Morning Movers 6/26: VRNM, RTK, PLUG, PALM, SMSC Higher; BLUD, DISK Lower
Verenium Corporation (Nasdaq: VRNM) 40% HIGHER; and international energy company BP today announced that their jointly-owned, commercial cellulosic ethanol project, located in Highlands County, Florida, has been selected by the U.S. Department of Energy to enter the due diligence phase of its Title XVII Loan Guarantee Program. Under this program, the DOE may provide loan guarantees for project debt covering up to 80% of eligible costs. The Highlands project is scheduled to break ground in 2010.
Immucor, Inc., (Nasdaq: BLUD) 26.9% LOWER; announced that yesterday the FDA, in an administrative action based on an early January 2009 inspection, issued a notice of intent to revoke the Company's biologics license with respect to its Reagent Red Blood Cells and Anti-E (Monoclonal) Blood Grouping Reagent product. The FDA has not ordered the recall of any of the Company's products.
Rentech, Inc. (AMEX: RTK) 15.8% HIGHER; announced today that the aviation fuels subcommittee of ASTM International, the standards development organization, yesterday passed specifications for synthetic jet fuel for commercial aviation use. The new jet fuel specification, once issued, will enable the use of fuels from the Fischer-Tropsch process, including Rentech's RenJet(R) synthetic jet fuel.
Plug Power Inc. (Nasdaq: PLUG) 13.7% HIGHER; today announced it has been selected to provide 19 class 1 GenDrive fuel cell power units and two years of managed services for a demonstration project funded by the Department of Defense. Plug Power's GenDrive units will be commissioned at the U.S. Army's Forces Command in Fort Lewis, Washington where they will power a fleet of sit-down counterbalanced lift trucks.
Palm, Inc. (Nasdaq: PALM) 11.8% HIGHER; reports Q4 adj-loss of $0.40, versus the analyst estimate of ($0.62). Revenue for the quarter was $113.2 million, versus the consensus of $80.64 million.
SMSC (Nasdaq: SMSC) 10.8% HIGHER; reports Q1 non-GAAP loss of $0.15, 8 cents better than the analyst estimate of ($0.23). Revenue for the quarter was $62.5 million, versus the consensus of $56.91 million. Sees Q2 sales of $68-$72 million, versus the consensus of $59.67 million. Non-GAAP EPS for the quarter are expected to be in the range of $0.00-$0.08, which compares to the Street estimate of ($0.08).
Image Entertainment, Inc. (NASDAQ: DISK) 10.4% LOWER; reports a Q4 loss of $0.15 compared to a loss of $0.68 for the same period last year. Revenues increased 2.3% to $26.6 million, compared to $26.0 million for Q4 of fiscal 2008.
Borland Software (Nasdaq: BORL) 8.7% HIGHER; announced that during the afternoon of June 24, 2009, Company A, a strategic buyer, who had previously submitted to Borland a nonbinding proposal for the Company for cash for consideration in the range of $1.10-$1.20 per share, submitted a new nonbinding proposal for the acquisition of all of the outstanding shares of the Company for consideration of $1.25 per share in cash.
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