Morning Movers 12/03: Constellation Energy (CEG) Jumps On Alternative Bid From EDF, Schlumberger (SLB) Down On Warning

December 3, 2008 9:54 AM EST

StreetInsider.com Morning Movers:

OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) 76% HIGHER; announced positive survival results from a randomized Phase 2 clinical trial of OGX-011 in combination with docetaxel and prednisone compared to docetaxel and prednisone alone for first-line treatment of metastatic castrate resistant prostate cancer. The current 10.6 month median overall survival advantage observed in the OGX-011 arm represents an increase over the median survival observed in the control arm. Docetaxel was approved by the FDA based on a survival advantage of 2.4 months over mitoxantrone.

Infineon Technologies AG (NYSE: IFX) 28% LOWER; reports large Q4 loss and sees 2009 revenues down at least 15% from 2008.

Grey Wolf Inc. (NYSE: GW) 22% HIGHER; Precision Drilling Trust and Grey Wolf, Inc. Clarify Merger Agreement and Move Grey Wolf Special Meeting Date to December 23, 2008

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) 20% LOWER; Revises Operating Plans Due to Price Declines, Suspends Dividend

NEXEN INC (NYSE: NXY) 17% LOWER; Reports Total will not bid for the company

Constellation Energy Group, Inc. (NYSE: CEG) 15% HIGHER; Electricite de France S.A. announced that it has sent a letter to the Board of Directors of Constellation Energy (CEG) proposing to acquire a 50% ownership interest in Constellation's nuclear generation and operation business for $4.5 billion. EDF said the offer represents the equivalent of an offer of around $52 per share of Constellation common stock, a financial premium of approximately 96% above the MidAmerican proposal.

Alpha Natural Resources Inc. (NYSE: ANR) 13% LOWER; Cuts FY08 Production, Net Income Outlook

Omnivision Technologies (Nasdaq: OVTI) 12% LOWER; reports Q2 EPS of $0.19, 1 cent better than the analyst estimate of $0.18. Revenue for the quarter was $163.9 million, versus the consensus of $166.35 million. Sees Q3 sales of $80-$100 million, versus the consensus of $164.4 million, and loss of $0.02-$0.22, versus the Street estimate of a gain of $0.17.

Marvell Technology Group Ltd. (Nasdaq: MRVL) 10% HIGHER; reports Q3 EPS of $0.23, 2 cents better than the analyst estimate of $0.21. Revenue for the quarter was $791 million, versus the consensus of $793.08 million.

Schlumberger Limited (NYSE: SLB) 9% LOWER; announced today that the company's fiscal year profit for 2008 will be below analysts' consensus estimates due to the worldwide economic slowdown and its effect on oil and gas exploration and production spending.

Wynn Resorts Ltd. (NASDAQ: WYNN) 9% LOWER; Citi starts at Sell

Research In Motion Limited (NASDAQ: RIMM) 5% LOWER; lowers Q3 guidance. The company expects revenue for the third quarter to be in the range of $2.75-$2.78 billion, versus the previously forecasted revenue range of $2.95-$3.10 billion. Diluted EPS for the third quarter is expected to be lower than the initial forecast of between $0.89-$0.97 per share diluted, primarily due to the lower-than-estimated revenue and the unfavorable impact of the strengthening U.S. dollar during the quarter. Subject to final review, RIM now anticipates diluted adjusted earnings per share to be in the range of $0.81-$0.83.

NEXEN INC (NYSE: NXY) 4.8% HIGHER; Continues today's 7% upside move on reports Total could bid for the company.

Chesapeake Energy Corp. (NYSE: CHK) 3.8% LOWER; Calyond downgrades to Underperform

Morgan Stanley (NYSE: MS) 3.6% LOWER; more estimate cuts

Apple Inc. (Nasdaq: AAPL) 3% HIGHER; Warning from RIMM

Bed Bath & Beyond (Nasdaq: BBBY) 1% LOWER; announced that it is presently estimating net earnings for Q3 of approximately $.31 to $.35 versus $.40 consensus . Net sales for the fiscal third quarter are estimated to have decreased by approximately 0.7% from net sales reported a year ago.

Goldman Sachs (NYSE: GS) 1% LOWER; more estimate cuts

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