Morning Movers 3/2: CRXX, HVT, GBE, MDTH, SQNM, QCOR Higher; NUHC, ARCI, ICGN, NTRI, XRM Lower
CombinatoRx, Incorporated (NASDAQ: CRXX) 32.4% HIGHER; today announced that the U.S. FDA has approved the New Drug Application for Exalgo (hydromorphone HCl) extended-release tablets, for the management of moderate to severe pain in opioid tolerant patients requiring continuous, around-the-clock opioid analgesia for an extended period of time. Click here for the full report.
Nu Horizons Electronics Corp. (NASDAQ: NUHC) 30.5% LOWER; announced today that Xilinx, Inc. has formally notified Nu Horizons of its intention to terminate its distribution agreement with Nu Horizons due to a change in Xilinx's distribution strategy. The termination is effective as of June 5, 2010 and until that date Xilinx and Nu Horizons intend to work together to ensure a smooth transition. Additionally, Xilinx has stated that it will work with Nu Horizons to honor customer backlog. Pursuant to the terms of the distribution agreement, Nu Horizons has the right to return all unsold Xilinx inventory to Xilinx, at Xilinx's expense, for a full refund of the original purchase price. The stock was also downgraded at Thomas Weisel.
Appliance Recycling Centers of America, Inc. (Nasdaq: ARCI) 25.9% LOWER; reports Q4 loss of $0.30, compared to a loss of $0.38 in the same quarter last year. Revenue for the quarter was $23.7 million, versus $26.2 million in Q408.
Haverty Furniture (NYSE: HVT) 18.6% HIGHER; reports Q4 EPS of $0.45, ex-items, versus the analyst estimate of $0.13 and compared to a GAAP loss of $0.44 in the same quarter last year. Revenue for the quarter was $162.4 million, which compares to the estimate of $162.40 million. Same store sales rose 2%.
Icagen, Inc. (NASDAQ: ICGN) 18.4% LOWER; today reported results of its Phase Ib pain study of ICA-105665, the Company's novel orally available small molecule KCNQ potassium channel agonist, which the company is developing for the treatment of epilepsy and pain. This randomized, double-blind, placebo-controlled, cross-over study was designed to assess the ability of ICA-105665 to decrease the sensation of pain in response to the intradermal injection of capsaicin and to a simulated sunburn. Twenty-four healthy volunteers were enrolled in the study, which was conducted at a single clinical research site in the United Kingdom.
Grubb & Ellis (NYSE: GBE) 16.4% HIGHER; an analyst at JMP Securities has initiated coverage on the stock with a Market Outperform rating and a $2.50 price target.
MedCath Corporation (Nasdaq: MDTH) 14.7% HIGHER; has formed a Strategic Options Committee composed solely of independent directors to consider the sale either of MedCath or the sale of its individual hospitals and other assets. Navigant Capital Advisors has been retained as its financial advisor to assist the Committee in this process. Due to this engagement, Dr. Edward R. Casas, a senior managing director of Navigant Capital Advisors, resigned voluntarily from MedCath's Board and will not stand for reelection to MedCath's Board at its upcoming annual stockholders' meeting on March 3, 2010. The stock was also upgraded at Stifel Nicolaus.
Sequenom (Nasdaq: SQNM) 13.7% HIGHER; Cantor Fitzgerald upgrades the stock from Hold to Buy with a $16 price target. Click here to see the full report.
Nutrisystem (NASDAQ: NTRI) 12.8% LOWER; reports Q4 adjusted EPS of $0.18, 5 cents better than the analyst estimate of $0.13. Revenue for the quarter was $106.2 million, which compares to the estimate of $102.17 million.
Questcor Pharma (NASDAQ: QCOR) 12.7% HIGHER; reports Q4 EPS of $0.13, 4 cents better than the analyst estimate of $0.09. Revenue for the quarter was $25.9 million, which compares to the estimate of $21.56 million.
Terra Industries (NYSE: TRA) 12.6% HIGHER; CF Industries (NYSE: CF) confirms $47.40 Per Share offer for Terra.
Xerium Technologies, Inc. (NYSE: XRM) 11.4% LOWER; today announced that it has commenced a solicitation of lender votes for a comprehensive restructuring of its debt. The proposed restructuring reflects an agreement in principle supported by the steering committee of lenders under the Company's senior secured credit facility and the parties to the Company's swap termination agreements that would result in a reduction of approximately $150 million of the Company's debt and is intended to strengthen its long-term financial health. Under the restructuring, approximately $620 million of existing obligations would be exchanged for $10 million in cash, $410 million in new term loans maturing in 2015, and approximately 82.6% of the common stock of Xerium. Existing shareholders would retain a meaningful minority equity ownership interest in the Company of approximately 17.4% of the common stock and would receive warrants to purchase up to an additional 10% of the common stock. In addition, the Company would enter into a new $80 million secured revolver and term loan credit facility.
Providence Service Corp. (Nasdaq: PRSC) 11.2% HIGHER; sees Q4 EPS of $0.42, which compares to the Street estimate of $0.35. Sees Q1 EPS of $0.45-$0.48, versus the consensus of $0.48, on sales of $210-$220 million, which compares to the Street estimate of $214.34 million. Sees FY10 EPS of $1.32-$1.35, versus the consensus of $1.51. Sees FY10 sales of $850-$870 million, which compares to the Street estimate of $865.69 million.
Prudential plc (NYSE: PUK) 10.8% LOWER; continuing lower following yesterday's news that AIG will sell AIA to Prudential for $35.5 billion.
Wave Systems (Nasdaq: WAVX) 10.7% LOWER; traders are taking profits today following 8 straight days of upside. The stock gained about 30% over this period.
Nautilus Inc. (NYSE: NLS) 10.5% LOWER; reports Q4 EPS of $0.10, versus the analyst estimate of ($0.13), and a loss of $0.62 for Q408. Revenue for the quarter was $53.7 million, which compares to the estimate of $53.5 million.
Carmike Cinemas (NASDAQ: CKEC) 9.4% HIGHER; reports Q4 EPS of $0.48, versus than the analyst estimate of $0.08, versus a loss of $2.73 for Q408. Revenue for the quarter was $137.4 million, which compares to the estimate of $125.96 million.
LJ International Inc. (NASDAQ: JADE) 8.8% HIGHER; today announced a significant increase in revenues at its ENZO retail division, on both an overall and same-store basis, during Q4. In light of its updated retail sales figures, LJI issued new revenue guidance for Q4 and FY09. It now projects combined wholesale and retail revenues of at least $39 million for Q4 and at least $110 million for FY09. This is up from earlier guidance, issued in November 2009, for quarterly and annual revenues of $30 million and $100 million. Based on these projections, revenues will be down approximately 6% and 19% year-over-year for Q4 and FY09 respectively, with lower sales in LJI’s wholesale operations offsetting gains in its retail division. The Company has also increased its guidance for EPS at $0.09 for Q4 and $0.15 for FY09.
ABM Industries (NYSE: ABM) 8.8% LOWER; reports Q1 EPS from continuing operations of $0.27, 5 cents lower than the analyst estimate of $0.32. Revenue for the quarter was $869.9 million, which compares to the estimate of $874.38 million. Reaffirms outlook.
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