Morning Movers 4/14: DNDN, DBRN, AIG, MGM, FSS, LVS Higher; TLB, SXL, MS, VCLK, OESX, PTRY Lower

April 14, 2009 9:42 AM EDT

Dendreon Corporation (Nasdaq: DNDN) 202% HIGHER; announced today that the pivotal Phase 3 IMPACT study of PROVENGE in men with advanced prostate cancer met its primary endpoint of improving overall survival compared to a placebo control. Click here to see details of this market-moving event.

The Talbots, Inc. (NYSE: TLB) 17% LOWER; reports Q4 non-GAAP loss of $2,40 compared to a loss of $0.13 in the same quarter last year. Revenue for the quarter was $327.91 million, versus $427.68 million in Q407. Sees a Q1 loss of $0.47-$0.52, compared to EPS of $0.35 in the same quarter last year.

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Dress Barn, Inc. (NASDAQ: DBRN) 9.4% HIGHER; announced today that it has experienced improved trends across the Company’s businesses. As a result, the Company sees Q3 EPS of about $0.30-$0.32, which compares to the Street estimate of $0.21. The Company estimates that results for Q3 are likely to include flat comparable store sales.

AIG (NYSE: AIG) 8.5% HIGHER; momentum is continuing in this name this morning despite a slide in financials. Shares rallied more than 23% yesterday.

Citigroup (NYSE: C) 7.6% HIGHER; trading higher on Goldman earnings.

MGM MIRAGE (NYSE: MGM) 7.2% HIGHER; announced late Monday that it has received the support of its banks and has entered into an amendment of its senior credit facility to fund 100% of the current construction costs for CityCenter. Click here for the full report.

Sunoco Logistics Partners L.P. (NYSE: SXL) 6.2% LOWER; has commenced a public offering of 2,000,000 common units pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. The underwriters have been granted an option to purchase up to 300,000 additional common units. The Partnership intends to use the net proceeds from this offering to reduce the indebtedness outstanding under its wholly-owned subsidiary, Sunoco Logistics Partners Operations L.P.'s, $400 million revolving credit facility and for general partnership purposes.

Morgan Stanley (NYSE: MS) 5.2% LOWER; while Goldman's earnings were extremely strong, boding well for the entire financial sector, investors are not trading the stocks similarly this morning.

ValueClick (Nasdaq: VCLK) 5% LOWER; Benchmark Capital initiates coverage on ValueClick with a Sell rating and $7 price target, citing an inconsistent operating history and they view the recent indications of an overall Internet rebound as a "head fake." Click here for the full report.

Federal Signal Corporation (NYSE: FSS) 4.8% HIGHER; reports preliminary Q1 EPS of $0.01-$0.03, versus the consensus of a loss of $0.06. The Company had indicated on February 26, 2009, that it expected a loss in Q1.

Las Vegas Sands (NYSE: LVS) 4.6% HIGHER; see MGM Mirage.

Grainger (NYSE: GWW) 4.5% HIGHER; reports Q1 EPS of $1.25, versus the analyst estimate of $1.07. Revenue for the quarter was $1.47 billion, versus the consensus of $1.49 billion.

Dr Pepper Snapple Group (NYSE: DPS) 4.3% HIGHER; J.P. Morgan upgrades the stock from Underweight to Neutral.

Orion Energy Systems, Inc. (Nasdaq: OESX) 4.2% LOWER; reports preliminary FY09 sales of $71-$73 million, with EPS of $0.01-$0.03. (Consensus is $80.89 million and $0.10, respectively)

General Motors (NYSE: GM) 4.1% HIGHER; the WSJ is reporting that Obama's auto team could be considering converting GM loans to equity.

The Pantry, Inc. (NASDAQ: PTRY) 4% LOWER; today announced that it has signed a definitive agreement to acquire 40 convenience stores. The Company also announced that, during the second fiscal quarter, it repurchased $26 million in principal amount of outstanding bonds. Click here for the full report.

Acadia Realty Trust (NYSE: AKR) 3.7% LOWER; plans to issue 4.5 million common shares of beneficial interest in an underwritten public offering. The Common Shares will be issued pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. The underwriters will be granted a 30-day option to purchase up to an additional 675,000 Common Shares.

Luxottica (NYSE: LUX) 3.2% HIGHER; Deutsche Bank upgrades the stock to Buy. Price target E16. Click here for full color on the upgrade.

DryShips Inc. (Nasdaq: DRYS) 3% HIGHER; announced today that on April 8, 2009, pursuant to the previously announced letter of award, its wholly owned subsidiary Ocean Rig ASA signed a 3-year employment contract with Petrobras (NYSE: PBR) for exploration drilling in the Black Sea for its semi-submersible rig, the Leiv Eiriksson. The contract is expected to commence in direct continuation from the current contract with Shell. The contract value is approximately $630 million, including an estimated 60 days of mobilization, disassembly and reassembly of the derrick structure, and an incentive bonus of 8%.

The Fastenal Company (Nasdaq: FAST) 3% LOWER; reports Q1 EPS of $0.33, 1 cent lower than the analyst estimate of $0.34. Revenue for the quarter was $489.35 million, versus the consensus of $498.02 million.

BP (NYSE: BP) 3% LOWER; downgraded from Outperform to Perform at Oppenheimer.

Boyd Gaming (NYSE: BYD) 2.5% LOWER; J.P. Morgan downgrades the stock from Neutral to Underweight.

Johnson & Johnson (NYSE: JNJ) 1.5% HIGHER; reports Q1 EPS of $1.26, 4 cents better than the analyst estimate of $1.22. Revenue for the quarter was $15.03 billion, versus the consensus of $15.43 billion. Reaffirms its FY09 non-GAAP EPS forecast of $4.45-$4.55, versus the consensus of $4.49.

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