Morning Movers 10/02: TELK, ALY, GNVC, CIT Higher; ETRM, BNVI, KEG, LTM, PGH, GRT Lower

October 2, 2009 9:44 AM EDT

EnteroMedics Inc. (NASDAQ: ETRM) 72.3% LOWER; announced preliminary results from its EMPOWER Study. Based on an initial analysis, the study did not meet its primary and secondary efficacy endpoints. There were no therapy-related serious adverse events reported in the study. The EMPOWER Study is a randomized, double-blind, placebo-controlled pivotal study designed to evaluate the safety and effectiveness of the Maestro(R) System for the treatment of obesity.

Bionovo, Inc. (Nasdaq: BNVI) 24.9% LOWER; today announced that it has entered into agreements with selected investors to sell up to 3,230,995 units at a price per unit of $6.20 for aggregate gross proceeds of up to $20.0 million. Click here for the full report.

Telik, Inc. (Nasdaq: TELK) 21.5% HIGHER; announced the publication of the positive results from a Phase 1-2a multicenter, dose-ranging study of TELCYTA in combination with carboplatin and paclitaxel as first-line therapy for patients with nonsmall cell lung cancer in a leading peer reviewed publication, the Journal of Thoracic Oncology, October 2009; Vol. 4, No. 10. Data on this study were presented at the 98th annual meeting of the American Association for Cancer Research on April 17, 2007.

Allis-Chalmers Energy (NYSE: ALY) 14.3% HIGHER; not hearing any news, but volume is heavier-than-normal.

Key Energy Services, Inc. (NYSE: KEG) 13.4% LOWER; announced that it anticipates recording a $65 to $70 million pre-tax charge in the third quarter of 2009 related to the retirement of well service rigs from its domestic fleet. Key expects to recognize a pre-tax charge of $90 to $100 million in the third quarter of 2009. Key currently believes the Q3 EPS will fall within a range of ($0.19) to ($0.23) versus consensus ($0.12).

Life Time Fitness (NYSE: LTM) 13.1% LOWER; Oppenheimer downgrades the stock from Outperform to Perform. Price target increased from $27 to $30.

Pengrowth Energy Trust (NYSE: PGH) 12% LOWER; Pengrowth Corporation administrator of Pengrwoth Energy Trust, announced changes to its value creation strategy that focus on investing a larger percentage of cash flow on operated, low cost, low risk, repeatable drilling opportunities in the Western Canadian Sedimentary Basin. Click here for the full report.

GenVec, Inc. (Nasdaq: GNVC) 10.8% HIGHER; Merriman Curhan Ford initiates coverage on GenVec with a Buy. Click here for the full report.

Glimcher Realty Trust, (NYSE: GRT) 10.8% LOWER; announced that the agreement for the sale of its Lloyd Center property, a fully enclosed regional mall located in Portland, Oregon, to Merlone Geier Partners IX, L.P. has been terminated. Merlone Geier Partners had the option to terminate the agreement in its sole discretion on or before September 30, 2009.

Newcastle Investment Corp. (NYSE: NCT) 10.1% LOWER; announced today that its Board of Directors has elected not to pay a common stock or preferred stock dividend for the third quarter of 2009. The Company decided to retain capital for liquidity and for working capital purposes.

ChipMOS TECHNOLOGIES (Bermuda) LTD. (Nasdaq: IMOS) 8.9% LOWER; today announced upwardly revised guidance for Q3 2009. The Company now expects revenue growth of 13-15% in the Q3 2009 compared to Q2 2009.

CIT Group Inc. (NYSE: CIT) 8.5% HIGHER; commenced a restructuring of its capital structure that has been approved by the Company's Board of Directors and by the Steering Committee of CIT's bondholders. Under the plan, CIT Group Inc. and CIT Group Funding Company of Delaware LLC (Delaware Funding) are launching exchange offers for certain unsecured notes. If the Company does not achieve the objectives of the exchange offers, it may decide to initiate a voluntary filing under Chapter 11 of the U.S. Bankruptcy Code. Click here for the full report.

QLT Inc. (Nasdaq: QLTI) 8.3% HIGHER; announced that it has completed the sale of all of the shares of its wholly-owned subsidiary, QLT USA, Inc. to TOLMAR Holding for up to an aggregate of US$230 million. Click here to see the full report.

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