Morning Movers 3/30: SORL, IOC, ABMD, MDT Higher; ARNA, CTIC, GM, MTW, DRYS, F, BCS, C Lower

March 30, 2009 9:42 AM EDT

Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) 32.4% LOWER; announced positive top-line results from BLOOM (Behavioral modification and Lorcaserin for Overweight and Obesity Management), the first of two pivotal trials evaluating the safety and efficacy of lorcaserin for weight management. Statistical significance (p<0.0001) was achieved on all three of the hierarchically ordered co-primary endpoints for patients treated with lorcaserin versus placebo. Treatment with lorcaserin was generally very well tolerated. An assessment of echocardiograms indicates no apparent drug-related effect on the development of US FDA-defined valvulopathy over the two-year treatment period.

Lincoln National Corp. (NYSE: LNC) 31.4% LOWER; the insurance company decided to voluntarily withdraw its application to participate in the FDIC Temporary Liquidity Guarantee Program, saying, "we do not believe that we qualify under the current provisions of the TLGP." Click here for the full report.

Cell Therapeutics (Nasdaq: CTIC) 29.6% LOWER; In a Form S-3, the company announced this morning that it will sell securities to or through underwriters or dealers, directly to purchasers or through agents designated from time to time. The proposed offering is being valued at $150 million and includes common stock, preferred stock, debt securities and warrants.

General Motors (NYSE: GM) 29% LOWER; shares of GM are tumbling today following news that the automaker will receive two more months worth of aid in order to restructure. Also, the government has forced GM's CEO, Rick Wagoner to leave.

The Manitowoc Company, Inc. (NYSE: MTW) 23% LOWER; today announced that the current trends in the end markets for its businesses, particularly for the Crane segment, are driving financial performance that is significantly softer than projected when the company announced its full-year 2009 guidance in January. Over the last six to nine months, global demand for the company's crane products has not stabilized and continues to decline further than previously anticipated due to the continuing global recession. Accordingly, the company no longer believes that it will be able to achieve its previous guidance for sales, earnings per share, or cash flow. The company's first-quarter results for earnings per share from continuing operations are anticipated to be more than 50 percent below the current Wall Street average estimate. Here is the full report.

DryShips Inc. (NASDAQ: DRYS) 14.9% LOWER; filed its Annual Report on Form 20-F for the year ended 2008. The audit opinions include an explanatory "going concern" paragraph. Click here for the full report.

Ford (NYSE: F) 13.7% LOWER; trading lower due to the news at GM.

Barclays (NYSE: BCS) 12.3% LOWER; financial stocks are lower this morning given the recent strength in this sector. SocGen downgraded Barclays from Hold to Sell earlier.

Citigroup (NYSE: C) 12.2% LOWER; Citigroup is leading the financial sector lower this morning. Since hitting a 52-week low of $0.97 on March 5, shares of Citi have rallied more than 170%. Given concerns related to a potential bankruptcy at GM, fears about financials remain this week. Also, Treasury Secretary Geithner made comments over the weekend saying some banks may still need further capital.

General Growth Properties, Inc. (NYSE: GGP) 8.9% LOWER; today announced it was continuing discussions with the ad hoc committee of the holders of all series of The Rouse Company LP ("TRCLP") unsecured notes (the "TRCLP Notes") and its syndicate of lenders under the 2006 Senior Credit Agreement, since TRCLP did not achieve the minimum acceptance levels for the previously announced consent solicitation from the holders TRCLP Notes to forbear from exercising remedies with respect to various payment and other defaults under the TRCLP Notes.

CBS (NYSE: CBS) 8.9% LOWER; UBS downgrades CBS from Neutral to Sell, citing lower advertising.

Bank of America (NYSE: BAC) 8% LOWER; see Citigroup.

SORL Auto Parts, Inc. (Nasdaq: SORL) 7.6% HIGHER; reports FY08 EPS of $0.68, versus $0.59 reported last year. Revenue for the year was $130.89 million, compared to $115.76 million in '07.

Ceragon Networks (Nasdaq: CRNT) 7% LOWER; sees Q1 adj-EPS of $0.02-$0.04, versus the consensus of $0.08. Sales for the quarter are expected to be $43-$45 million, versus the consensus of $54.98 million. Gross margin is expected to range from approximately $33.5%-34.5%.

Quality Systems (Nasdaq: QSII) 6.3% LOWER; UBS downgrades the stock from Neutral to Sell.

Wells Fargo (NYSE: WFC) 6% LOWER; see Citi.

IntercontinentalExchange (NYSE: ICE) 5.8% LOWER; Pali Research initiates coverage on with a Sell. Price target $60. Click here for more color on the coverage.

Cal-Maine Foods, Inc. (NASDAQ: CALM) 5.1% LOWER; reports Q3 EPS of $1.29, versus the analyst estimate of $1.71 and compared to $2.41 in Q308. Revenue for the quarter was $270 million, versus $278 million reported during the same quarter last year. Cal-Maine will pay a cash dividend of approximately $0.432 per share to holders of its common and Class A common stoc

InterOil Corporation (NYSE: IOC) 4.1% HIGHER; reports Q4 loss of $0.96, versus the analyst estimate of ($0.85). Revenue for the quarter was $218.6 million, versus the consensus of $155.30 million.

Union Pacific (NYSE: UNP) 3.8% LOWER; Goldman Sachs downgraded the stock from Buy to Neutral and lowers its price target from $50 to $46.

Abiomed, Inc. (NASDAQ: ABMD) 3.4% HIGHER; announced U.S. FDA approval of its Premarket Approval Application (PMA) supplement for the AB Portable(TM) driver. The FDA PMA approval permits the AB Portable driver to facilitate intra-facility patient transport, patient mobility for participation in physical and rehabilitation therapies, independent ambulation by the patient, and inter-hospital transport via aircraft or ambulance. Here is the full report.

Medtronic, Inc. (NYSE: MDT) 3% HIGHER; announced approval of its Endeavor drug-eluting coronary stent system by the Japanese Ministry of Health, Labor and Welfare (MHLW), clearing the way for the highly anticipated launch of the product in the world's second largest market for advanced medical technology. Click here for the full report.

The Providence Service Corporation (Nasdaq: PRSC) 1.1% HIGHER; reports Q4 loss of $0.02, which may not compare to the analyst estimate of $0.09. Revenue for the quarter was $178 million, versus the consensus of $166.74 million. Sees Q1 sales of $170-$180 million, versus the consensus of $176.17 million, with EPS of at least $0.25, versus the Street estimate of $0.19.

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