Morning Movers 6/9: MRNA, STAA, MOV, SAY, FCEL, TLB Higher; CRDN, ZQK, ELY, HNBC, CBL, NAV Lower

June 9, 2009 9:15 AM EDT

MDRNA, Inc. (Nasdaq: MRNA) 109.1% HIGHER; announced that it has obtained full FDA approval of its Abbreviated New Drug Application for generic calcitonin-salmon nasal spray for the treatment of osteoporosis and that Par Pharmaceutical Companies, Inc. (NYSE: PAR) has launched the product.

STAAR Surgical Company (Nasdaq: STAA) 79.6% HIGHER; today announced that it has received CE Mark approval for its KS-X Preloaded Hydrophobic Acrylic Injector for use in minimally invasive cataract surgical procedures. The CE Mark allows STAAR Surgical to market this foldable intraocular KS-X lens delivery system in the European Union as well as other countries that recognize the CE Mark. It also signifies that STAAR's preloaded acrylic lens delivery system complies with applicable safety and quality standards. Click here to see the full report.

Movado Group (NYSE: MOV) 18.3% HIGHER; reports a Q1 loss of $0.37 per share, above the consensus of a $0.48 loss. Revenues came in at $67.6 million, versus the consensus of $67.6 million. Sees FY10 EPS of $0.50, versus the consensus of a $0.75 loss.

Ceradyne, Inc. (Nasdaq: CRDN) 17% LOWER; revised revenue and earnings guidance for its fiscal year ending December 31, 2009 to approximately $0.70 per fully diluted share compared to the guidance range at the lower end of $1.60 (cons $1.48). Ceradyne estimates that its 2009 sales will be in the range of $420 to $440 million compared to the prior guidance range of $465 to $500 million (cons $462M).

Satyam (NYSE: SAY) 15.1% HIGHER; surging this morning following an announcement last night of a surprise quarterly profit following India's largest-ever corporate scandal earlier this year. For the October-December quarter, the computer services company returned a INR1.6 billion profit, with a cash balance of INR3.73 billion on March 31. The strong results helped boost Indian stocks to a 10-month high.

Quiksilver (NYSE: ZQK) 14.9% LOWER; reports Q2 EPS of $0.05, ex-items, 1 cent better than the analyst estimate of $0.04. Revenue for the quarter was $494.2 million, versus the consensus of $502.10 million. Sees Q3 EPS in the low-single digit range. Q3 sales are expected to be down in the mid-teens on a percentage basis compared to the same quarter a year ago.

Callaway Golf Company (NYSE: ELY) 14.6% LOWER; today announced its intention to offer, subject to market and other conditions, shares of Series B Cumulative Perpetual Convertible Preferred Stock, with a liquidation preference of $100 per share, with an aggregate liquidation preference of $110 million, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company expects to grant the initial purchaser of the preferred stock a 30-day option to purchase up to an additional $15 million of the preferred stock, solely to cover over-allotments. Separately, Callaway's Board has also approved an 85.7% reduction in its quarterly dividend from $0.07 to $0.01 per common share. The dividend is payable on July 15, 2009 to shareholders of record as of June 26, 2009. The dividend now yields 0.55%, down from 3.85% previously.

FuelCell Energy, Inc. (Nasdaq: FCEL) 14.5% HIGHER; announced that POSCO Power, South Korea's leading independent power producer, ordered 30.8 MW of FuelCell Energy Direct FuelCell(r) (DFC(r)) modules and components. The order represents an estimated sales value to the Company of $58 million and calls for delivery during 2010 and early 2011. Here is the full report.

Harleysville National Corporation (NASDAQ: HNBC) 12.9% LOWER; announced a series of strategic initiatives designed to strengthen the capital base and position the bank for the future. These initiatives address the challenging economic environment and its impact on the businesses and homeowners with whom Harleysville does business. The Corporation is working with its advisors and consultants to raise additional capital, execute on potential asset sales, reposition the balance sheet, and restructure funding sources.

Synergetics (Nasdaq: SURG) 11.9% HIGHER; continuing higher today follow yesterday's 20% mid-day spike.

CBL & Associates Properties, Inc. (NYSE: CBL) 10.6% LOWER; today announced that it plans to sell 50,000,000 shares of newly-issued common stock in an underwritten public offering. The underwriters will be granted a 30-day option to purchase up to an additional 7,500,000 shares of common stock. The company intends to use the net proceeds from the offering to repay outstanding borrowings under its credit facilities and for general corporate purposes. Following the news, the company said it sees FY09 FFO of $2.41-$2.53, which compares to the Street estimate of $2.73.

Navistar International Corporation (NYSE: NAV) 9.7% LOWER; reports Q2 EPS of $0.60, ex-items, versus the analyst estimate of $0.94. Revenue for the quarter was $2.81 billion, versus the consensus of $3.03 billion. Sees FY09 EPS of $5.20-$5.50 including Ford settlement effects, or $2.80-$3.10 without the Ford impacts. The Street is currently looking for FY09 EPS of $4.09.

The Talbots Inc. (NYSE: TLB) 9% HIGHER; reports a Q1 loss of $0.35, which may not compare with the consensus of a $0.49 loss. Revenues came in at $306.2 million, versus the consensus of $313.23 million. The Talbots sees Q2 loss of $0.50-$0.58, versus the consensus of a $0.68 loss. The Talbots also announced that as part of its $150 million expense reduction program, it is further reducing corporate headcount across all locations by approximately 20%, including the elimination of open positions, for an annualized savings of approximately $21 million.

The Pep Boys – Manny, Moe & Jack (NYSE: PBY) 8.1% HIGHER; reports Q1 GAAP EPS of $0.21, so many not compare to the analyst estimate of $0.07. Revenue for the quarter was $496.5 million, versus the consensus of $495.63 million. Same store sales fell 0.3%, including a 1.3% comparable merchandise sales decrease and a 3.8% comparable service revenue increase.

Masco (NYSE: MAS) 6.9% LOWER; UBS downgrades the stock from Neutral to Sell.

F.N.B. Corporation (NYSE: FNB) 6.9% LOWER; today announced that it intends to offer and sell approximately $115 million in common stock. F.N.B. Corporation intends to grant the underwriters an option to purchase up to an additional 15% of the shares sold to cover over-allotments, if any. F.N.B. Corporation expects the net proceeds from the offering will be used for general corporate purposes and the possible repurchase of the $100 million of preferred shares plus the warrant issued in connection therewith held by the U.S. Treasury.

El Paso Pipeline Partners, L.P. (NYSE: EPB) 6.4% LOWER; plans to sell 11,000,000 common units in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3 previously filed with the SEC. The partnership currently intends to use the net proceeds of this offering, including the general partner's proportionate capital contribution and any exercise of the underwriters' option to purchase additional units, for general partnership purposes, including potential future acquisitions and growth capital expenditures.

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