Morning Movers 12/18: IHR, SENO, AIRV, SMOD, TTWO Higher; RPTP, AIQ, PALM, AEZ, LDK Lower
Interstate Hotels & Resorts (NYSE: IHR) 73.2% HIGHER; today announced that it has signed a definitive merger agreement to be acquired by Hotel Acquisition Company, LLC, a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group, and Shanghai Jin Jiang International Hotels (Group) Company Limited in a transaction valued at approximately $307 million. Under the agreement, Hotel Acquisition Company, LLC would acquire all of the outstanding common stock and operating partnership units of Interstate for $2.25 per share in an all cash transaction.
SenoRx, Inc. (NASDAQ: SENO) 30% HIGHER; today announced that a jury delivered a verdict in favor of SenoRx in a lawsuit brought by Hologic, Inc., Cytyc Corp., and Hologic L.P. in the U.S. District Court for the Northern District of California. Hologic had alleged that SenoRx infringed claims of Hologic's 6,413,204 and 6,482,142 patents. SenoRx claimed that both patents were invalid, and that the '204 patent was not infringed.
Raptor Pharmaceutical Corp. (NASDAQ: RPTP) 23.3% LOWER; today announced that it has entered into definitive agreements with institutional investors to purchase 3,747,558 units for gross proceeds of approximately $7.5 million, before placement agent fees and offering expenses.
Airvana, Inc. (NASDAQ: AIRV) 20.2% HIGHER; today announced that it has entered into a definitive agreement with a newly formed company to be owned by affiliates of S.A.C. Private Capital Group, LLC, GSO Capital Partners LP, Sankaty Advisors LLC and ZelnickMedia, in a transaction valued at approximately $530 million. Under the terms of the agreement, at closing, each share of Airvana common stock will be exchanged for $7.65 cash.
SMART Modular Technologies (Nasdaq: SMOD) 17.3% HIGHER; reports Q1 adj-EPS of $0.08, 3 cents better than the analyst estimate of $0.05. Revenue for the quarter was $123.1 million, which compares to the estimate of $115.74 million. Sees Q2 adj-EPS of $0.09-$0.11, versus the consensus of $0.01, on sales of $125-$135 million, versus the consensus of $105.46 million.
Take-Two Interactive Software Inc. (NASDAQ: TTWO) 14.1% HIGHER; reports Q4 EPS of $0.09, even with the analyst estimate of ($0.09). Revenue for the quarter was $343.4 million, which compares to the estimate of $340.4 million. Also, probably affecting the stock more this evening, Carl Ichn disclosed an 11.3% stake in the stock.
Alliance HealthCare Services, Inc. (NYSE: AIQ) 13.3% LOWER; reaffirmed 2009 guidance and announced financial guidance for full year 2010. Click here for the full report.
Javelin Pharmaceuticals (AMEX: JAV) 13% HIGHER; Myriad Pharmaceuticals (NASDAQ: MYRX) today announced the company has entered into a definitive agreement to acquire Javelin. Under the Agreement and Plan of Merger, Myriad Pharmaceuticals will acquire all of the outstanding shares of Javelin common stock in exchange for Myriad Pharmaceuticals stock, resulting in the Javelin stockholders owning approximately 41% of the combined company immediately after the closing. Click here to see the full report.
Palm, Inc. (Nasdaq: PALM) 12.8% LOWER; reports Q2 adj-loss of $0.37, 5 cents worse than the analyst estimate of ($0.32). Revenue for the quarter was $302 million, which compares to the estimate of $266.17 million.
Synta Pharma (Nasdaq: SNTA) 12.7% HIGHER; continuing higher today following yesterday's news of the initiation of a Phase 2 trial on STA-9090.
Research In Motion Limited (NASDAQ: RIMM) 11.6% HIGHER; reports Q3 EPS of $1.10, 6 cents better than the analyst estimate of $1.04. Revenue for the quarter was $3.9 billion, which compares to the estimate of $3.78 billion. Sees Q409 revs of $4.2 - $4.4 billion, versus $4.15 consensus. Also sees Q409 EPS $1.23 - $1.31, versus $1.12 consensus.
Altair Nanotechnologies (Nasdaq: ALTI) 11.1% HIGHER; Thomas Weisel initiates coverage on the stock with an Overweight rating. Price target $1.50.
Newcastle Investment Corp. (NYSE: NCT) 11% HIGHER; announced today the results of its previously announced tender offer to purchase (i) up to 2,000,000 shares of its outstanding 9.75% Series B Cumulative Redeemable Preferred Stock, (ii) up to 1,100,000 shares of its outstanding 8.05% Series C Cumulative Redeemable Preferred Stock, and (iii) up to 1,500,000 shares of its outstanding 8.375% Series D Cumulative Redeemable Preferred Stock. The Tender Offer commenced on November 18, 2009, and expired at midnight, New York City Time, on December 17, 2009.
Giga-tronics Incorporated (NASDAQ: GIGA) 10.6 HIGHER; announced today that it has received three orders valued at $5.1 million for microwave components from a major aircraft manufacturer. The award for high performance specialty filters based upon the Company's fast switching YIG technology, will be fulfilled by Giga-tronics' Microsource component subsidiary located in Santa Rosa, California.
American Oil & Gas Inc. (NYSE Amex: AEZ) 10.1% LOWER; today announced that it has agreed to sell nine million shares of common stock to certain purchasers through a registered direct offering priced at $3.50 per share, resulting in gross proceeds of $31.5 million. C. K. Cooper & Company acted as lead placement agent on the transaction and Ladenburg Thalman & Co., Inc. acted as co-placement agent.
LDK Solar (NYSE: LDK) 9.7% LOWER; shares are falling after-hours following the filing of a Form 8-K with the SEC. In the filing, LDK announced that it has signed an indicative term sheet with VMS Investment Group Ltd. and its affiliates, pursuant to which VMS has agreed to subscribe between $50-$80 million aggregate amount of redeemable and convertible preference shares of the Cayman Islands subsidiary, which is to be created to hold and operate LDK Solar’s polysilicon business, valuing the entity at $1.30 billion to $1.65 billion. Click here to see the full report.
Myriad Pharmaceuticals (NASDAQ: MYRX) 9.6% LOWER; today announced the company has entered into a definitive agreement to acquire Javelin Pharmaceuticals (AMEX: JAV). The acquisition augments Myriad's portfolio of product candidates with Dyloject (diclofenac sodium for injection), a New Drug Application (NDA)-submitted candidate with the potential, based on its safety and efficacy profile, to become a valuable addition to hospital formularies as an injectable NSAID for the multimodal management of moderate-to-severe postoperative pain.
Celgene Corporation (NASDAQ: CELG) 9% HIGHER; today announced the National Cancer Institute (NCI), a part of the National Institutes of Health, reported initial data from a Phase III, randomized, double-blind, multi-center clinical study led by the Cancer and Leukemia Group B.
Dana Holding (NYSE: DAN) 8.5% HIGHER; J.P. Morgan upgrades from Neutral to Overweight. Price target increased from $7 to $16. Click here for more color.
Somaxon Pharmaceuticals, Inc. (NASDAQ: SOMX) 8% HIGHER; today stated that it is scheduled to meet with the U.S. FDA on January 20, 2010 to discuss the New Drug Application for Silenor (doxepin) for the treatment of insomnia. Click here to see the full report.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
SenoRx, Inc. (NASDAQ: SENO) 30% HIGHER; today announced that a jury delivered a verdict in favor of SenoRx in a lawsuit brought by Hologic, Inc., Cytyc Corp., and Hologic L.P. in the U.S. District Court for the Northern District of California. Hologic had alleged that SenoRx infringed claims of Hologic's 6,413,204 and 6,482,142 patents. SenoRx claimed that both patents were invalid, and that the '204 patent was not infringed.
Raptor Pharmaceutical Corp. (NASDAQ: RPTP) 23.3% LOWER; today announced that it has entered into definitive agreements with institutional investors to purchase 3,747,558 units for gross proceeds of approximately $7.5 million, before placement agent fees and offering expenses.
Airvana, Inc. (NASDAQ: AIRV) 20.2% HIGHER; today announced that it has entered into a definitive agreement with a newly formed company to be owned by affiliates of S.A.C. Private Capital Group, LLC, GSO Capital Partners LP, Sankaty Advisors LLC and ZelnickMedia, in a transaction valued at approximately $530 million. Under the terms of the agreement, at closing, each share of Airvana common stock will be exchanged for $7.65 cash.
SMART Modular Technologies (Nasdaq: SMOD) 17.3% HIGHER; reports Q1 adj-EPS of $0.08, 3 cents better than the analyst estimate of $0.05. Revenue for the quarter was $123.1 million, which compares to the estimate of $115.74 million. Sees Q2 adj-EPS of $0.09-$0.11, versus the consensus of $0.01, on sales of $125-$135 million, versus the consensus of $105.46 million.
Take-Two Interactive Software Inc. (NASDAQ: TTWO) 14.1% HIGHER; reports Q4 EPS of $0.09, even with the analyst estimate of ($0.09). Revenue for the quarter was $343.4 million, which compares to the estimate of $340.4 million. Also, probably affecting the stock more this evening, Carl Ichn disclosed an 11.3% stake in the stock.
Alliance HealthCare Services, Inc. (NYSE: AIQ) 13.3% LOWER; reaffirmed 2009 guidance and announced financial guidance for full year 2010. Click here for the full report.
Javelin Pharmaceuticals (AMEX: JAV) 13% HIGHER; Myriad Pharmaceuticals (NASDAQ: MYRX) today announced the company has entered into a definitive agreement to acquire Javelin. Under the Agreement and Plan of Merger, Myriad Pharmaceuticals will acquire all of the outstanding shares of Javelin common stock in exchange for Myriad Pharmaceuticals stock, resulting in the Javelin stockholders owning approximately 41% of the combined company immediately after the closing. Click here to see the full report.
Palm, Inc. (Nasdaq: PALM) 12.8% LOWER; reports Q2 adj-loss of $0.37, 5 cents worse than the analyst estimate of ($0.32). Revenue for the quarter was $302 million, which compares to the estimate of $266.17 million.
Synta Pharma (Nasdaq: SNTA) 12.7% HIGHER; continuing higher today following yesterday's news of the initiation of a Phase 2 trial on STA-9090.
Research In Motion Limited (NASDAQ: RIMM) 11.6% HIGHER; reports Q3 EPS of $1.10, 6 cents better than the analyst estimate of $1.04. Revenue for the quarter was $3.9 billion, which compares to the estimate of $3.78 billion. Sees Q409 revs of $4.2 - $4.4 billion, versus $4.15 consensus. Also sees Q409 EPS $1.23 - $1.31, versus $1.12 consensus.
Altair Nanotechnologies (Nasdaq: ALTI) 11.1% HIGHER; Thomas Weisel initiates coverage on the stock with an Overweight rating. Price target $1.50.
Newcastle Investment Corp. (NYSE: NCT) 11% HIGHER; announced today the results of its previously announced tender offer to purchase (i) up to 2,000,000 shares of its outstanding 9.75% Series B Cumulative Redeemable Preferred Stock, (ii) up to 1,100,000 shares of its outstanding 8.05% Series C Cumulative Redeemable Preferred Stock, and (iii) up to 1,500,000 shares of its outstanding 8.375% Series D Cumulative Redeemable Preferred Stock. The Tender Offer commenced on November 18, 2009, and expired at midnight, New York City Time, on December 17, 2009.
Giga-tronics Incorporated (NASDAQ: GIGA) 10.6 HIGHER; announced today that it has received three orders valued at $5.1 million for microwave components from a major aircraft manufacturer. The award for high performance specialty filters based upon the Company's fast switching YIG technology, will be fulfilled by Giga-tronics' Microsource component subsidiary located in Santa Rosa, California.
American Oil & Gas Inc. (NYSE Amex: AEZ) 10.1% LOWER; today announced that it has agreed to sell nine million shares of common stock to certain purchasers through a registered direct offering priced at $3.50 per share, resulting in gross proceeds of $31.5 million. C. K. Cooper & Company acted as lead placement agent on the transaction and Ladenburg Thalman & Co., Inc. acted as co-placement agent.
LDK Solar (NYSE: LDK) 9.7% LOWER; shares are falling after-hours following the filing of a Form 8-K with the SEC. In the filing, LDK announced that it has signed an indicative term sheet with VMS Investment Group Ltd. and its affiliates, pursuant to which VMS has agreed to subscribe between $50-$80 million aggregate amount of redeemable and convertible preference shares of the Cayman Islands subsidiary, which is to be created to hold and operate LDK Solar’s polysilicon business, valuing the entity at $1.30 billion to $1.65 billion. Click here to see the full report.
Myriad Pharmaceuticals (NASDAQ: MYRX) 9.6% LOWER; today announced the company has entered into a definitive agreement to acquire Javelin Pharmaceuticals (AMEX: JAV). The acquisition augments Myriad's portfolio of product candidates with Dyloject (diclofenac sodium for injection), a New Drug Application (NDA)-submitted candidate with the potential, based on its safety and efficacy profile, to become a valuable addition to hospital formularies as an injectable NSAID for the multimodal management of moderate-to-severe postoperative pain.
Celgene Corporation (NASDAQ: CELG) 9% HIGHER; today announced the National Cancer Institute (NCI), a part of the National Institutes of Health, reported initial data from a Phase III, randomized, double-blind, multi-center clinical study led by the Cancer and Leukemia Group B.
Dana Holding (NYSE: DAN) 8.5% HIGHER; J.P. Morgan upgrades from Neutral to Overweight. Price target increased from $7 to $16. Click here for more color.
Somaxon Pharmaceuticals, Inc. (NASDAQ: SOMX) 8% HIGHER; today stated that it is scheduled to meet with the U.S. FDA on January 20, 2010 to discuss the New Drug Application for Silenor (doxepin) for the treatment of insomnia. Click here to see the full report.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
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