Morning Movers 6/17: MERX, CYTR, SVNT, MIPI, TSTR Higher; ETFC, CTIC, AIB Lower

June 17, 2009 9:48 AM EDT

Merix Corporation (NASDAQ: MERX) 35.1% HIGHER; announced a major, multi-million dollar order from global avionics and communications pioneer Rockwell Collins (NYSE: COL). The order is a direct result of Merix's focus on the defense and aerospace sector where the company has broadened its product offering and grown its market share in the past 14 months.

CytRx Corporation (NASDAQ: CYTR) 33.8% HIGHER; announced that tamibarotene, currently under evaluation in a U.S. registration trial as a third-line treatment for acute promyelocytic leukemia, showed statistically significant anti-tumor activity in human myeloma cells transplanted into animals. Multiple myeloma is an incurable malignant tumor of the plasma cells of bone marrow. Results of the trial were published in the June 2009 peer-reviewed journal Cancer Science (Volume 100, No. 6, Pages 1137-1143).

Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) 28.4% HIGHER; announced that the Arthritis Advisory Committee appointed by the FDA recommended by a vote of 14 to 1 that KRYSTEXXA, a biologic PEGylated uricase enzyme, be granted marketing approval by the FDA for the treatment of refractory chronic gout. Click here for the full report. Also affecting the stock this morning, Oppenheimer and Cowen upgraded the stock to Perform and Outperform, respectively.

Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI) 24.4% HIGHER; today presented clinical data on a radiolabeled, small-molecule molecular imaging pharmaceutical in development for diagnosis and staging of prostate cancer at the 2009 annual meeting of the Society of Nuclear Medicine in Toronto. Trofex(TM), which targets prostate specific membrane antigen, a protein highly expressed by prostate tumor cells, has the potential to both detect and, when labeled with a therapeutic isotope, to treat metastatic prostate cancer. This was one of four conference presentations on products and technologies under development at Molecular Insight. Click here for the full report.

TerreStar Corp.'s (Nasdaq: TSTR) 17.7% HIGHER; TerreStar Networks Inc. today announced that the launch of TerreStar-1 has been scheduled for July 1, 2009. More from the release.

E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) 13.3% LOWER; announced the launch of a registered public offering of $400 million of its common stock. The Company also announced that, upon pricing of the Common Stock Offering, it will launch significant debt exchange transactions for certain of its outstanding notes. Click here for the full report.

Cell Therapeutics, Inc. (Nasdaq: CTIC) 12.9% LOWER; today announced the preliminary results of its separate concurrent fixed price exchange offers for any and all of the approximately $118.9 million outstanding principal amount of five series of its convertible notes. The Exchange Offers expired at 5:00 p.m., New York City time, on Tuesday, June 16, 2009. Click here for the full report.

Actuant Corporation (NYSE: ATU) 10.7% HIGHER; reports Q3 non-GAAP EPS of $0.20, 10 cents better than the analyst estimate of $0.10 and down 64% from the $0.56 reported in the same quarter last year. Revenue for the quarter was $290.4 million, versus the consensus of $291.31 million. Sees Q4 adj-EPS of $0.12-$0.20, which compares to the Street estimate of $0.16. Sales for the quarter are expected to be $275-$295 million, versus the consensus of $290.74 million. For FY09, non-GAAP EPS are expected to be $0.87-$0.95 on sales of $1.245-$1.265 billion. The Street is currently looking for adj-EPS and sales of $0.84 and $1.26 billion, respectively.

Allied Irish Banks (NYSE: AIB) 9.7% LOWER; sinking today on reports that the bank will raise further capital by selling seven branches of provincial banks.

Alvarion Ltd. (NASDAQ: ALVR) 9% HIGHER; announced it was selected by U.S. broadband wireless operator, Open Range Communications Inc., for the nation's largest Rural Utilities Service funded deployment spanning 17 states, 546 rural communities, and reaching up to 6 million people.

Antigenics Inc. (NASDAQ: AGEN) 8.7% HIGHER; today announced that GlaxoSmithKline (NYSE: GSK) has launched a Phase 3 study with the world's most clinically-advanced malaria vaccine, RTS,S, which contains Antigenics' QS-21 Stimulon(R) adjuvant. Click here for the full report.

Bank of Ireland (NYSE: IRE) 8.3% LOWER; continued fears related to these banks has shares sinking this morning.

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