
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Ardea Biosciences, Inc. (Nasdaq: RDEA) 51.5% HIGHER; AstraZeneca (NYSE: AZN) and Ardea entered into a definitive merger agreement, pursuant to which AstraZeneca will acquire Ardea for $32 per share which represents a total cash value of approximately $1.26 billion, including existing cash.
Otelco Inc. (Nasdaq: OTT) 40.3% LOWER; reports that Time Warner Cable (NYSE: TWC) has indicated that it will not renew its existing contract for wholesale network connections provided by Otelco. The contract in question represented approximately 11.7% of Otelco’s consolidated revenue for 2011. This contract expires on December 31, 2012 and includes a transition period into 2013. As part of its response to this development, the Board of Directors has decided to suspend dividends on the common stock portion of Otelco’s Income Deposit Securities effective immediately.
Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) 25% HIGHER; reports its Japanese partner, Japan Tobacco Inc. (JT) and Torii Pharmaceutical Co., Ltd. (Torii), has announced positive top-line results from a Phase 3 study of ferric citrate in Japan for the treatment of hyperphosphatemia in end-stage renal disease patients on hemodialysis. This study is part of an ongoing Phase 3 program for ferric citrate in Japan for the treatment of hyperphosphatemia. The Phase 3 study, conducted in Japan, was an open-label, randomized study evaluating the efficacy and safety of ferric citrate against an active control, sevelamer hydrochloride, over 12 weeks in hemodialysis patients with hyperphosphatemia. In the top-line results, which evaluated the change of serum phosphorus from baseline, the primary endpoint of efficacy met non-inferiority to sevelamer hydrochloride.
Achillion Pharmaceuticals, Inc. (Nasdaq: ACHN) 15.5% LOWER; has provided clarification with respect to end of treatment (EOT) data from segment 2 of its Phase 2a trial of ACH-1625 that was presented during the 47th Annual Meeting of the European Association for the Study of the Liver (EASL) International Liver Congress 2012 in Barcelona, Spain on April 21, 2012. Click here to see the full report.
Central European Distribution Corporation (Nasdaq: CEDC) 14.6% HIGHER; CEDC and Russian Standard Corporation signed definitive agreements for a strategic alliance. Russian Standard has agreed to invest US$100,000,000 in CEDC by purchasing a combination of newly issued shares of CEDC common stock and exchangeable notes (exchangeable into common shares of CEDC upon shareholder approval) to be issued by CEDC. In addition, Roust Trading has agreed to purchase up to US$210,000,000 principal amount of newly issued, unsecured CEDC senior notes due July 31, 2016 at a blended interest rate of 6.00%.
Nabi Biopharmaceuticals (Nasdaq: NABI) 14.6% LOWER; announced a merger with Melbourne, Australia-based Biota Holdings Limited. Under the deal, Nabi plans to return to its stockholders its remaining cash in excess of the US$54 million required to be held by Nabi at closing after satisfying outstanding liabilities.
Amylin Pharmaceuticals (Nasdaq: AMLN) 10.9% HIGHER; moving higher amid renewed M&A chatter.
Sonic Automotive Inc. (NYSE: SAH) 10.9% LOWER; reported Q1 EPS of $0.33, in-line with the analyst estimate of $0.33. Revenue for the quarter came in at $1.99 billion versus the consensus estimate of $1.97 billion.
STMicroelectronics (NYSE: STM) 10.2% LOWER; ST-Ericsson - the 50/50 joint venture owned by Ericsson (NASDAQ: ERIC) and STM - announced today the guidelines of its new strategic direction. Within the company's new strategic direction it has signed an agreement to transfer its stand-alone application processor R&D activities to STMicroelectronics, and to take additional measures to accelerate time-to-market and lower the breakeven point.
Check Point Software (NASDAQ: CHKP) 10% LOWER; reported Q1 EPS of $0.74, $0.02 better than the analyst estimate of $0.72. Revenue for the quarter came in at $313.1 million versus the consensus estimate of $312.82 million. Expecting Q2 adj-EPS of 74-77 cents on sales of $324-$336 million. The Street is looking for quarterly EPS of 72 cents on sales of $312.8 million.
Hyperdynamics (NYSE: HDY) 8.3% LOWER; continuing lower after falling below its 200-day SMA Friday afternoon. The stock is now flirting with the $1 level.
Rambus Inc. (NASDAQ: RMBS) 8.3% LOWER; BWS Financial downgraded Rambus to Hold with a price target of $5.00.
Brinker International, Inc. (NYSE: EAT) 8% HIGHER; reported Q3 EPS of $0.60, $0.04 better than the analyst estimate of $0.56. Revenue for the quarter came in at $742 million versus the consensus estimate of $729.8 million. System-wide same-store sales were up 4.2 percent.
Barnes & Noble (NYSE: BKS) 8% HIGHER; broke above the 200-day SMA and consequently resistance levels at $11.50 and $12. Volume is very heavy today.
Otelco Inc. (Nasdaq: OTT) 40.3% LOWER; reports that Time Warner Cable (NYSE: TWC) has indicated that it will not renew its existing contract for wholesale network connections provided by Otelco. The contract in question represented approximately 11.7% of Otelco’s consolidated revenue for 2011. This contract expires on December 31, 2012 and includes a transition period into 2013. As part of its response to this development, the Board of Directors has decided to suspend dividends on the common stock portion of Otelco’s Income Deposit Securities effective immediately.
Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) 25% HIGHER; reports its Japanese partner, Japan Tobacco Inc. (JT) and Torii Pharmaceutical Co., Ltd. (Torii), has announced positive top-line results from a Phase 3 study of ferric citrate in Japan for the treatment of hyperphosphatemia in end-stage renal disease patients on hemodialysis. This study is part of an ongoing Phase 3 program for ferric citrate in Japan for the treatment of hyperphosphatemia. The Phase 3 study, conducted in Japan, was an open-label, randomized study evaluating the efficacy and safety of ferric citrate against an active control, sevelamer hydrochloride, over 12 weeks in hemodialysis patients with hyperphosphatemia. In the top-line results, which evaluated the change of serum phosphorus from baseline, the primary endpoint of efficacy met non-inferiority to sevelamer hydrochloride.
Achillion Pharmaceuticals, Inc. (Nasdaq: ACHN) 15.5% LOWER; has provided clarification with respect to end of treatment (EOT) data from segment 2 of its Phase 2a trial of ACH-1625 that was presented during the 47th Annual Meeting of the European Association for the Study of the Liver (EASL) International Liver Congress 2012 in Barcelona, Spain on April 21, 2012. Click here to see the full report.
Central European Distribution Corporation (Nasdaq: CEDC) 14.6% HIGHER; CEDC and Russian Standard Corporation signed definitive agreements for a strategic alliance. Russian Standard has agreed to invest US$100,000,000 in CEDC by purchasing a combination of newly issued shares of CEDC common stock and exchangeable notes (exchangeable into common shares of CEDC upon shareholder approval) to be issued by CEDC. In addition, Roust Trading has agreed to purchase up to US$210,000,000 principal amount of newly issued, unsecured CEDC senior notes due July 31, 2016 at a blended interest rate of 6.00%.
Nabi Biopharmaceuticals (Nasdaq: NABI) 14.6% LOWER; announced a merger with Melbourne, Australia-based Biota Holdings Limited. Under the deal, Nabi plans to return to its stockholders its remaining cash in excess of the US$54 million required to be held by Nabi at closing after satisfying outstanding liabilities.
Amylin Pharmaceuticals (Nasdaq: AMLN) 10.9% HIGHER; moving higher amid renewed M&A chatter.
Sonic Automotive Inc. (NYSE: SAH) 10.9% LOWER; reported Q1 EPS of $0.33, in-line with the analyst estimate of $0.33. Revenue for the quarter came in at $1.99 billion versus the consensus estimate of $1.97 billion.
STMicroelectronics (NYSE: STM) 10.2% LOWER; ST-Ericsson - the 50/50 joint venture owned by Ericsson (NASDAQ: ERIC) and STM - announced today the guidelines of its new strategic direction. Within the company's new strategic direction it has signed an agreement to transfer its stand-alone application processor R&D activities to STMicroelectronics, and to take additional measures to accelerate time-to-market and lower the breakeven point.
Check Point Software (NASDAQ: CHKP) 10% LOWER; reported Q1 EPS of $0.74, $0.02 better than the analyst estimate of $0.72. Revenue for the quarter came in at $313.1 million versus the consensus estimate of $312.82 million. Expecting Q2 adj-EPS of 74-77 cents on sales of $324-$336 million. The Street is looking for quarterly EPS of 72 cents on sales of $312.8 million.
Hyperdynamics (NYSE: HDY) 8.3% LOWER; continuing lower after falling below its 200-day SMA Friday afternoon. The stock is now flirting with the $1 level.
Rambus Inc. (NASDAQ: RMBS) 8.3% LOWER; BWS Financial downgraded Rambus to Hold with a price target of $5.00.
Brinker International, Inc. (NYSE: EAT) 8% HIGHER; reported Q3 EPS of $0.60, $0.04 better than the analyst estimate of $0.56. Revenue for the quarter came in at $742 million versus the consensus estimate of $729.8 million. System-wide same-store sales were up 4.2 percent.
Barnes & Noble (NYSE: BKS) 8% HIGHER; broke above the 200-day SMA and consequently resistance levels at $11.50 and $12. Volume is very heavy today.
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