Morning Movers 5/27: OCLS, CRXX, CJBK, SNDK, CREE Higher; SEED, CSA, GM, ZLC, DCI Lower
Oculus Innovative Sciences, Inc. (Nasdaq: OCLS) 78.3% HIGHER; received 510(k) clearance from the FDA to market its Microcyn Skin and Wound Gel as both a prescription and over-the-counter formulation.
CombinatoRx, Incorporated (NASDAQ: CRXX) 37.7% HIGHER; today reported positive results for its Phase 2 clinical study of CRx-401 as an add-on to metformin therapy in Type 2 diabetes. Results from this trial demonstrated that CRx-401 (a synergistic combination of bezafibrate and diflunisal) performed statistically significantly better than bezafibrate on the primary efficacy endpoint of reduction in fasting plasma glucose at day 90 with a difference of 12 mg/dL (p=0.049).
Central Jersey Bancorp (Nasdaq: CJBK) 22.9% HIGHER; OceanFirst Financial Corp. (Nasdaq: OCFC) and CJBK announced the signing of an agreement and plan of merger, pursuant to which Central Jersey will merge with and into OceanFirst in an all stock transaction. Under the terms of the agreement, Central Jersey common stockholders will receive 0.50 shares of OceanFirst common stock for each common share of Central Jersey. Based on OceanFirst's closing price as of May 26, 2009, the transaction is valued at approximately $7.12 per share or $68.4 million in the aggregate.
Origin Agritech Limited (NASDAQ: SEED) 18% LOWER; reports Q2 non-GAAP loss of $0.17, compared to a $0.18 loss in the same quarter last year. Revenue for the quarter was $170K, versus $220K in Q208. Reiterates its FY09 outlook.
Cogdell Spencer Inc. (NYSE: CSA) 15.7% LOWER; announced today that it priced an underwritten public offering of 20,000,000 shares of common stock at a price of $3.50 per share. Cogdell Spencer also has granted the underwriters an option to purchase up to an additional 3,000,000 shares of common stock.
SanDisk (NASDAQ: SNDK) 13.8% HIGHER; and Samsung Electronics Co., Ltd. announced today that they signed a definitive agreement to renew the cross license of their semiconductor patent portfolios. In addition, the companies signed a flash memory supply agreement under which Samsung will continue to make available to SanDisk a guaranteed portion of its flash memory production output. Click here for the full report.
General Motors Corp. (NYSE: GM) 11.8% LOWER; announced the expiration of its exchange offers for $27.2 billion of its unsecured public notes and the related consent solicitations that were commenced on April 27, 2009. Click here for the full report.
Zale Corp. (NYSE: ZLC) 11.5% LOWER; reports Q3 EPS of ($0.73) versus the analyst estimate of ($0.46). Revenue for the quarter was $379.1 million, versus the consensus of $428.45 million.
Cree, Inc. (Nasdaq: CREE) 9.8% HIGHER; raises its Q4 sales guidance from $137-$143 million to $143-$150 million, which compares to the Street estimate of $139.43 million. Q4 GAAP EPS move from $0.05-$0.07 to $0.07-$0.09. Non-GAAP EPS for the quarter move to $0.15-$0.17, versus the consensus of $0.14.
Donaldson Company, Inc. (NYSE: DCI) 9.1% LOWER; reports Q3 EPS of $0.34, 4 cents better than estimates. Revenues were $413.4 million vs. $435.31 million consensus. Sees FY09 sales of $1.8-$1.9 billion, versus the consensus of $1.93 billion. Sees FY09 EPS of $1.55-$1.70, versus the Street estimate of $1.72.
Borders Group Inc. (NYSE: BGP) 9% HIGHER; reports Q1 loss of $0.27, versus the analyst estimate of ($0.50). Revenue for the quarter was $641.5 million, versus the consensus of $637.32 million.
MAPP Pharma (Nasdaq: MAPP) 8.4% HIGHER; following news yesterday that a Phase 3 trial of LEVADEX meet all four of its primary endpoints. Today, the stock was upgraded at both Bank of America and Deutsche Bank.
China Sunergy Co., Ltd. (Nasdaq: CSUN) 7.5% LOWER; reports Q1 loss of $0.33, ex-items, versus the analyst estimate of ($0.26) and compared to a loss of $0.43 in the same quarter last year. Revenue for the quarter was $37 million, versus the consensus of $37.46 million. Given the current visibility regarding customer orders and demand, China Sunergy expects shipments of 35MW-40MW during Q2. The Company maintains its previous gross margin guidance of between 15% to 20% for the second half of 2009. China Sunergy also reiterates its guidance of 150MW to 200MW of shipments for the full year of 2009.
Medivation, Inc. (Nasdaq: MDVN) 9% LOWER; will initiate, subject to market conditions, an offering of 2,750,000 shares of common stock under a shelf registration statement on file with the Securities and Exchange Commission. It is currently anticipated that the underwriters will be granted an over-allotment option for an additional 412,500 shares.
Get This Report Daily Here: http://www.streetinsider.com/entities/StreetInsider.com+Morning+Movers.
CombinatoRx, Incorporated (NASDAQ: CRXX) 37.7% HIGHER; today reported positive results for its Phase 2 clinical study of CRx-401 as an add-on to metformin therapy in Type 2 diabetes. Results from this trial demonstrated that CRx-401 (a synergistic combination of bezafibrate and diflunisal) performed statistically significantly better than bezafibrate on the primary efficacy endpoint of reduction in fasting plasma glucose at day 90 with a difference of 12 mg/dL (p=0.049).
Central Jersey Bancorp (Nasdaq: CJBK) 22.9% HIGHER; OceanFirst Financial Corp. (Nasdaq: OCFC) and CJBK announced the signing of an agreement and plan of merger, pursuant to which Central Jersey will merge with and into OceanFirst in an all stock transaction. Under the terms of the agreement, Central Jersey common stockholders will receive 0.50 shares of OceanFirst common stock for each common share of Central Jersey. Based on OceanFirst's closing price as of May 26, 2009, the transaction is valued at approximately $7.12 per share or $68.4 million in the aggregate.
Origin Agritech Limited (NASDAQ: SEED) 18% LOWER; reports Q2 non-GAAP loss of $0.17, compared to a $0.18 loss in the same quarter last year. Revenue for the quarter was $170K, versus $220K in Q208. Reiterates its FY09 outlook.
Cogdell Spencer Inc. (NYSE: CSA) 15.7% LOWER; announced today that it priced an underwritten public offering of 20,000,000 shares of common stock at a price of $3.50 per share. Cogdell Spencer also has granted the underwriters an option to purchase up to an additional 3,000,000 shares of common stock.
SanDisk (NASDAQ: SNDK) 13.8% HIGHER; and Samsung Electronics Co., Ltd. announced today that they signed a definitive agreement to renew the cross license of their semiconductor patent portfolios. In addition, the companies signed a flash memory supply agreement under which Samsung will continue to make available to SanDisk a guaranteed portion of its flash memory production output. Click here for the full report.
General Motors Corp. (NYSE: GM) 11.8% LOWER; announced the expiration of its exchange offers for $27.2 billion of its unsecured public notes and the related consent solicitations that were commenced on April 27, 2009. Click here for the full report.
Zale Corp. (NYSE: ZLC) 11.5% LOWER; reports Q3 EPS of ($0.73) versus the analyst estimate of ($0.46). Revenue for the quarter was $379.1 million, versus the consensus of $428.45 million.
Cree, Inc. (Nasdaq: CREE) 9.8% HIGHER; raises its Q4 sales guidance from $137-$143 million to $143-$150 million, which compares to the Street estimate of $139.43 million. Q4 GAAP EPS move from $0.05-$0.07 to $0.07-$0.09. Non-GAAP EPS for the quarter move to $0.15-$0.17, versus the consensus of $0.14.
Donaldson Company, Inc. (NYSE: DCI) 9.1% LOWER; reports Q3 EPS of $0.34, 4 cents better than estimates. Revenues were $413.4 million vs. $435.31 million consensus. Sees FY09 sales of $1.8-$1.9 billion, versus the consensus of $1.93 billion. Sees FY09 EPS of $1.55-$1.70, versus the Street estimate of $1.72.
Borders Group Inc. (NYSE: BGP) 9% HIGHER; reports Q1 loss of $0.27, versus the analyst estimate of ($0.50). Revenue for the quarter was $641.5 million, versus the consensus of $637.32 million.
MAPP Pharma (Nasdaq: MAPP) 8.4% HIGHER; following news yesterday that a Phase 3 trial of LEVADEX meet all four of its primary endpoints. Today, the stock was upgraded at both Bank of America and Deutsche Bank.
China Sunergy Co., Ltd. (Nasdaq: CSUN) 7.5% LOWER; reports Q1 loss of $0.33, ex-items, versus the analyst estimate of ($0.26) and compared to a loss of $0.43 in the same quarter last year. Revenue for the quarter was $37 million, versus the consensus of $37.46 million. Given the current visibility regarding customer orders and demand, China Sunergy expects shipments of 35MW-40MW during Q2. The Company maintains its previous gross margin guidance of between 15% to 20% for the second half of 2009. China Sunergy also reiterates its guidance of 150MW to 200MW of shipments for the full year of 2009.
Medivation, Inc. (Nasdaq: MDVN) 9% LOWER; will initiate, subject to market conditions, an offering of 2,750,000 shares of common stock under a shelf registration statement on file with the Securities and Exchange Commission. It is currently anticipated that the underwriters will be granted an over-allotment option for an additional 412,500 shares.
Get This Report Daily Here: http://www.streetinsider.com/entities/StreetInsider.com+Morning+Movers.
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