Morning Movers 5/4: ACAD, CPSL, NAFC, LIZ, FREE, CYOU Higher; CCC, CPST Lower
ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD) 123% HIGHER; today announced it has established a collaboration with Biovail Laboratories International SRL, a subsidiary of Biovail Corporation (NYSE: BVF), to co-develop and commercialize pimavanserin, ACADIA's proprietary and selective 5-HT2A inverse agonist, in the United States and Canada. Under the terms of the collaboration, ACADIA is entitled to receive aggregate payments, excluding royalties, of up to $395 million. Click here for the full report.
China Precision Steel (Nasdaq: CPSL) 20.5% HIGHER; the commodities sector is rallying today, lead by China-based companies. Also see China GrenTech (Nasdaq: GRRF), China Direct (Nasdaq: CDII), China Housing & Land Development (Nasdaq: CHLN).
Nash Finch (Nasdaq: NAFC) 18.4% HIGHER; reports Q1 EPS of $0.46, 3 cents below the analyst estimate of $0.49. Revenue for the quarter was $1.14 billion, versus the consensus of $1.02 billion.
Liz Claiborne Inc. (NYSE: LIZ) 16.7% HIGHER; Goldman Sachs upgrades the stock from Neutral to Buy and added the stock to its Conviction Buy List. The firm's price target went from $3.30 to $7.20.
FreeSeas (Nasdaq: FREE) 16.7% HIGHER; trading higher on better-than-expected earnings out of Overseas Shipholding (NYSE: OSG).
Changyou.com Limited (Nasdaq: CYOU) 14.8% HIGHER; reports Q1 EPS of $0.72, 12 cents better than the analyst estimate of $0.60. Revenue for the quarter was $61.6 million, versus the consensus of $58.50 million. Sees Q2 sales of $63-$65 million, versus the consensus of $63.35 million, with non-GAAP EPS of $0.69-$0.71, versus the Street estimate of $0.59.
Cott Corp (NYSE: COT) 12.9% HIGHER; following better-than-expected Q1 earnings on Friday, UBS upgraded the stock from Neutral to Buy today, with a price target of $5.
Canadian Solar Inc. (Nasdaq: CSIQ) 12.4% HIGHER; announced that it has signed a new sales agreement with Topinfrasolar, a Korean systems integrator, which will expand the relationship and supply agreement by an additional 5 MW. The contracted deliveries may include both regular and e-Modules and stipulates deliveries for Korean installations in 2009. Canadian Solar and Topinfrasolar have had a successful business relationship since the beginning of 2009 that has already resulted in the successful delivery to five projects of approximately 3 MW in total.
Calgon Carbon (NYSE: CCC) 12.1% LOWER; reports Q1 EPS of $0.11, versus the analyst estimate of $0.11. Revenue for the quarter was $90.6 million, versus the consensus of $95.72 million.
Sprint Nextel Corp. (NYSE: S) 10.5% HIGHER; reports Q1 loss of $0.21, versus the analyst estimate of ($0.05) and compared to a loss of $0.18 in the same quarter last year. Adjusted EPS before Amortization was $0.03 for the quarter. Revenue for the quarter was $8.2 billion, versus the consensus of $8.28 billion. Click here for the full report.
Fortress (NYSE: FIG) 10% HIGHER; seeing continued upside momentum following a nearly 30% jump on Friday.
Capstone Turbine Corporation (NASDAQ: CPST) 9.8% LOWER; entered into definitive agreements with selected investors to sell 14,450,868 units, with each Unit consisting of (i) one share of the Company's common stock, par value $0.001 per share and (ii) a warrant to purchase 0.75 of a share of Common Stock for gross proceeds of approximately $12.5 million, before deducting placement agent’s fees and estimated offering expenses, in a registered direct offering. Also issued guidance for FY09: sees sales of about $44 million, which compares to the Street estimate of $46.90 million.
DryShips (Nasdaq: DRYS) 9.2% HIGHER; the drybulk shipping sector is surging today amid better than expected earnings out of Overseas Shipholding.
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