Morning Movers 6/23: CGEN, JAV, ALVR, SIRI, IRE Higher; ENTR, CYT, RMBS, HALO, ATU, BA Lower

June 23, 2009 9:14 AM EDT

Compugen Ltd. (NASDAQ: CGEN) 45.5% HIGHER; announced that CGEN-25007, a novel peptide antagonist of gp96 with potent anti-inflammatory activity, has shown positive therapeutic effects in an animal model of inflammatory bowel disease, a commonly used term covering ulcerative colitis and Crohn's disease. Click here for the full report.

Entropic Communications (Nasdaq: ENTR) 21.7% LOWER; continuing lower today following yesterday's 10% decline.

Javelin Pharmaceuticals, Inc. (Amex: JAV) 21% HIGHER; today reported that it has completed its open-label multi-dose, multi-day, observational safety study of Dyloject in the United States and that the study successfully met its objective. Here is the full report.

Cytec Industries Inc. (NYSE: CYT) 16% LOWER; is reducing its outlook for full year 2009 diluted earnings per share after adjusting for special items to a range of $0.60 to $0.90 per share, down from the prior guidance of $1.35 to $1.75 per share and the consensus of $1.26. Cytec cited continued deterioration in market demand.

Alvarion Ltd. (NASDAQ: ALVR) 14.2% HIGHER; announced an agreement to deploy Mobile WiMAX network throughout Italy. Under the agreement, Aria will build a network at the 3.5 GHz frequency to offer broadband services to all 21 Italian regions using Alvarion's 4Motion Mobile WiMAX solution incorporating the WiMAX Forum(R) Certified(TM) BreezeMAX platform.

Sirius XM Radio (Nasdaq: SIRI) 9.7% HIGHER; jumping today amid an upgrade to Outperform at Barrington.

Rambus (Nasdaq: RMBS) 9.7% LOWER; lowers its Q2 sales guidance from $27-$30 million to $26.7-$27.2 million. The Street is currently looking for Q2 sales of $27.26 million.

Halozyme Therapeutics, Inc. (Nasdaq: HALO) 9.7% LOWER; today announced that it intends to offer up to 5,200,000 shares of its common stock in an underwritten public offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Actuant Corporation (NYSE: ATU) 9.3% LOWER; announced that it has commenced an underwritten public offering of 9,000,000 shares of its class A common stock for sale to the public. In connection with this offering, the Company intends to grant the underwriters an option to purchase up to an additional 1,350,000 shares to cover over-allotments, if any. Actuant intends to use the proceeds from the offering to reduce indebtedness and for general corporate purposes.

Alliance One International, Inc. (NYSE: AOI) 8.2% LOWER; today announced its intention to offer, subject to market and other conditions, $600 million in aggregate principal amount of its Senior Notes due 2016 and $100 million in aggregate principal amount of its Convertible Senior Subordinated Notes due 2014 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and, in the case of the Senior Notes only, to persons in offshore transactions in reliance on Regulation S under the Securities Act. Click here for the full report.

Bank of Ireland (NYSE: IRE) 7.5% HIGHER; the IrishTimes is reporting that the mortgage slump may have bottomed out following a survey of mortgage brokers.

Oncothyreon Inc. (Nasdaq: ONTY) 7% HIGHER; continuing higher this morning following news yesterday that Merck has initiated a global Phase 3 trial of Stimuvax(R) (BLP25 liposome vaccine, L-BLP25) in patients with hormone receptor-positive, locally advanced, recurrent or metastatic breast cancer.

Allied Irish Banks (NYSE: AIB) 6.9% HIGHER; see Bank of Ireland.

Boeing (NYSE: BA) 5.7% LOWER; postponed the first flight of its 787 Dreamliner.

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