Morning Movers 12/07: IHO, ZILG, ASIA, NVDA, MDR Higher; SOMX, AEZS, ZLC, BTH, ALTH, HEB Lower
Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX) 65.6% LOWER; today announced that the company has received a Complete Response Letter from the U.S. FDA for its New Drug Application for Silenor(R) (doxepin) for the treatment of insomnia. Based on its review, the FDA has determined that the NDA cannot be approved in its present form. Somaxon previously received a Complete Response Letter for the NDA in February 2009, and it resubmitted the NDA in June 2009.
Invitel Holdings A/S (AMEX: IHO) 43% HIGHER; announced today a solicitation of consents by its subsidiary, Magyar Telecom B.V., from holders of Magyar Telecom's outstanding floating rate notes due 2013 to certain proposed amendments and waivers to the indenture governing the Notes. The purpose of the Proposed Amendments and Waivers is to amend the Indenture to permit Invitel and its subsidiaries to refinance certain of its indebtedness.
AEterna Zentaris Inc. (NASDAQ: AEZS) 20.5% LOWER; today reported Phase 3 results for its European efficacy trial Z-036 in benign prostatic hyperplasia (BPH), with cetrorelix pamoate. Study Z-036 did not reach its primary endpoint. There were no clear differences in overall efficacy, with all 3 groups (including placebo) showing an improvement in International Prostate Symptom Score (IPSS) of approximately 6 points that was maintained throughout the 52 weeks. There was observation of an improvement in uroflow, both maximum and mean, and in residual volume in all treatment groups. Click here for the full report.
Zale Corp. (NYSE: ZLC) 20.4% LOWER; Soleil Securities downgrades the stock from Hold to Sell. Price target $2.50. Click here for the full report.
Zilog, Inc. (NASDAQ: ZILG) 18.9% HIGHER; IXYS Corporation (NASDAQ: IXYS) today announced that it has entered into a definitive agreement to acquire Zilog. Under the terms of the agreement, IXYS will acquire all of Zilog’s outstanding common shares for $3.5858 per share in cash, or approximately $62.4 million. The acquisition is subject to the approval of Zilog shareholders and other customary closing conditions. The transaction is expected to be completed during the quarter ended March 31, 2010.
AsiaInfo Holdings, Inc. (NASDAQ: ASIA) 15.5% HIGHER; and Linkage Technologies International Holdings Limited today jointly announced that they have signed a definitive agreement to merge, forming AsiaInfo-Linkage, Inc. The transaction will leverage both AsiaInfo's and Linkage's leading market positions and complementary customer bases to provide a robust, full-service offering to telecom operators. Under the terms of the agreement, Linkage shareholders will receive $60 million in cash and approximately 26.8 million AsiaInfo shares upon closing of the transaction.
Nvidia Corp. (NASDAQ: NVDA) 14.5% HIGHER; trading higher on news that Intel (Nasdaq: INTC) will cancel the rollout of its Larrabee graphics chip that the company had been talking about releasing publicly since 2007.
Blyth, Inc. (NYSE: BTH) 13.3% LOWER; reports Q3 adj-loss of $0.05, versus the analyst estimate of $0.28. Revenue for the quarter was $221.6 million, which compares to the estimate of $218.93 million. Lowers its FY10 adj-EPS guidance to $2.40-$2.60, which compares to the Street estimate of $2.35.
Allos Therapeutics, Inc. (NASDAQ: ALTH) 12.5% LOWER; today reported new analyses of data from the Company's pivotal PROPEL trial of FOLOTYN (pralatrexate injection) in patients with relapsed or refractory peripheral T-cell lymphoma. In addition, the Company reported preliminary results from its Phase 1/2 study of FOLOTYN in combination with gemcitabine in patients with relapsed or refractory lymphoproliferative malignancies. These data were presented during a poster session at the 51st Annual Meeting of the American Society of Hematology in New Orleans, LA. Click here for the full report. The stock was also downgraded at Wells Fargo.
McDermott International, Inc. (NYSE: MDR) 10.7% HIGHER; announced today that it plans to separate its operating subsidiaries, The Babcock & Wilcox Company and J. Ray McDermott, S.A., into two independent, publicly traded companies. The separation is anticipated to be effected through a spin-off of B&W, a transaction that is intended to be tax-free to McDermott shareholders. Following completion of the separation, McDermott intends to be renamed J. Ray McDermott, S.A., and shareholders will own 100 percent of two separate companies: B&W and J. Ray. The transaction is expected to be completed in nine to twelve months. Click here for the full report.
Hemispherx BioPharma (AMEX: HEB) 9% LOWER; continuing lower following last week's 60%+ slide amid news that the FDA cannot accept Hemixpherx's application for Ampligen in its present form. Late Friday, Federman & Sherwood announced a class action lawsuit against Hemixpherx.
China Mass Media Corp. (NYSE: CMM) 8.7% LOWER; reports Q3 EPS of $0.02, 3 cents lower than the analyst estimate of $0.05. Revenue for the quarter was $11.82 million, which compares to the estimate of $10.27 million.
JA Solar (Nasdaq: JASO) 8.6% HIGHER; Barclays upgrades from Equal Weight to Overweight. Price target moves from $4 to $6.
Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) 8.4% HIGHER; today announced updated efficacy and safety data as well as new survival data on the clinical activity of KRX-0401 (perifosine) in combination with bortezomib (Velcade(R)) (+/- dexamethasone) in patients with relapsed/refractory multiple myeloma. Click here to see more from the release.
Advanced Micro Devices Inc. (NYSE: AMD) 8.3% HIGHER; upgraded at Bernstein from Underperform to Outperform and raises their price target from $5.50 to $12. May also be trading higher on the Intel news.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
Invitel Holdings A/S (AMEX: IHO) 43% HIGHER; announced today a solicitation of consents by its subsidiary, Magyar Telecom B.V., from holders of Magyar Telecom's outstanding floating rate notes due 2013 to certain proposed amendments and waivers to the indenture governing the Notes. The purpose of the Proposed Amendments and Waivers is to amend the Indenture to permit Invitel and its subsidiaries to refinance certain of its indebtedness.
AEterna Zentaris Inc. (NASDAQ: AEZS) 20.5% LOWER; today reported Phase 3 results for its European efficacy trial Z-036 in benign prostatic hyperplasia (BPH), with cetrorelix pamoate. Study Z-036 did not reach its primary endpoint. There were no clear differences in overall efficacy, with all 3 groups (including placebo) showing an improvement in International Prostate Symptom Score (IPSS) of approximately 6 points that was maintained throughout the 52 weeks. There was observation of an improvement in uroflow, both maximum and mean, and in residual volume in all treatment groups. Click here for the full report.
Zale Corp. (NYSE: ZLC) 20.4% LOWER; Soleil Securities downgrades the stock from Hold to Sell. Price target $2.50. Click here for the full report.
Zilog, Inc. (NASDAQ: ZILG) 18.9% HIGHER; IXYS Corporation (NASDAQ: IXYS) today announced that it has entered into a definitive agreement to acquire Zilog. Under the terms of the agreement, IXYS will acquire all of Zilog’s outstanding common shares for $3.5858 per share in cash, or approximately $62.4 million. The acquisition is subject to the approval of Zilog shareholders and other customary closing conditions. The transaction is expected to be completed during the quarter ended March 31, 2010.
AsiaInfo Holdings, Inc. (NASDAQ: ASIA) 15.5% HIGHER; and Linkage Technologies International Holdings Limited today jointly announced that they have signed a definitive agreement to merge, forming AsiaInfo-Linkage, Inc. The transaction will leverage both AsiaInfo's and Linkage's leading market positions and complementary customer bases to provide a robust, full-service offering to telecom operators. Under the terms of the agreement, Linkage shareholders will receive $60 million in cash and approximately 26.8 million AsiaInfo shares upon closing of the transaction.
Nvidia Corp. (NASDAQ: NVDA) 14.5% HIGHER; trading higher on news that Intel (Nasdaq: INTC) will cancel the rollout of its Larrabee graphics chip that the company had been talking about releasing publicly since 2007.
Blyth, Inc. (NYSE: BTH) 13.3% LOWER; reports Q3 adj-loss of $0.05, versus the analyst estimate of $0.28. Revenue for the quarter was $221.6 million, which compares to the estimate of $218.93 million. Lowers its FY10 adj-EPS guidance to $2.40-$2.60, which compares to the Street estimate of $2.35.
Allos Therapeutics, Inc. (NASDAQ: ALTH) 12.5% LOWER; today reported new analyses of data from the Company's pivotal PROPEL trial of FOLOTYN (pralatrexate injection) in patients with relapsed or refractory peripheral T-cell lymphoma. In addition, the Company reported preliminary results from its Phase 1/2 study of FOLOTYN in combination with gemcitabine in patients with relapsed or refractory lymphoproliferative malignancies. These data were presented during a poster session at the 51st Annual Meeting of the American Society of Hematology in New Orleans, LA. Click here for the full report. The stock was also downgraded at Wells Fargo.
McDermott International, Inc. (NYSE: MDR) 10.7% HIGHER; announced today that it plans to separate its operating subsidiaries, The Babcock & Wilcox Company and J. Ray McDermott, S.A., into two independent, publicly traded companies. The separation is anticipated to be effected through a spin-off of B&W, a transaction that is intended to be tax-free to McDermott shareholders. Following completion of the separation, McDermott intends to be renamed J. Ray McDermott, S.A., and shareholders will own 100 percent of two separate companies: B&W and J. Ray. The transaction is expected to be completed in nine to twelve months. Click here for the full report.
Hemispherx BioPharma (AMEX: HEB) 9% LOWER; continuing lower following last week's 60%+ slide amid news that the FDA cannot accept Hemixpherx's application for Ampligen in its present form. Late Friday, Federman & Sherwood announced a class action lawsuit against Hemixpherx.
China Mass Media Corp. (NYSE: CMM) 8.7% LOWER; reports Q3 EPS of $0.02, 3 cents lower than the analyst estimate of $0.05. Revenue for the quarter was $11.82 million, which compares to the estimate of $10.27 million.
JA Solar (Nasdaq: JASO) 8.6% HIGHER; Barclays upgrades from Equal Weight to Overweight. Price target moves from $4 to $6.
Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) 8.4% HIGHER; today announced updated efficacy and safety data as well as new survival data on the clinical activity of KRX-0401 (perifosine) in combination with bortezomib (Velcade(R)) (+/- dexamethasone) in patients with relapsed/refractory multiple myeloma. Click here to see more from the release.
Advanced Micro Devices Inc. (NYSE: AMD) 8.3% HIGHER; upgraded at Bernstein from Underperform to Outperform and raises their price target from $5.50 to $12. May also be trading higher on the Intel news.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
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